According to allcitypopulation, Latvia is a small Baltic country located in Northern Europe. It borders Estonia to the north, Lithuania to the south, Belarus to the southeast, and Russia and the Gulf of Riga to the east. Latvia has a total area of 64,589 square kilometers (25,000 square miles) with a population of 1.9 million people. According to Petwithsupplies, the capital city of Latvia is Riga with a population of 764 300 (2000). Other major cities include Daugavpils with a population of 113,000, Liepaja with a population of 87,000, Jelgava with a population of 66,000, Jurmala with a population of 55,000, Ventspils with a population of 44,000 (estimate 2002).
Latvia’s terrain consists mainly of low-lying plains with some hills in the east and south. The climate is temperate with cold winters and mild summers. The country experiences significant rainfall throughout the year but most of it comes during summer months.
Latvia’s economy is largely driven by its services sector which accounts for around 70% of GDP and employs around 70% of its labor force. Other important sectors include manufacturing (17%), agriculture (7%) and construction (4%).
The country’s main exports include food products, timber, textiles and machinery while its main imports are machinery and electronic products, vehicles, chemicals and petroleum products. Its major trading partners include Russia (28%), Lithuania (16%), Germany (15%) and Poland (10%).
In recent years Latvia has seen strong economic growth thanks to numerous reforms in areas such as taxation and foreign investment laws as well as increased access to global markets through free trade agreements such as those with EU countries under its membership in the European Union since 2004. It also participates in various regional agreements such as those within the Baltic Free Trade Area (BFT) which have helped boost trade between Baltic countries while providing preferential access to other markets in Europe such as those within EFTA countries like Norway or Switzerland.
Foreign Trade of Latvia
Latvia has a well-developed foreign trade system that is mainly driven by its exports and imports of goods. The country’s main exports include food products, timber, textiles and machinery while its main imports are machinery and electronic products, vehicles, chemicals and petroleum products.
In terms of export destinations, Russia is Latvia’s largest trading partner with 28% of total exports going to the country in 2018. Other major export destinations include Lithuania (16%), Germany (15%) and Poland (10%).
On the other hand, Latvia’s main import partners are Lithuania (20%), Germany (18%), Russia (17%) and Poland (12%). Major imported goods include machinery and electronic products, vehicles, chemicals and petroleum products.
Latvia also participates in various free trade agreements such as those within the European Union which provide it with preferential access to markets in EU countries. It is also a member of the World Trade Organization which provides additional access to global markets through various preferential trade agreements.
The foreign trade sector has been an important factor in Latvia’s economic growth over the years as it has helped boost exports while providing access to important imported goods needed for its production processes. The government has also implemented measures such as reducing tariffs in order to make it easier for companies to engage in foreign trade activities.
Major Trading Partners of Latvia
Latvia’s major trading partners are mainly located in Europe, with Russia, Lithuania, Germany and Poland being the country’s largest trading partners. In 2018, 28% of Latvia’s exports went to Russia while 16% went to Lithuania, 15% to Germany and 10% to Poland.
In terms of imports, Lithuania was the largest source of goods with 20% of total imports coming from the country in 2018. Other major import sources include Germany (18%), Russia (17%) and Poland (12%). Major imported goods include machinery and electronic products, vehicles, chemicals and petroleum products.
Latvia also participates in various free trade agreements such as those within the European Union which provide it with preferential access to markets in EU countries. It is also a member of the World Trade Organization which provides additional access to global markets through various preferential trade agreements.
The foreign trade sector has been an important factor in Latvia’s economic growth over the years as it has helped boost exports while providing access to important imported goods needed for its production processes. The government has also implemented measures such as reducing tariffs in order to make it easier for companies to engage in foreign trade activities.
Major Imports and Exports of Latvia
Latvia’s major exports include machinery and electronic products, vehicles, chemicals and petroleum products. In 2018, 28% of Latvia’s exports went to Russia while 16% went to Lithuania, 15% to Germany and 10% to Poland. Other major export destinations include the United States (6%), the United Kingdom (4%), Sweden (3%) and Estonia (2%).
Major imported goods include machinery and electronic products, vehicles, chemicals and petroleum products. Lithuania was the largest source of goods with 20% of total imports coming from the country in 2018. Other major import sources include Germany (18%), Russia (17%) and Poland (12%).
In terms of agricultural exports, Latvia is a significant supplier of dairy products such as cheese and butter. It is also one of the world’s leading producers of rye flour which it primarily exports to other European countries. Latvia is also a major exporter of fish with salmon being its most important export product in terms of value.
The foreign trade sector has been an important factor in Latvia’s economic growth over the years as it has helped boost exports while providing access to important imported goods needed for its production processes. The government has also implemented measures such as reducing tariffs in order to make it easier for companies to engage in foreign trade activities.