Latvian Foreign Trade Balance Registers Increase
- Written by: Bridgewest
- Posted: 2015-11-18
Latvia’s import and export values have increased significantly in September 2015, according to the Central Statistical Bureau. The country’s overall foreign trade balance improved due to the last months’ continuing increases of export values. Several industries have kept Latvia’s economy afloat during the last few months. For information about the best industries to invest in at the moment you can ask our lawyers in Latvia.
Exports made the difference in Latvia’s foreign trade balance
The Central Statistical Bureau of Latvia issues monthly reports on the country’s total volumes of imports and exports and thus generating a picture of the economy. The last report was issued at the end of October when the numbers indicated a strong growth of exports during August and September. Compared to August exports grew by 23% in September, while imports by 4.8%. Latvia’s total foreign trade balance registered a 47.2% increase compared to August’s 43.2%. European countries were Latvia’s main import and export partners.
What are the industries generating most imports and exports?
According to the Central Statistical Bureau, Latvian companies in the agricultural sector were the most successful during the last few months when it comes to exports. Metallurgy is another industry that registered spectacular raises in exports, approximately 42% of Latvia’s total exports deriving from the export of basic metals. The Latvian transportation industry is also thriving, according to the Bureau’s statistics considering it registered a 7.5% increase in exports during August and September.
Other important industries helping the Latvian economy are the pharmaceutical and oil and gas sectors. The traditional chemical and biotechnological industries continue to be major players in Latvia’s economy. The Government has also launched several programs to help the research and development industry which should start generating profits as they were acknowledged by the Contract Research Organization. The Government is hoping the award will attract foreign investors to Latvia and will also contribute to the extension of the country’s export base.
If you want to open a company in Latvia and need information about current programs developed by the Government to support certain industries, do not hesitate to contact us.