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Latvia: Immigration law amendments
26th May 2014
Latvian parliament adopted amendments to the Immigration Law in Latvia on May 8th, 2014. The amendments will come into force on September 1, 2014. Changes refer to the minimum thresholds of the property that qualifies for temporary residence permit.

Read more news

Foreign trade in Latvia

Foreign trade is a developed business sector in Latvia. It is especially facilitated by the Schengen agreement, which allows borderless transportation of goods in the countries that are subject to the agreement. This means that good transportation is easier and simpler due to the absence of paperwork and border waiting time. As Latvia is a border-country between the EU and non-EU countries, it uses this advantageous position to profit from being a gateway to Europe.

Export

In 2015, Latvia exported goods and services for over 10 363 million EUR. 12% (approx. 1 243 million EUR) of this has been exported to the CIS (Commonwealth of Independent States) countries, such as Russia and Belarus. 72% (approx. 7 461 million EUR) has been exported to the EU and EEA member-states. 16% (approx. 1 658 million EUR) has been exported to the other countries of the world.

Latvia's biggest export partner is Lithuania, where 19% of all the exports go. The others in the top 5 export partners are Estonia (12%), Russia (11%), Germany (7%) and Poland (6%). Other export countries are Sweden (5%), the UK (5%), Denmark (4%), Norway (2%) and the Netherlands (2%). Other countries, for which the share of exports is less than 1%, amount for 27% of the total export.

As for the exported products, the two biggest products sold to foreign markets are machinery/electrical equipment (17%) and wood products (17%). Other export goods include processed food (9%), base metals and goods made out of them (9%), minerals (8%), chemicals (7%), vegetables (6%), vehicles (6%), livestock and animal products such as meat and dairy (4%), as well as textile (4%). It can be summarized that Latvian export mainly consists of heavy industry, light industry and agricultural products.

Import

In 2015, Latvia imported goods and services for over 12 492 million EUR. 12% (approx. 1 499 million EUR) of this has been imported from the CIS (Commonwealth of Independent States) countries, such as Russia and Belarus. 78% (approx. 9 743 million EUR) has been imported from the EU and EEA member-states. 10% (approx. 1 249 million EUR) has been imported from the other countries of the world.

Latvia's biggest import partner is Lithuania, from where 18% of all the exports come. The others in the top 5 import partners are Germany (11%), Poland (11%), Russia (8%) and Estonia (8%). Other import countries are Finland (6%), the Netherlands (4%), Italy (4%), Sweden (3%) and China (3%). Other countries, for which the share of imports is less than 1%, amount for 25% of the total export.

As for the imported products, the two biggest products bought from foreign markets are machinery/electrical equipment (20%) and mineral products (15%). Other import goods include processed chemicals (9%), base metals and goods made out of them (8%), processed food (8%), vehicles (8%), plastics and rubber (6%), textile (5%), vegetables (4%), as well as livestock and animal products such as meat and dairy (4%). It can be summarized that Latvian import mainly consists of heavy industry, light industry and food industry products.

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