Latvia: Steel Spring Market 2024

Steel Spring Market Size in Latvia

The Latvian steel spring market shrank slightly to $X in 2022, declining by X% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Steel spring consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Steel Spring Production in Latvia

In value terms, steel spring production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Steel spring production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Steel Spring Exports

Exports from Latvia

In 2022, approx. X tons of steel springs and leaves for springs were exported from Latvia; shrinking by X% against 2021. Overall, exports, however, posted a significant increase. The growth pace was the most rapid in 2016 when exports increased by X%. The exports peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, steel spring exports soared to $X in 2022. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Estonia (X tons), Sweden (X tons) and the Netherlands (X tons) were the main destinations of steel spring exports from Latvia, together accounting for X% of total exports. Finland, Lithuania, Russia and Norway lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for steel spring exported from Latvia were Estonia ($X), Sweden ($X) and the Netherlands ($X), together accounting for X% of total exports. Finland, Lithuania, Norway and Russia lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Norway, with a CAGR of X%, saw 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

In 2022, the average steel spring export price amounted to $X per ton, growing by X% against the previous year. Overall, the export price, however, recorded a abrupt setback. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

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

Steel Spring Imports

Imports into Latvia

In 2022, steel spring imports into Latvia fell to X tons, waning by X% compared with 2021. In general, total imports indicated a temperate expansion from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, steel spring imports shrank to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

Poland (X tons), Germany (X tons) and Sweden (X tons) were the main suppliers of steel spring imports to Latvia, together comprising X% of total imports.

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

In value terms, Germany ($X), Poland ($X) and Sweden ($X) constituted the largest steel spring suppliers to Latvia, with a combined X% share of total imports.

Poland, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steel spring import price stood at $X per ton in 2022, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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