Latvia is the 78th largest export economy in the world and the 35th most complex economy. Latvia exported $12.4B, making it the 78th largest exporter in the world. Latvia imported $16.4B, making it the 78th largest importer in the world. Being a land of abundant timber resources, Latvian trade is dominated by wood products. However, Latvia excels in other products as well such as chocolates, telecommunication products, locomotives, tram cars and dairy products. Its location makes Latvia the centre stage for global trade. Its central position in Europe makes it the most preferred country to trade with and therefore EU giants, such as Germany, have strong trading relations with Latvia.
Imports in Latvia decreased to 1208.78 EUR Million in June from 1429.97 EUR Million in May of 2019. Imports in Latvia averaged 613.78 EUR Million from 1993 until 2019, reaching an all time high of 1547.79 EUR Million in October of 2018 and a record low of 52.50 EUR Million in September of 1993.
Imports in Latvia is expected to be 1420.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Latvia to stand at 1520.00 in 12 months time. In the long-term, the Latvia Imports is projected to trend around 1590.00 EUR Million in 2020.
Latvia imports machinery and equipment, chemicals, fuels and vehicles. Main import partners are Lithuania, Germany, Russia, Poland and Estonia.
Exports in Latvia decreased to 982.94 EUR Million in June from 1068.28 EUR Million in May of 2019. Exports in Latvia averaged 444.38 EUR Million from 1993 until 2019, reaching an all time high of 1213.62 EUR Million in November of 2018 and a record low of 53.10 EUR Million in January of 1994.
Exports in Latvia is expected to be 1090.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Exports in Latvia to stand at 1220.00 in 12 months time. In the long-term, the Latvia Exports is projected to trend around 1360.00 EUR Million in 2020.
Latvia exports mainly wood and wood products, machinery and equipment, iron and steel, textiles and foodstuffs. Latvia’s main export partners are Lithuania, Russia, Estonia, Germany and Sweden.
