Key Market Indicators
**Latvian Nickel Exports Decline by 16.5% in 2023** Latvia's nickel exports experienced a significant decrease in 2023, falling to approximately $1.3 million from around $1.6 million in 2022. This marks a 16.5% decline compared to the previous year. Since 1999, Latvian nickel supply has consistently dropped by 16.5% annually. In 2023, the country ranked 50th in global nickel exports, with Luxembourg surpassing Latvia by reaching the same export value of $1.3 million. Canada, Russia, and Malaysia secured the top three positions in this ranking. **Latvian Nickel Imports Projected to Grow** On the import front, Latvia's nickel imports are projected to rise steadily, reaching nearly $5 million by 2028 from about $4.1 million in 2023. This growth reflects a compound annual growth rate (CAGR) of 3%. Since 1999, Latvia's demand for nickel has shown a gradual increase of 1.3% annually. This trend highlights the country's growing reliance on imported nickel to meet its industrial needs.
