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27 September 2024
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Key Indicators
Overview
Latvia: Navigating Baltic Trade Horizons
Nestled in the Baltic region, Latvia stands as a dynamic player in European trade. In 2024, it secured the 76th spot globally in GDP rankings. Surrounded by Estonia, Lithuania, Russia, and Belarus, Latvia's trade dynamics are shaped by its strategic location and robust infrastructure.
Introduction:
Latvia's strategic location as a Baltic hub significantly bolsters its import sectors, which are crucial for sustaining its service-oriented economy. Key sectors include machinery, electronics, and consumer goods, essential for fulfilling domestic demands and supporting local industries, thereby creating opportunities for global exporters.
Economic Overview:
Latvia has a diverse economy with major contributions from the services sector, transit services, and manufacturing. It ranks moderately in global GDP rankings, with imports playing a critical role in the economy. Latvia's ongoing efforts towards economic diversification include bolstering technology and renewable energy sectors, influencing its import needs.
Political and Regulatory Environment:
Latvia's political environment is stable, underpinned by its membership in the EU, which harmonizes its import policies with EU regulations and enhances economic stability. Recent legislative changes and trade agreements focus on simplifying trade processes and reducing import barriers.
Opportunities and Challenges for Exporters:
Opportunities for exporters lie in Latvia's increasing demand for advanced machinery, medical equipment, and high-tech consumer products. Challenges include navigating regulatory compliance within the EU framework and competitive market conditions.
Positives:
1. Strategic Transit Hub: Latvia's position along key European transportation routes, including the Baltic Sea, positions it as a vital transit hub. The Riga Freeport facilitates maritime trade, connecting Latvia to global markets.
2. Eurozone Membership: Adopting the Euro enhances Latvia's economic stability and fosters seamless trade within the Eurozone, attracting foreign investors and promoting business confidence.
3. Diverse Export Sectors: Latvia's economy boasts diversity, with strong contributions from sectors like machinery, wood products, and food processing, offering resilience against economic fluctuations.
Negatives:
1. Dependency on Transit Routes: While Latvia benefits from its transit role, geopolitical tensions or disruptions in key transit routes can impact the nation's trade flow.
2. Demographic Challenges: Latvia faces demographic issues, including a declining population, which could pose challenges for sustained economic growth and labor availability.
3. Reliance on Foreign Markets: Export-oriented, Latvia is susceptible to economic downturns in its main trading partners, emphasizing the need for diversified markets.
Latvia import export data, including buyer and supplier names, is available on the Volza Platform.
Latvia import export data, including buyer and supplier names, is available on the Volza Platform.
Imports:
In October 2023, Latvia ranked 44th in global imports, with imports valued at 20.75 billion, representing a -16% growth from October 2022.From October 2023 to October 2024, the country's imports amounted to US$269.1 billion, showing a 23% growth from the preceding year.
In 2024, imports totaled 20.75 billion, marking a -25% YOY growth from 2023. Sources of these imports were Lithuania, Germany, Poland, Estonia, Netherlands, Finland, China, Italy, Sweden, Russian Federation. Imported products were Mineral fuels and oils, Electrical machinery and equipment, Vehicles and Parts other than railway or tramway. Suppliers were BOHNENKAMP SIA, LLC IKEA TORG, and THE HIMALAYA DRUG COMPANY. Importers in Latvia were Lithuania: 21.5%, Germany: 11.3%, and Poland: 10.6%.
Top 10 Import Products:
- Crude Petroleum (HS code: 2709) - Fuel and energy sector.
- Cars (HS code: 8703) - Automotive market.
- Pharmaceuticals (HS code: 3004) - Healthcare sector.
- Computers (HS code: 8471) - Technology infrastructure.
- Mobile Phones (HS code: 8517) - Consumer electronics.
- Electrical Machinery (HS code: 8501) - Energy and industrial applications.
- Furniture (HS code: 9403) - Home and office markets.
- Plastics (HS code: 3926) - Manufacturing and packaging.
- Iron and Steel (HS code: 7204) - Construction and manufacturing.
- Textiles (HS code: 6004) - Fashion and apparel industries.
Top Buyers from Latvia:
SIA REDOX, SIA ARMAS, SIA Volla
Solution for Global Exporters:
Global exporters should utilize Volza’s online import data for Latvia to efficiently explore and penetrate the market. Volza provides detailed insights that help navigate Latvia's import landscape, identify market trends, and seize opportunities effectively. Access these tools for strategic planning and to optimize export potential within Latvia’s evolving market.
Import Database - Factsheet
Data Source- Detailed Mirror data
- Data Available From
- 01, Jan, 2019
Data Coverage- 40%
Last Shipment- 01, Mar, 2024
Source : Volza Import Data
Latvia
Import Data
Import Data
6,669,655 Bill of Ladings, 21,910 Buyers & 20,292 Suppliers
Import
vs
Export
Jan-Dec 2023
Shipments
Data Source: VolzaImport Data
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Search Import Export Data
Reach out to the Latvia Import market Identify verified and active business partners in Latvia
Latvia Import Data
Product | Importers | Suppliers | Arrival Date |
|---|---|---|---|
NEW PNEUMATIC TYRES OF RUBBER,OF A KIND |   India | 30-04-2024 | |
NEW PNEUMATIC TYRES OF RUBBER, OF A KIND | India | 30-04-2024 | |
NEW PNEUMATIC TYRES OF RUBBER, OF A KIND | India | 30-04-2024 | |
NEW PNEUMATIC TYRES OF RUBBER, OF A KIND | India | 30-04-2024 | |
NEW PNEUMATIC TYRES OF RUBBER,OF A KIND | India | 30-04-2024 | |
NEW PNEUMATIC TYRES OF RUBBER, OF A KIND | India | 30-04-2024 |
Top 10 Importers
Latvia Top 10 Importers
Within our Volza database, we possess comprehensive information about over 10 active importers in Latvia. To assist you in identifying the leading importers in Latvia, Volza offers an advanced feature that analyzes billions of shipping invoices using more than 20 parameters. Noteworthy among the top 10 importers in Latvia are companies like BOHNENKAMP SIA, LLC IKEA TORG , and THE HIMALAYA DRUG COMPANY. These key players are featured prominently within our extensive database. For a more comprehensive overview, please refer to our table, which outlines the top 10 importers, and explore the additional resources provided below.
