Key Market Indicators
Latvia's synthetic rubber exports are projected to drop significantly, from approximately $365,000 in 2023 to around $85,000 by 2028. This decline represents an average annual decrease of 22.6%. Despite this, Latvia's synthetic rubber supply has seen a historical annual growth of 6.4% since 1999. In 2023, Latvia was ranked 55th in the world for synthetic rubber exports, with Ivory Coast surpassing it by reaching the same $365,000 mark. Leading the global ranking are Thailand, the United States, and Japan, holding the second, third, and fourth positions, respectively. On the import side, Latvia's synthetic rubber imports are also expected to decrease. Projections indicate a fall from approximately $7.5 million in 2023 to about $6.7 million by 2028. This marks an average annual decline of 1.8%. Historically, Latvian demand for synthetic rubber has decreased by 1.6% annually since 1999.
