Latvia: Men Knitwear Market 2024

Men Knitwear Market Size in Latvia

In 2022, the Latvian men knitwear market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption posted prominent growth. Men knitwear consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Men Knitwear Production in Latvia

In value terms, men knitwear production soared to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible slump. Men knitwear production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Men Knitwear Exports

Exports from Latvia

In 2022, the amount of men's or boys' clothing (knitted or crocheted) exported from Latvia surged to X units, jumping by X% compared with the previous year. Overall, total exports indicated a buoyant increase 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. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, men knitwear exports soared to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X units), Estonia (X units) and Lithuania (X units) were the main destinations of men knitwear exports from Latvia, with a combined X% share of total exports. Sweden, Iceland, Finland, Germany and Denmark lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for men knitwear exported from Latvia were Estonia ($X), Russia ($X) and Sweden ($X), with a combined X% share of total exports. Lithuania, Iceland, Germany, Denmark and Finland lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Finland, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average men knitwear export price stood at $X per unit in 2022, with a decrease of X% against the previous year. In general, the export price saw a noticeable decrease. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 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 Germany ($X per unit), while the average price for exports to Finland ($X 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 Finland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in purchases abroad of men's or boys' clothing (knitted or crocheted), which increased by X% to X units in 2022. In general, imports posted a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, men knitwear imports skyrocketed to $X in 2022. Over the period under review, imports showed a resilient increase. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Poland (X units) constituted the largest supplier of men knitwear to Latvia, accounting for a X% share of total imports. Moreover, men knitwear imports from Poland exceeded the figures recorded by the second-largest supplier, Germany (X units), fivefold. Estonia (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Estonia (X% per year).

In value terms, the largest men knitwear suppliers to Latvia were Poland ($X), Estonia ($X) and the Netherlands ($X), with a combined X% share of total imports.

Poland, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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 men knitwear import price stood at $X per unit in 2022, declining by X% against the previous year. Overall, the import price continues to indicate a noticeable decline. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, 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 Finland ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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