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. According to provisional data provided by the Central Statistical Bureau of Latvia, in 2012 the value of total exports and imports compared to the previous year increased by 16 % and 14 %, respectively. In 2012, exports to EU countries made up to 70 % of the total volume of Latvian exports and increased by 676 thousand euro or 11 % over 2012.
Wood and articles of wood comprise the most significant commodity group in Latvian exports (also the main export commodities to the EU) and constituted 15 % of them in 2012, followed by base metals and articles of base metals, machinery and mechanical appliances, electrical equipment, as well as mineral products.
The most important commodities among Latvian imports were machinery and mechanical appliances; mineral products, each of them making up 18 % of the total value of imports, and base metals and articles of base metals – 10 %.
In 2012, Latvia’s biggest trading partners were Lithuania (18 % of Latvia's total trade turnover), Estonia (10 %), Germany (10 %), and Russia (10 %).
Last changes - 05.02.2014 13:42