Latvia - Urea - Market Analysis, Forecast, Size, Trends And Insights
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View PricingUrea Price in Latvia - 2023
Contents:
- Urea Price in Latvia (CIF) - 2023
- Urea Price in Latvia (FOB) - 2023
- Urea Imports in Latvia
- Urea Exports in Latvia
Urea Price in Latvia (CIF) - 2023
The average urea import price stood at $398 per ton in September 2023, waning by -5.1% against the previous month. In general, the import price saw a abrupt shrinkage. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 54% m-o-m. As a result, import price reached the peak level of $917 per ton. From March 2023 to September 2023, the average import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was Estonia ($755 per ton), while the price for Russia ($170 per ton) was amongst the lowest.
From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by Estonia (-4.3%), while the prices for the other major suppliers experienced a decline.
Urea Price in Latvia (FOB) - 2023
In September 2023, the average urea export price amounted to $487 per ton, picking up by 7.2% against the previous month. Over the period under review, the export price, however, recorded a deep reduction. The pace of growth was the most pronounced in October 2022 when the average export price increased by 27% m-o-m. As a result, the export price attained the peak level of $1,234 per ton. From November 2022 to September 2023, the the average export prices remained at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Poland ($716 per ton), while the average price for exports to Malta ($337 per ton) was amongst the lowest.
From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Poland (-2.3%), while the prices for the other major destinations experienced a decline.
Urea Imports in Latvia
In 2022, the amount of urea imported into Latvia stood at 94K tons, picking up by 14% against the previous year. The total import volume increased at an average annual rate of +12.0% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, urea imports surged to $44M in 2022. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 102% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.
Import of Urea in Latvia (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Russia | 13.3 | 14.4 | 27.7 | 19.7 | 14.0% |
Lithuania | 2.4 | 2.2 | 5.3 | 5.5 | 31.8% |
Belgium | 0.1 | 0.1 | 0.2 | 4.9 | 265.9% |
Finland | N/A | N/A | N/A | 4.3 | 0% |
Netherlands | N/A | N/A | N/A | 2.2 | 0% |
Estonia | 0.1 | N/A | N/A | 2.0 | 171.4% |
Uzbekistan | N/A | N/A | N/A | 1.9 | 0% |
Others | 1.1 | 0.5 | 1.5 | 3.1 | 41.3% |
Total | 16.9 | 17.2 | 34.8 | 43.6 | 37.2% |
Top Suppliers of Urea to Latvia in 2022:
- Russia (42.5K tons)
- Lithuania (18.1K tons)
- Estonia (14.4K tons)
- Belgium (8.5K tons)
- Finland (3.4K tons)
- Uzbekistan (2.1K tons)
- Netherlands (1.7K tons)
Urea Exports in Latvia
In 2022, after three years of growth, there was significant decline in overseas shipments of urea, when their volume decreased by -6.1% to 59K tons. Overall, total exports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +15.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.6% against 2019 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 56%. As a result, the exports reached the peak of 63K tons, and then declined in the following year.
In value terms, urea exports rose significantly to $34M in 2022. In general, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 141% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.
Export of Urea in Latvia (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Poland | 0.1 | N/A | 7.2 | 5.0 | 268.4% |
Czech Republic | 0.8 | 2.7 | 3.2 | 3.7 | 66.6% |
Sweden | 1.3 | 1.4 | 2.3 | 3.7 | 41.7% |
Spain | 2.8 | 1.9 | 3.1 | 3.0 | 2.3% |
Lithuania | 1.9 | 0.3 | 1.4 | 2.9 | 15.1% |
Italy | 0.3 | 0.2 | 0.8 | 2.7 | 108.0% |
Bulgaria | 1.1 | 1.4 | 3.7 | 2.7 | 34.9% |
Slovenia | 1.1 | 0.5 | 1.0 | 1.6 | 13.3% |
Estonia | 0.3 | 0.2 | 0.5 | 1.1 | 54.2% |
Norway | N/A | N/A | 0.1 | 0.8 | 700.0% |
Malta | N/A | N/A | 0.1 | 0.6 | 500.0% |
Austria | N/A | 0.3 | 0.9 | 0.6 | 41.4% |
Romania | 0.7 | 0.8 | 0.5 | 0.2 | -34.1% |
Others | 2.7 | 3.2 | 6.5 | 5.4 | 26.0% |
Total | 13.1 | 12.9 | 31.2 | 33.9 | 37.3% |
Top Export Markets for Urea from Latvia in 2022:
- Sweden (7.1K tons)
- Czech Republic (7.0K tons)
- Bulgaria (6.5K tons)
- Spain (5.6K tons)
- Estonia (5.4K tons)
- Lithuania (4.6K tons)
- Poland (4.3K tons)
- Italy (3.6K tons)
- Slovenia (2.8K tons)
- Malta (2.0K tons)
- Norway (1.4K tons)
- Austria (1.2K tons)
- Romania (0.3K tons)
This report provides an in-depth analysis of the urea market in Latvia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 4001 - Urea
Country coverage:
- Latvia
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Latvia
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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Explore the top import markets for urea, including India, Brazil, United States, Australia, and more. Learn about their import values and key statistics.
Urea price soared by +46% in October 2021, reaching $612.5 per ton, according to the latest World Bank's data. The spike was caused by a sharp slump in the world's production, as many producers have suspended manufacturing owing to skyrocketing natural gas prices and energy resource shortages. Russia, China and Egypt remain the key urea suppliers, while India, Brazil and the U.S. lead the world import ranking.
Brazil, Argentina, Australia and Spain increased urea supplies from abroad sharply in 2020. Despite this, global imports of this product slightly dropped last year. India, Brazil, the U.S. remain the largest markets for imported urea worldwide. In 2020, the average import price reduced by -9.8% against the previous year.
Explore the top 10 import markets for nitrogenous fertilizer and their significance in the global agricultural industry.
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