Latvia: Shipping Market 2020

Shipping Market Size in Latvia

The revenue of the shipping market in Latvia amounted to $X in 2018, rising by X% against the previous year. The market value increased at an average annual rate of +X% from 2007 to 2018; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2010 when the market value increased by X% y-o-y. In that year, the shipping market attained its peak level of $X. From 2011 to 2018, the growth of the shipping market remained at a lower figure.

Shipping Production in Latvia

In value terms, shipping production stood at $X in 2018 estimated in export prices. In general, shipping production, however, continues to indicate a deep drop. The pace of growth was the most pronounced in 2011 when production volume increased by X% year-to-year. Latvia shipping production peaked at $X in 2013; however, from 2014 to 2018, production failed to regain its momentum.

Shipping Exports

Exports from Latvia

In 2018, approx. X tons of ships, vessels, ferry-boats for the transport of persons were exported from Latvia; increasing by X% against the previous year. Over the period under review, shipping exports, however, continue to indicate an abrupt descent. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, shipping exports reached their maximum at X tons in 2013; however, from 2014 to 2018, exports stood at a somewhat lower figure.

In value terms, shipping exports totaled $X in 2018. Overall, shipping exports, however, continue to indicate a deep curtailment. The most prominent rate of growth was recorded in 2011 when exports increased by X% y-o-y. Over the period under review, shipping exports attained their peak figure at $X in 2013; however, from 2014 to 2018, exports stood at a somewhat lower figure.

Exports by Country

In 2018, Italy (X tons), distantly followed by France (X tons), Germany (X tons), Finland (X tons) and Australia (X tons) were the largest exporters of ships, vessels, ferry-boats for the transport of persons, together achieving X% of total exports. Poland (X tons), Norway (X tons), the Philippines (X tons), Bahamas (X tons), Japan (X tons) and Turkey (X tons) occupied a relatively small share of total exports.

From 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Australia, while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and Germany ($X) appeared to be the countries with the highest levels of exports in 2018, with a combined X% share of total exports.

In terms of the main exporting countries, France experienced the highest rates of growth with regard to exports, over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The shipping export price in Latvia stood at $X per ton in 2018, lowering by -X% against the previous year. In general, the shipping export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2011 when the export price increased by X% against the previous year. Over the period under review, the export prices for ships, vessels, ferry-boats for the transport of persons reached their maximum at $X per ton in 2013; however, from 2014 to 2018, export prices failed to regain their momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was Germany ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Norway, while the other leaders experienced more modest paces of growth.

Shipping Imports

Imports into Latvia

In 2018, approx. X kg of ships, vessels, ferry-boats for the transport of persons were imported into Latvia; waning by -X% against the previous year. Overall, shipping imports continue to indicate a dramatic downturn. The pace of growth was the most pronounced in 2011 with an increase of X% y-o-y. In that year, shipping imports attained their peak of X tons. From 2012 to 2018, the growth of shipping imports remained at a somewhat lower figure.

In value terms, shipping imports totaled $X in 2018. Overall, shipping imports continue to indicate a sharp setback. The pace of growth appeared the most rapid in 2016 when imports increased by X% year-to-year. In that year, shipping imports attained their peak of $X. From 2017 to 2018, the growth of shipping imports remained at a lower figure.

Imports by Country

In 2018, the U.S. (X tons) represented the largest importer of ships, vessels, ferry-boats for the transport of persons, creating X% of total imports. Italy (X tons) held a X% share (based on tons) of total imports, which put it in second place, followed by Germany (X%) and Norway (X%). Liberia (X tons), France (X tons), Bahamas (X tons), Switzerland (X tons) and Sweden (X tons) followed a long way behind the leaders.

Imports into the U.S. increased at an average annual rate of +X% from 2007 to 2018. At the same time, Sweden (+X%), Liberia (+X%), Switzerland (+X%), Germany (+X%) and France (+X%) displayed positive paces of growth. Moreover, Sweden emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. Italy experienced a relatively flat trend pattern. By contrast, Norway (-X%) and Bahamas (-X%) illustrated a downward trend over the same period. While the share of the U.S. (+X p.p.), Germany (+X p.p.), Liberia (+X p.p.), France (+X p.p.), Sweden (+X p.p.) and Switzerland (+X p.p.) increased significantly in terms of the global imports from 2007-2018, the share of Norway (-X p.p.) and Bahamas (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons into Latvia, comprising X% of global imports. The second position in the ranking was occupied by Italy ($X), with a X% share of global imports. It was followed by Germany, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value in the U.S. stood at +X%. In the other countries, the average annual rates were as follows: Italy (+X% per year) and Germany (+X% per year).

Import Prices by Country

In 2018, the shipping import price in Latvia amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the shipping import price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2016 an increase of X% y-o-y. Over the period under review, the import prices for ships, vessels, ferry-boats for the transport of persons reached their maximum in 2018 and is likely to continue its growth in the near future.

Prices varied noticeably by the country of destination; the country with the highest price was Switzerland ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Germany, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform