Foreign Trade Statistics

Latvia possesses a unique geographical location on the shore of the Baltic Sea and at the centre of the Baltic countries. For centuries, this has placed Latvia squarely at a crossroads of international commerce. Since the 14th century, Latvia has been a major commercial hub between west and east, and was at the centre of the Hanseatic League, the world’s first Free Trade Area.

Foreign trade in Latvia has consistently increased since the regaining of independence, particularly after Latvia’s accession to the EU. In 2008, exports increased by 10%, but imports decreased by 3% compared with the previous year.

In 2008, exports to EU countries made up 73.3% of the total volume of Latvian exports and increased by 168.7 million lats or 5.5% over 2007.

Metal and metal products comprise the most significant commodity group in Latvian exports and constituted 16.7% of them in 2008, followed by such traditional export products as wood and wood products, machinery and mechanical appliances; electrical equipment and chemical products. The main export commodities to the EU are wood and wood products, base metals and articles produced from base metals.

The most important commodities among Latvian imports were machinery, mechanical equipment and electrical equipment, making up 18.3% of the total value of imports, whereas mineral products comprised 15.6% and transport vehicles 10.7%.

In 2008, Latvia’s biggest trading partners were Lithuania (16.6% of Latvia's total trade turnover), Germany (11.2%), Russia (10.4%), Estonia (9.7%), Poland (5.9%) and Sweden (5.2%)).

Source: Central Statistical Bureau of Latvia, 2009

Source: Central Statistical Bureau of Latvia, 2009

Source: Central Statistical Bureau of Latvia, 2009

Source: Central Statistical Bureau of Latvia, 2009

Source: Central Statistical Bureau of Latvia, 2009