Iron or steel springs and leaves for springs market in Lithuania

Earlier Report Observations

The market for iron or steel springs and leaves for springs in Lithuania showed considerable movement between 2018 and 2023. Market volume dropped from 5 970 t in 2018 to 3 016 t in 2021, before rebounding to 5 634 t in 2023. This pattern coincided with a surge in exports to 7 097 t in 2021 and varying levels of domestic production and imports.

In 2024, market volume settled at 5 361 t as domestic production fell to 4 862 t, extending a decline from the previous years. This trend aligns with the broader contraction of Lithuania's iron and steel manufacturing industry, which shrank at an annual rate of 5.1% from 2020 onward. New green building regulations, effective November 2024, mandated that public buildings incorporate at least 50% wood and organic materials, potentially influencing demand patterns for steel components. Concurrently, cargo handling at Lithuanian ports, including iron and steel goods, increased by 5% in the first eight months of 2024, reflecting active logistics and trade flows.

Production iron or steel springs and leaves for springs in Lithuania

In value, 2018-2021, K $ US

Lithuania's production of iron or steel springs and leaves for springs has increased for the third consecutive year. In 2021, output was valued at 12 662 thousand US dollars, marking a 36.8% year-over-year rise. From 2018 to 2021, production grew by 84.3%, which translates to an annualized rate of 22.6%.

Annual dynamics of production in Lithuania in value, 2018-2021, K $ US

In kind, 2018-2021, t

Lithuania's production of iron or steel springs and leaves for springs has increased for the third consecutive year. In 2021, 5 733 tonnes were produced, representing a 32.8% gain compared to the previous year. Over the period from 2018 to 2021, production rose by 81%, with a compound annual growth rate of 21.9%.

Annual dynamics of production in Lithuania in kind, 2018-2021, t

Exports iron or steel springs and leaves for springs from Lithuania

Exports in kind, t

Lithuania's exports of iron or steel springs and leaves for springs have increased for the third consecutive year. In 2021, exports reached 7 097 tonnes, showing a steep rise of 120.2% from the prior year. From 2018 to 2021, exports grew by 251.3%, with a compound annual growth rate of 52.0%.

Annual dynamics of product's exports from Lithuania in kind, 2018-2021, t

From 2018 to 2021, the main buyers of iron or steel springs and leaves for springs from Lithuania were the United States, accounting for 25.4% of exports in kind, Estonia with 23.2%, and Russia with 13.6%. Together, these three countries comprised 62.2% of total exports in kind.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Lithuania in kind, 2018-2021

Exports in value, K $ US

Lithuania's exports of iron or steel springs and leaves for springs have increased for the third consecutive year. In 2021, exports were valued at 20 797 thousand US dollars, up by 159.3% compared to the previous year. Between 2018 and 2021, exports surged by 280.5%, equating to an annualized rate of 56.1%.

Annual dynamics of product's exports from Lithuania in value, 2018-2021, K $ US

From 2018 to 2021, the main markets for Lithuania's exports in value terms were Russia, representing 26.9% of exports, the United States with 23.0%, and Estonia with 17.6%. Collectively, these three countries accounted for 67.5% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Lithuania in value, 2018-2021

Imports iron or steel springs and leaves for springs to Lithuania

Imports in kind, t

After a two-year decline, Lithuania's imports of iron or steel springs and leaves for springs increased in 2021. Imports stood at 4 380 tonnes, a 36.2% rise from the prior year. However, from 2018 to 2021, imports decreased by 9.2%, with an annualized rate of decline of 3.2%. The lowest point was in 2020 at 3 216 tonnes, which saw the largest decline of 27.7%.

Annual dynamics of product's imports to Lithuania in kind, 2018-2021, t

Throughout 2018 to 2021, the main sources for Lithuania's imports in kind were Poland, contributing 40.0% of imports, China with 15.2%, and Germany with 10.0%. Together, these three countries made up 65.2% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Lithuania in kind, 2018-2021

Imports in value, K $ US

The market for imports showed volatility during these years. In 2021, Lithuania imported approximately 18 998 thousand US dollars of iron or steel springs and leaves for springs, a sharp increase of 78.4% from 2020. The lowest value was recorded in 2020 at 10 649 thousand US dollars, which also experienced the largest decline of 15.0%. Overall, there was a 1.8-fold variation between the peak in 2021 and the trough in 2020.

Annual dynamics of product's imports to Lithuania in value, 2018-2021, K $ US

From 2018 to 2021, the main markets for Lithuania's imports in value terms were Poland, accounting for 29.8% of imports, Sweden with 15.1%, and Germany with 12.8%. Together, these three countries represented 57.7% of total import flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Lithuania in value, 2018-2021