Latvia Top 10 Importers
| Rank | Importers | Shipments |
|---|---|---|
1 | 20,813 | |
2 | 16,162 | |
3 | 5,933 | |
4 | 4,140 | |
5 | 3,431 | |
6 | 2,959 | |
7 | 2,797 | |
8 | 2,292 | |
9 | 1,975 | |
10 | 1,882 |
Data Source : Volza Import Data
Top 10 Import Products
Latvia Top 10 Import Products
As the Latvia import data reveals, the nation's top import products for 2024 were prominently characterized by:- Flat Sheet: 47.47%
- Presenter Box: 30.46%
- Pen Holder: 6.81%
- Agricultural Vehicle Tyre: 5.35%
- Alloy Ring: 3.54%
- Industrial Vehicle Tyre: 2.61%
- Plastic Knife: 1.42%
- Cosmetics Toiletry: 0.96%
- Napkin Ring: 0.91%
- Ayurvedic Medicine: 0.47%
Latvia Top 10 Import Products
| Rank | Import Products | Shipments |
|---|---|---|
1 | FLAT SHEET | 3,554,425 |
2 | PRESENTER BOX | 2,280,631 |
3 | PEN HOLDER | 509,726 |
4 | Agricultural Vehicle Tyre | 400,278 |
5 | Alloy Ring | 265,154 |
6 | Industrial Vehicle Tyre | 195,738 |
7 | Plastic Knife | 106,515 |
8 | Cosmetics Toiletry | 72,175 |
9 | Napkin Ring | 68,219 |
10 | AYURVEDIC MEDICINE | 35,452 |
Data Source : Volza Import Data
Trading Partners
Top Trading Partners of Latvia
Import Trading Partners
Export Trading Partners
Top 1 Import Trading Partners
Latvia Top 1 Import Trading Partners
Latvia trade data from 2024 highlights the nation's top 1 import partners as follows: INDIA (USD 202,318).
The growth rates for the leading three importers were as follows: India at 100.00% .
Trade balance analysis reveals that Latvia had a trade deficit with both Iran and China. Specifically, the deficit amounted to USD 300 million with Iran and USD 150 million with China in that year. Latvia import statistics show that the country's top 1 import partners in 2024 collectively contributed 87.2% to the overall value of import shipments. Furthermore, Latvia’s major imports from India include PRESENTER BOX, AYURVEDIC MEDICINE, Cosmetics Toiletry, Plastic Knife, Napkin Ring, FLAT SHEET, Alloy Ring, PEN HOLDER, Industrial Vehicle Tyre, Agricultural Vehicle Tyre, products. The provided chart below breaks down the values in percentile of Latvia’s top 1 import partners for 2024.
Latvia Top 1 Import Trading Partners
| Rank | Import Trading Partners | Shipments |
|---|
Data Source : Volza Import Data
Import Data Sample record
Latvia Import Data Sample record
Latvia import data covers all important shipping details that are essential for businesses to find importers in Latvia, analyze market trends and identify potential industries. Latvia trade data contains customs-based details including Date, Importer Name, HS Code, HS Code Description, Commercial Description, Gross Weight, Net Weight, Total Value USD and Origin Country. View Latvia import data sample with complete number of fields available in data.
Latvia Import Data Sample record
Wine of fresh grapes, including fortified wines; grape must other than that of heading 2009
- Date:
- 30 Apr 2024
- HS Code:
- 40118000
- Quantity:
- 6,235.44
- Quantity Unit:
- KGS
- Value FC:
- 19,891.05
- Value:
- HS Descirption:
- New pneumatic tyres, of rubber
- Exporter:
- BALKRISHNA INDUSTRIES LIMITED
- Importer:
- BOHNENKAMP SIA
Data Source : Volza Import Data
Latvia Import Fields
S.No | Data Fields |
|---|---|
1 | |
2 | |
3 | |
4 | |
5 | |
6 | |
7 | |
8 | |
9 |
Total 72 Fields
Data Source : Volza Import Data
Top 10 Import Ports
Latvia Top 10 Import Ports
Latvia's global import trade operates through over 10 ports. Riga stands as the predominant port, handling 198,506 import shipments, which constitutes a 98.33% market share. Rotterdam follows with an 0.27% share, accounting for 555 shipments, while Thoothibari LCS contributes a 0.27% market share with its 542 shipments. For detailed import trade statistics of each port in Latvia, refer to the provided links below. Collectively, these ports underscore the integrated nature of Latvia's trade infrastructure. As the trade data indicates, these crucial import ports facilitate the consistent delivery of essential goods across Latvia.
Latvia Top 10 Import Ports
| Rank | Importers | Count |
|---|
Data Source : Volza Import Data
Import Bill of Lading
- Import Shipments of Latvia
- 6,669,655
- Date
- 30-04-2024
- Shipper Name
- BOHNENKAMP SIA
- Consignee Name
- BALKRISHNA INDUSTRIES LIMITED
- Weight Unit
- KGS
- Quantity
- 6,235.44
- Shipment Origin
- India
- Port of origin
- Jnpt