Latvia: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Market Size in Latvia

The Latvian spherical roller bearing market surged to $X in 2022, increasing by X% against the previous year. In general, consumption continues to indicate a deep downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Spherical Roller Bearing Production in Latvia

In value terms, spherical roller bearing production contracted to $X in 2022 estimated in export price. Over the period under review, production posted a temperate expansion. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Spherical Roller Bearing Exports

Exports from Latvia

For the fourth year in a row, Latvia recorded growth in shipments abroad of spherical roller bearings, which increased by X% to X tons in 2022. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2017 with an increase of X%. The Latvia exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, spherical roller bearing exports soared to $X in 2022. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China represented the largest exporter of spherical roller bearings in the world, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Germany (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Sweden (X%), Japan (X%), Romania (X%) and Belgium (X%). Malaysia (X tons), France (X tons), the UK (X tons), Singapore (X tons), Italy (X tons), the United States (X tons) and Belarus (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the spherical roller bearings exports, with a CAGR of X% from 2012 to 2022. At the same time, Malaysia (X%), Romania (X%) and France (X%) displayed positive paces of growth. Italy, Japan and Germany experienced a relatively flat trend pattern. By contrast, Sweden (X%), Belgium (X%), the UK (X%), Belarus (X%), Singapore (X%) and the United States (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), Romania (X p.p.) and Malaysia (X p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Japan (X p.p.), Germany (X p.p.), Belarus (X p.p.), Belgium (X p.p.), the United States (X p.p.), Singapore (X p.p.) and Sweden (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X), Germany ($X) and China ($X) were the countries with the highest levels of exports in 2022, together accounting for X% of total exports. Japan, Belgium, the United States, Romania, Malaysia, the UK, France, Singapore, Italy and Belarus lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

In 2022, the export price in Latvia amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price, however, showed a abrupt downturn. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while China ($X per ton) was amongst the lowest.

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

Spherical Roller Bearing Imports

Imports into Latvia

In 2022, the amount of spherical roller bearings imported into Latvia reduced notably to X tons, with a decrease of X% compared with the year before. Overall, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, spherical roller bearing imports surged to $X in 2022. Over the period under review, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Latvia imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Belgium (X tons), China (X tons), the United States (X tons), Germany (X tons), India (X tons), Russia (X tons), France (X tons), Brazil (X tons), Denmark (X tons), South Korea (X tons), Thailand (X tons) and Turkey (X tons) was the major importer of spherical roller bearings in the world, mixing up X% of total import. Italy (X tons) followed a long way behind the leaders.

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

In value terms, China ($X), the United States ($X) and Belgium ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising X% of total imports. India, Germany, France, Brazil, Italy, South Korea, Russia, Turkey, Denmark and Thailand lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latvia amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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