Importing and Exporting in Latvia
Importing and Exporting in LatviaUpdated on Friday 21st August 2015
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Latvia is one of the Baltic countries and its access to the Baltic Sea makes the country a commercial hub between important European countries. The Latvian landscape is covered by dense forests and wood products are one of the most important export commodities. The country’s fertile plains also produce various foodstuffs. Latvia is a convenient location for import and export activities. If you want to open a company in Latvia, our Latvian lawyers can help you with the necessary formalities.
Wood and articles made of wood are the most important group of commodities exported by Latvia and also the main export commodity to the European Union. Other exported products are:
- basic metals,
- articles of base metals,
- machinery and mechanical appliances,
- electrical equipment,
- mineral products,
- foodstuffs (including vegetables, animal products and live animals),
- chemical products,
- transport vehicles and other goods.
Latvia’s main export partners in the European Union are its neighbouring countries: Lithuania and Estonia, followed by Russia, Germany, Poland, Sweden, Denmark and other countries.
Latvia imports energy, mainly in the form of electricity. Electrical equipment is also imported, followed by machinery, mineral products, chemicals, prepared foodstuffs, plastics and rubber, textiles and other goods. The country also imports packaged medicaments.
Latvia’s main import partners are: Lithuania, Germany, Russia, Poland, Estonia, Finland and other countries outside the European Union.
Latvia has been constantly increasing its foreign trade ever since it became a member of the European Union. The transport sector in Latvia is very developed and the country has three important ports located in Riga, Ventspils and Liepaja.
As a member of the European Union, certain rules and regulations regarding the transportation of products need to be observed. Latvia has a free export policy, meaning that there are no restrictions for the quantity of items exported to other European countries. The Latvia customs authorities regulate the import and export procedures in the country.
Our lawyers in Latvia can help you if you want to know more about doing business in Latvia. Please contact our law firm in Latvia for a complete offer of our legal services.