Pharmaceutical Goods Price in Latvia - 2023

Contents:

1. Pharmaceutical Goods Price in Latvia (CIF) - 2022
2. Pharmaceutical Goods Price in Latvia (FOB) - 2022
3. Pharmaceutical Goods Imports in Latvia
4. Pharmaceutical Goods Exports in Latvia

Pharmaceutical Goods Price in Latvia (CIF) - 2022

In 2022, the average pharmaceutical goods import price amounted to $74,707 per ton, which is down by -4.8% against the previous year. In general, the import price continues to indicate a pronounced slump. The pace of growth was the most pronounced in 2020 when the average import price increased by 31% against the previous year. The import price peaked at $111,359 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($230,817 per ton), while the price for Portugal ($6,897 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Pharmaceutical Goods Price in Latvia (FOB) - 2022

In 2022, the average pharmaceutical goods export price amounted to $114,388 per ton, increasing by 24% against the previous year. Overall, the export price, however, recorded a pronounced descent. The pace of growth was the most pronounced in 2021 an increase of 39% against the previous year. The export price peaked at $141,382 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($231,120 per ton), while the average price for exports to Kazakhstan ($7,176 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 Russia (+25.0%), while the prices for the other major destinations experienced mixed trend patterns.

Pharmaceutical Goods Imports in Latvia

In 2022, imports of pharmaceutical goodses into Latvia dropped to 154 tons, falling by -2% on 2021. Over the period under review, imports showed a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 3.6%.

In value terms, pharmaceutical goods imports fell to $12M in 2022. The total import value increased at an average annual rate of +3.2% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 10%. As a result, imports attained the peak of $12M, and then shrank in the following year.

Top Suppliers of Pharmaceutical Goods to Latvia in 2022:

1. Belgium (40.0 tons)
2. Italy (24.5 tons)
3. Germany (20.2 tons)
4. Lithuania (15.0 tons)
5. Poland (8.6 tons)
6. Estonia (7.7 tons)
7. Turkey (6.1 tons)
8. Hungary (5.2 tons)
9. Greece (3.8 tons)
10. Portugal (3.7 tons)
11. Netherlands (3.1 tons)
12. Ireland (2.6 tons)
13. China (2.3 tons)

Pharmaceutical Goods Exports in Latvia

In 2022, overseas shipments of pharmaceutical goodses decreased by -23.7% to 31 tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by 159%. As a result, the exports attained the peak of 47 tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, pharmaceutical goods exports fell to $3.6M in 2022. In general, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 108%.

Top Export Markets for Pharmaceutical Goods from Latvia in 2022:

1. Lithuania (18.5 tons)
2. Estonia (4.5 tons)
3. Russia (3.1 tons)
4. Ukraine (0.8 tons)
5. Vietnam (0.6 tons)

Source: IndexBox Market Intelligence Platform