Latvia: Tobacco Making Machinery Market 2024

Tobacco Making Machinery Market Size in Latvia

The Latvian tobacco making machinery market rose remarkably to $X in 2023, increasing by X% against the previous year. Overall, consumption enjoyed a remarkable increase. Over the period under review, the market reached the maximum level in 2023 and is likely to see steady growth in years to come.

Tobacco Making Machinery Production in Latvia

In value terms, tobacco making machinery production declined slightly to $X in 2023 estimated in export price. In general, production continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Tobacco making machinery production peaked at $X in 2016; however, from 2017 to 2023, production failed to regain momentum.

Tobacco Making Machinery Exports

Exports from Latvia

In 2022, the amount of machinery for the preparation or making up of tobacco exported from Latvia amounted to less than X units, therefore, remained relatively stable against 2021 figures. In general, exports posted a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by X%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, tobacco making machinery exports stood at $X in 2022. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Slovakia (X units) was the main destination for tobacco making machinery exports from Latvia, accounting for a X% share of total exports. Moreover, tobacco making machinery exports to Slovakia exceeded the volume sent to the second major destination, Switzerland (X units), sevenfold. The third position in this ranking was held by Lithuania (X units), with a X% share.

From 2017 to 2018, the average annual growth rate of volume to Slovakia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and Lithuania (X% per year).

In value terms, Slovakia ($X) emerged as the key foreign market for machinery for the preparation or making up of tobacco exports from Latvia, comprising X% of total exports. The second position in the ranking was taken by Switzerland ($X), with a X% share of total exports. It was followed by Lithuania, with a X% share.

From 2017 to 2018, the average annual growth rate of value to Slovakia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and Lithuania (X% per year).

Export Prices by Country

The average tobacco making machinery export price stood at $X per unit in 2018, which is down by X% against the previous year. In general, the export price continues to indicate a significant decrease. The export price peaked at $X per unit in 2017, and then dropped markedly in the following year.

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

From 2017 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X.8%).

Tobacco Making Machinery Imports

Imports into Latvia

In 2023, tobacco making machinery imports into Latvia skyrocketed to X units, increasing by X% compared with 2022 figures. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in 2022 with an increase of X%. Imports peaked in 2023 and are likely to continue growth in the near future.

In value terms, tobacco making machinery imports dropped notably to $X in 2023. Overall, imports, however, showed a deep slump. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Germany (X units), Poland (X units) and the United States (X units) were the main suppliers of tobacco making machinery imports to Latvia, together comprising X% of total imports.

From 2020 to 2023, 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 China ($X) constituted the largest tobacco making machinery suppliers to Latvia, together accounting for X% of total imports.

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

Import Prices by Country

In 2023, the average tobacco making machinery import price amounted to $X per unit, falling by X% against the previous year. Over the period under review, the import price saw a sharp decrease. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2022 to 2023, the average import prices remained at a lower figure.

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

From 2020 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform