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Historically, Latvia has been one of the main transit points for both north-south and east-west trade flows. Its geographical location remains central to strategically relevant transportation flows connecting major world economies like the USA, European Union, Russia, the CIS and the Far East. The transit sector is one of the strongest industrial sectors in Latvia.
Through a mix of history and tradition, Latvia possesses a strong manufacturing base in fine chemicals and pharmaceuticals, manufacturing an extensive range of products, from petrochemicals and man-made fibres to paints and household chemicals. Currently, the most significant chemical manufacturing sectors include fibres, pharmaceuticals, paints, varnishes, soaps and cosmetics, and rubber and plastic products.
The electronics and electrical engineering industry in Latvia has a long and impressive history. It is now one of the most promising and important manufacturing sectors due to its remarkable ability to export high-tech products.
Despite being a relatively small country on the Baltic Sea, Latvia has a rich history in agriculture and food processing. With a population that was largely rural until 100 years ago, the Latvian people evolved a cuisine designed to be nutritious, tasty and well-suited to the lives of people who spent most of their time outdoors.
The wood industry (excluding furniture manufacturing), with about 17.3% of the entire added value created, is the second largest processing sector after the food industry.
The sector of mechanical engineering and metalworking has achieved an enviable average year-on-year growth rate of nearly 23% since 1999. This is remarkable, considering the prevailing global economic and industrial recession, but also because the sector has more than doubled its output with around one-third of the labour force it had during the 1990s.
The output of the textile and clothing sector is accounted for approximately 5.5% of the total value of goods produced by Latvian industry.
Source: Investment and Development Agency of Latvia, www.liaa.gov.lv, 2006
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Further information on economics in Latvia:
Industry Profiles - LIAA (Investment & Development Agency of Latvia)
Foreign Trade Statistics - LIAA
Trade and customs - LIAA
International and Regional Trade Fairs in Latvia 2008 - LIAA
Economic Development of Latvian Industries - Baltic Data
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