Business and trade

13.07.2016. 09:42

Main exports from Latvia to Canada are food products (18.09%); machinery and electrical equipment (17.97%); and transport vehicles (13.32%).

Main imports from Canada to Latvia are machinery and electrical equipment (37.03%); plastics, rubber and articles made of plastic and rubber (17.42%); optical products (including for medical applications), watches, musical instruments (13.46%). Latvia's National airline Air Baltic has chosen Bombardier C300 planes as the aircraft of choice.

Latvia is pleased that negotiations of Comprehensive Economic and Trade Agreement (CETA) and Strategic Partnership Agreement (SPA) are finally concluded.

CETA will further open up trading and investment opportunities creating jobs and new opportunities for business on both sides of the Atlantic.  

CETA is one of the most advanced and modern trade agreements EU has concluded and covers market access with nearly 99% of tariff lines, access to public procurement at the provincial level; strengthened intellectual property rights and the protection of more than 140 specific European high-quality agricultural products through geographical indications. It is noteworthy that SMEs receive special attention under CETA. 

After the finalization of texts in all EU official languages and signature in 2016 we will focus on the swift ratification of CETA, and Latvia will be a keen supporter of this process.

Trade 2015 (Source: Central Statistical Bureau of Latvia)

Export
% of total exports from Latvia

  1. Lithuania – 1 744 095 595 EUR or 18.30%
  2. Estonia – 1 043 830 759 EUR or 10.95%
  3. Russia – 829 890 599 EUR or 8.71%

...

47. Canada – 16 099 588 EUR or 0.17%

Import
% of total imports to Latvia

  1. Lithuania   – 1 912 284 353 EUR or 17.18%
  2. Germany   – 1 205 061 975 EUR or 10.83%
  3. Poland – 1 192 514   217 EUR or 10.71%

...

35. Canada – 17 301 910 EUR or 0.16%

Trade between Latvia and Canada from 2002 to 2015, in EUR

Year

Export

Import

2006

21 815 596

15 444 325

2007

16 007 287

18 313 403

2008

14 016 444

17 661 554

2009

6 423 693

6 952 854

2010

7 786 601

54 958 659

2011

10 784 375

5 979 297

2012

10 279 213

8 906 285

2013

11 670 413

10 518 106

2014

15 543 401

12 817 367

2015

16 099 588

17 301 910

The turnover in bilateral trade in 2015 amounted to 33.40 MEUR (Canada ranked 44thamong Latvia's foreign trade partners), an increase of 17.77% in comparison to 2014.

  • The volume of exports toCanada amounted to 16.09 MEUR which is an increase of 3.58% or 0.55 MEUR in comparison to 2014.
  • The volume of imports from Canada amounted to 17.30 MEUR, increase by 34.99% or 4.49 MEUR in comparison to 2014.

Main exports to Canada in 2015 by kind of goods

Type of goods

EUR

Share of total export

Total

16 099 588

100%

Machinery and   mechanical appliances; electrical equipment

Telephones 25.83%

Parts only or mainly for engines 2.28%

3   742 053

23.24%

Food industry   products

- Undenatured ethyl   alcohol 78.00%

Prepared or tinned   fish 14.57%

3   212 539

19.95%

Transport vehicles

- Parts for dirigibles 69,91%

chassis and   structural elements 29,88%

1   825 031

11.34%

Optical   products (incl. medical); watches, musical instruments

Optical fibres and related products   73.65%

Medical, surgical and veterinary instruments 15.80%

Automatic regulation or control equipment 6.89%

1   361 471

8.46%

Articles of stone, plaster, cement, glass , ceramic   products

1   321 567

8.21%

Miscellaneous manufactured articles

1   063 236

6.60%

Textiles and   textile articles

1   041 649

6.47%

Products of chemical and allied industries

1   005 043

6.24%

Metal and metal parts

    821   265

             5.10%

Main imports to Canada in 2015 by kind of goods

Type of goods

EUR

Share of total export

Total

17 301   910

100%

Transport vehicles

various aircraft 80,08%

Parts for aircraft 13,95%

7 214 032

41.70%

Machinery and   mechanical appliances; electrical equipment

Panels, consoles, stands, and enclosures for electrical controls and   equipment 15.06%

Dishwashers, equipment for washing or drying bottles or other dishes     13.07%

Telephones 12.45%

Equipment for electric   lighting or signalling 11.83%

2 080 441

12.02%

Products of chemical and allied industries

Pharmaceuticals   44.18%

1 974 278

11.41%

Plastics;   rubber and articles thereof

1 331 279

7.69%

Optics   including for medical applications; watches; musical instruments

1 302 389

7.53%