Particle board of wood market in Latvia

Earlier Report Observations

From 2018 to 2020, the Latvian particle board market expanded from 98.7 thousand m³ to 140.2 thousand m³, with a notable rise in 2019. This growth coincided with the entry of new market participants, a trend initially noted in 2018. The market's momentum halted in 2020 as the COVID-19 pandemic significantly disrupted the activities and entry of market players, leading to a period of stabilization.

The market volume surged to 194.1 thousand m³ in 2021, driven by a combination of steady domestic production and shifts in trade flows. However, a sharp contraction followed, with the market falling to 150.9 thousand m³ in 2022 and further to 86.1 thousand m³ in 2023. This downturn was primarily driven by external shocks: the war in Ukraine and a construction slowdown in China created price volatility and uncertainty in the European timber market, including Latvia. Concurrently, new regulatory pressure from the EU Green Deal and broader economic inflation reduced demand for construction and furniture materials.

In the subsequent period, trade dynamics showed adjustment. Import volumes reached 55.1 thousand m³ in 2024, while exports eased to 363.9 thousand m³. The domestic timber market experienced seasonal price fluctuations influenced by raw material availability and production costs, alongside a reduction in lending rates that supported softwood lumber prices during the building season.

Production particle board of wood in Latvia

In kind, 2018-2021, M m³

Top producers of particle board of wood, 2018-2021

World map of production of particle board of wood, 2018-2021

In 2021, Latvia produced 0.4 million cubic meters of particle board, showing no significant change compared to 2020. The minimum production level was recorded in 2019 at 0.4 million cubic meters, while the maximum was also 0.4 million cubic meters in 2020. The largest decline occurred in 2019 with a 0.3% decrease, and the largest increase was in 2020 with a 1.8% rise.

Annual dynamics of production in Latvia in kind, 2018-2021, M m³

Exports particle board of wood from Latvia

Exports in kind, K m³

Exports of particle board from Latvia declined for the third consecutive year. In 2021, exports reached 267.6 thousand cubic meters, representing a significant contraction of 14.9% compared to 2020. Over the period from 2018 to 2021, exports decreased by 23.7%, with a compound annual growth rate of -8.6%.

Annual dynamics of product's exports from Latvia in kind, 2018-2021, K m³

From 2018 to 2021, the principal destinations for Latvia's particle board exports were Lithuania (53.1% of exports in volume), Poland (15.2%), and Estonia (9.2%). Together, these three countries accounted for 77.5% of total export flows.

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

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

Exports in value, K $ US

After a two-year decline, particle board exports from Latvia increased in value. In 2021, Latvia exported 74 308 thousand US dollars worth of particle board, marking a 34.7% advance compared to 2020. Between 2018 and 2021, exports grew by 2.4%, equating to an annualized rate of 0.8%. The minimum value was recorded in 2020 at 55 147 thousand US dollars, and the largest decline occurred in 2019 with an 18.6% decrease.

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

From 2018 to 2021, three principal markets—Lithuania, Poland, and Estonia—together accounted for 71.3% of the total value of particle board exports from Latvia.

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

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

Imports particle board of wood to Latvia

Imports in kind, K m³

In 2021, Latvia imported 45.4 thousand cubic meters of particle board, constituting a substantial rise of 18.0% year-over-year. Between 2018 and 2021, imports increased by 14.7%, equating to an annualized rate of 4.7%. The minimum volume was recorded in 2020 at 38.5 thousand cubic meters, while the maximum was in 2019 at 47.4 thousand cubic meters. The largest decline occurred in 2020 with an 18.7% decrease, and the largest increase was in 2019 with a 19.6% rise.

Annual dynamics of product's imports to Latvia in kind, 2018-2021, K m³

Over the period from 2018 to 2021, Poland (42.7% of imports in volume), Russia (11.8%), and Belarus (11.7%) consistently held leading positions in Latvia's particle board import structure, jointly accounting for 66.2% of total flows.

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

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

Imports in value, K $ US

Latvia's particle board imports increased in value for the second consecutive year. In 2021, imports reached 18 772 thousand US dollars, marking a 36.8% year-over-year rise. Between 2018 and 2021, imports grew by 39.1%, equating to an annualized rate of 11.6%. The minimum value was recorded in 2019 at 13 214 thousand US dollars, and the largest decline occurred in the same year with a 2.1% decrease.

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

From 2018 to 2021, Poland (48.0% of imports in value), Russia (8.2%), and Czechia (7.2%) were the main markets for Latvia's particle board imports, together accounting for 63.4% of total flows.

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

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