Seals; Mechanical Price in Latvia - 2023

Seals; Mechanical Price in Latvia (CIF) - 2022

In 2022, the average seals; mechanical import price amounted to $55 per unit, shrinking by -3.4% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, seals; mechanical import price increased by +59.6% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 81%. The import price peaked at $76 per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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 Ukraine ($128 per unit), while the price for Taiwan (Chinese) ($3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Seals; Mechanical Price in Latvia (FOB) - 2022

The average seals; mechanical export price stood at $14 per unit in 2022, jumping by 23% against the previous year. In general, the export price, however, recorded a deep slump. The pace of growth appeared the most rapid in 2015 when the average export price increased by 68%. As a result, the export price reached the peak level of $174 per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($45 per unit), while the average price for exports to Belarus ($6.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (-3.0%), while the prices for the other major destinations experienced a decline.

Seals; Mechanical Imports in Latvia

In 2022, seals; mechanical imports into Latvia rose rapidly to 36K units, growing by 13% on 2021. Overall, total imports indicated significant growth from 2019 to 2022: its volume increased at an average annual rate of +24.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.0% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 46%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, seals; mechanical imports expanded sharply to $2M in 2022. In general, total imports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +26.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +104.4% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 63%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Import of Seals; Mechanical in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Germany	393	411	506	609	15.7%
Lithuania	53.1	447	238	401	96.2%
Italy	23.2	64.7	47.4	144	83.8%
Poland	68.5	79.5	92.7	125	22.2%
Ukraine	30.6	51.0	109	122	58.6%
Sweden	42.8	66.5	130	105	34.9%
Estonia	35.5	24.4	331	67.4	23.8%
Netherlands	13.1	28.2	31.3	53.3	59.6%
Finland	31.3	49.2	47.6	45.2	13.0%
Turkey	1.2	0.9	1.5	38.9	218.9%
Denmark	44.4	71.6	22.9	29.0	-13.2%
Belarus	0.3	N/A	0.8	21.8	317.3%
United Arab Emirates	27.2	6.1	3.8	4.9	-43.5%
Others	197	261	236	198	0.2%
Total	961	1,561	1,798	1,964	26.9%

Top Suppliers of Seals; Mechanical to Latvia in 2022:

Germany (12.9K units)
Lithuania (5.7K units)
Poland (2.1K units)
Italy (2.0K units)
Netherlands (1.8K units)
Turkey (1.5K units)
Finland (1.5K units)
Belarus (1.2K units)
Ukraine (1.0K units)
Sweden (0.9K units)
Estonia (0.6K units)
Denmark (0.6K units)
United Arab Emirates (0.3K units)

Seals; Mechanical Exports in Latvia

In 2022, seals; mechanical exports from Latvia skyrocketed to 83K units, surging by 52% on 2021 figures. Overall, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 145%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, seals; mechanical exports surged to $1.2M in 2022. In general, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Seals; Mechanical in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Russia	49.9	278	185	550	122.5%
Turkey	N/A	N/A	N/A	255	0%
Lithuania	108	57.2	53.8	89.3	-6.1%
Estonia	40.4	54.8	75.9	68.9	19.5%
Belarus	112	72.9	64.8	35.7	-31.7%
Sweden	0.8	1.3	2.6	29.7	233.6%
Ukraine	8.2	3.9	215	3.0	-28.5%
Others	71.6	36.9	39.7	159	30.5%
Total	392	505	637	1,191	44.8%