What is Latvia biggest export?

Latvia exports mainly wood and wood products, machinery and equipment, iron and steel, textiles and foodstuffs. Latvia’s main export partners are Lithuania, Russia, Estonia, Germany and Sweden.

What is the main import of Latvia?

The most important commodities among Latvian imports were machinery and mechanical appliances making up 22.5\% of the total value of imports; chemical products – 10.7\% and prepared foodstuffs – 9.6\%.

Who does Latvia trade with?

Latvia’s main trading partners are Lithuania (16.81\% of Latvia’s total trade turnover), Estonia (9.31\%), and Germany (9.03\%), while the United States is the 12th largest partner in trade in goods.

What are the top 5 imports of Latvia?

Latvia’s Top 5 Commodity Imports

• Refined petroleum – $2.83 billion.
• Petroleum gas – $477 million.
• Coal tar oil – $385 million.
• Wheat – $266 million.

What is the main industry in Latvia?

Economy of Latvia

Statistics
Main industries	processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
Ease-of-doing-business rank	19th (very easy, 2020)
External
Exports	$12.84 billion (2017 est.)

How is Latvia economically?

Latvia’s small, open economy relies heavily on exports. Transit services are highly developed, as are timber and wood processing, agriculture and food products, and the machinery manufacturing and electronics industries.

What are Belarus main exports?

Exports The top exports of Belarus are Refined Petroleum ($5.24B), Potassic Fertilizers ($2.78B), Cheese ($996M), Delivery Trucks ($958M), and Crude Petroleum ($727M), exporting mostly to Russia ($13.4B), Ukraine ($4.14B), United Kingdom ($2.3B), Germany ($1.32B), and Poland ($1.31B).

What type of economy is Latvia?

The economy of Latvia is an open economy in Eastern Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016.

What industry is in Latvia?

Its major industries are textiles, processed wood products, processed foods, chemicals, metalwork, and machine building. Latvia builds both small and big machines such as railway cars, buses, washing machines, and radios. The chemical industry makes up a huge chunk of exports.

Are Lithuanians rich?

Lithuania’s 3.4 million inhabitants have an average per capita income of €11,800, making them twice as wealthy on average as Bulgarians, marginally wealthier than Poles or Latvians, but less well-off than Estonians, who have an average per capita annual income of €14,200. …