Latvia: Oil Crops Market 2024

Oil Crops Market Size in Latvia

The Latvian oil crops market soared to $X in 2022, with an increase of X% against the previous year. Overall, consumption enjoyed prominent growth. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in the near future.

Oil Crops Production in Latvia

In value terms, oil crops production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In 2022, the average oil crops yield in Latvia amounted to X tons per ha, growing by X% against the previous year. Overall, the yield indicated modest growth from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops yield decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha. From 2016 to 2022, the growth of the average oil crops yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of oil crops (primary) production in Latvia reached X ha, approximately mirroring the previous year. Over the period under review, the total harvested area indicated temperate growth from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops harvested area decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2019 with an increase of X%. The oil crops harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Oil Crops Exports

Exports from Latvia

In 2022, overseas shipments of oil crops (primary) decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, oil crops exports expanded to $X in 2022. Overall, exports, however, showed a perceptible increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

The Netherlands (X tons), Germany (X tons) and the UK (X tons) were the main destinations of oil crops exports from Latvia, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for oil crops exported from Latvia were Germany ($X), the Netherlands ($X) and Sweden ($X), together accounting for X% of total exports. The UK, Finland, Denmark, Belgium and Lithuania lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, the UK, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average oil crops export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oil crops export price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by X%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sweden ($X per ton) and Denmark ($X per ton), while the average price for exports to the Netherlands ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (X%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Crops Imports

Imports into Latvia

In 2022, supplies from abroad of oil crops (primary) decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, continue to indicate tangible growth. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, oil crops imports expanded notably to $X in 2022. Overall, imports, however, saw a measured increase. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

Lithuania (X tons), Ukraine (X tons) and Kazakhstan (X tons) were the main suppliers of oil crops imports to Latvia, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Kazakhstan ($X) and Ukraine ($X) appeared to be the largest oil crops suppliers to Latvia, together comprising X% of total imports.

Ukraine, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average oil crops import price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Kazakhstan ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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