Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia - 2023
Contents:
- Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia (CIF) - 2023
- Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia (FOB) - 2022
- Imports of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia
- Exports of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia
Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia (CIF) - 2023
In December 2023, the average import price for machines and mechanical appliances; parts, of those having individual functionses amounted to $49,627 per ton, with an increase of 68% against the previous month. Overall, the import price recorded strong growth. The most prominent rate of growth was recorded in November 2023 an increase of 112% against the previous month. The import price peaked at $56,958 per ton in July 2023; however, from August 2023 to December 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was Sweden ($153K per ton), while the price for Lithuania ($7,808 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Sweden (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia (FOB) - 2022
In 2022, the average export price for machines and mechanical appliances; parts, of those having individual functionses amounted to $48,824 per ton, increasing by 77% against the previous year. In general, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 103% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($109,829 per ton), while the average price for exports to Finland ($9,339 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 Sweden (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia
In 2022, purchases abroad of machines and mechanical appliances; parts, of those having individual functionses decreased by -2.7% to 856 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 14%. As a result, imports attained the peak of 1.2K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of machines and mechanical appliances; parts, of those having individual functionses shrank to $16M in 2022. The total import value increased at an average annual rate of +1.8% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 31%. As a result, imports attained the peak of $20M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
| Import of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 3.3 | 7.1 | 5.0 | 3.9 | 5.7% |
| Netherlands | 1.9 | 3.4 | 2.9 | 2.4 | 8.1% |
| Italy | 0.3 | 0.6 | 1.1 | 1.8 | 81.7% |
| Sweden | 1.0 | 2.0 | 1.6 | 1.3 | 9.1% |
| Poland | 1.2 | 0.3 | 0.8 | 0.9 | -9.1% |
| Estonia | 1.2 | 3.0 | 1.2 | 0.8 | -12.6% |
| Lithuania | 1.8 | 0.5 | 0.5 | 0.7 | -27.0% |
| Czech Republic | 1.0 | 0.5 | 0.5 | 0.4 | -26.3% |
| Others | 3.6 | 2.5 | 3.8 | 3.9 | 2.7% |
| Total | 15.3 | 20.1 | 17.4 | 16.1 | 1.7% |
Top Suppliers of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions to Latvia in 2022:
- Germany (250.5 tons)
- Netherlands (172.5 tons)
- Estonia (85.5 tons)
- Lithuania (67.5 tons)
- Italy (67.0 tons)
- Poland (52.1 tons)
- Sweden (31.8 tons)
- Czech Republic (27.6 tons)
Exports of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia
In 2022, shipments abroad of machines and mechanical appliances; parts, of those having individual functionses decreased by -47.8% to 173 tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, continue to indicate a tangible increase. The pace of growth appeared the most rapid in 2021 with an increase of 63% against the previous year. As a result, the exports reached the peak of 330 tons, and then declined dramatically in the following year.
In value terms, exports of machines and mechanical appliances; parts, of those having individual functionses declined to $8.4M in 2022. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 49% against the previous year. As a result, the exports attained the peak of $9.1M, and then reduced in the following year.
| Export of Machines and Mechanical Appliances; Parts, of Those Having Individual Functions in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Sweden | 1,786 | 2,466 | 2,106 | 2,925 | 17.9% |
| United States | 148 | 1,054 | 1,066 | 2,150 | 144.0% |
| Russia | 822 | 926 | 2,473 | 1,052 | 8.6% |
| Germany | 263 | 204 | 619 | 356 | 10.6% |
| Lithuania | 98.7 | 113 | 115 | 165 | 18.7% |
| Norway | 38.8 | 220 | 593 | 153 | 58.0% |
| Estonia | 588 | 72.1 | 48.3 | 81.4 | -48.3% |
| Finland | 246 | 167 | 333 | 54.9 | -39.3% |
| Others | 625 | 897 | 1,773 | 1,485 | 33.4% |
| Total | 4,615 | 6,119 | 9,127 | 8,422 | 22.2% |
Top Export Markets for Machines and Mechanical Appliances; Parts, of Those Having Individual Functions from Latvia in 2022:
- United States (47.7 tons)
- Russia (28.0 tons)
- Sweden (26.6 tons)
- Germany (17.1 tons)
- Norway (14.9 tons)
- Lithuania (8.8 tons)
- Finland (5.9 tons)
- Estonia (3.0 tons)
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