Trade with Latvia

02.08.2016. 17:35

Latvia’s unique geographical location on the shore of the Baltic Sea including its ice-free ports places Latvia squarely at a crossroads of international commerce.

Historically, Latvia has been one of the main transit points for both north-south and east-west trade flows, making it a strategic hub for transportation flows connecting world business from America, the European Union, and Russia, as well as Central Asia and the Far East. The transit sector is one of the strongest industrial sectors in Latvia. 

Foreign trade in Latvia has consistently increased after Latvia’s accession to the EU. 

On the 1st of July, Latvia officially became the 35th member state of the Organisation for Economic Cooperation and Development (OECD). Since joining the OECD, Latvia is to be included in the OECD sectoral policy papers and studies, statistics and various databases. Please find the Latvia's profile in OECD website.

Latvian Statistics and Tendencies you can find also in the database of the Central Statistical Bureau: Key Indicators of Foreign Trade include survey data, as well as analysis and forecasts. Both the World Bank and the European Central Bank predict ~4% economic growth for Latvia until 2018. Please find Key Macroeconomic Indicators provided by Bank of Latvia.

Wood and wood products are the leading exports while machinery and mechanical appliances head the list of imported goods.

Latvia has a strong manufacturing base in pharmaceuticals and chemicals, ranging across a wide spectrum and including petrochemicals, man-made fibres, and paints.

Latvia is also competitive in construction and building materials as well as in electrical engineering and electronics. Latvia is a good partner for companies operating in the Information and Telecommunications Technology (ICT) sector as well as in printing and packaging.

Latvia is strong in the manufacture of textiles and clothing. The use of natural materials, exceptional hand-made quality, and Latvian motifs and design give the articles of clothing a distinctive character, reflecting deep cultural values and traditions.

Latvians have always been skilled farmers, excelling in both agriculture and animal husbandry. The country’s proximity to the sea created a climate and conditions favourable for farming. The proximity of the sea, and the many lakes and rivers meant that Latvians are avid fishermen. Latvia’s food producers have embraced the challenge of meeting the demand for food that is fresh and natural, while taking advantage of modern technologies to ensure reliability and safety.