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Latvia
| Economy Overview |
| Latvia's transitional economy recovered from the 1998 Russian financial crisis, largely due to the government's budget stringency and a gradual reorientation of exports toward EU countries, lessening Latvia's trade dependency on Russia. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises. Latvia officially joined the World Trade Organization in February 1999. EU membership, a top foreign policy goal, came in May 2004. The current account and internal government deficits remain major concerns, but the government's efforts to increase efficiency in revenue collection may lessen the budget deficit. A growing perception that many of Latvia's banks facilitate illicit activity could damage the country's vibrant financial sector. |
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| Economy Statistics |
| Exports: |
$3.569 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
wood and wood products, machinery and equipment, metals, textiles, foodstuffs [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
UK 12.8%, Germany 12%, Sweden 10%, Lithuania 9.1%, Estonia 8%, Russia 6.4%, Denmark 5.4% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$5.97 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and equipment, chemicals, fuels, vehicles [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
Germany 13.9%, Lithuania 12.2%, Russia 8.7%, Estonia 7%, Finland 6.3%, Sweden 6.1%, Poland 5.4%, Belarus 4.8% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Latvian Chamber of Commerce and Industry |
| Address: |
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| Phone: |
(+371) 7770711 |
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