Latvia
On this page you will find beneficial information regarding foreign direct investment in / trading with Latvia. If you are interested in exploring trade or investment possibilities in the country, feel free to contact the International Trade Council team. Additionally, we encourage you to engage with the official government investment agency featured on this page.
It is important to note that while the statistics presented on this page were understood to be accurate at the time of publication, they are subject to change over time. Please consult your ITC Trade Commissioner for up-to-date information.
Type of Government: Parliamentary Republic
Population: 1.885 million (2021)
GDP: 39.85 billion USD (2021)
Corporate Tax Rate: 20%
Personal Income Tax Rate: 20% - 23%
Major Exports: Sawn Wood ($1.42B), Wheat ($892M), Broadcasting Equipment ($704M), Packaged Medicaments ($615M), and Fuel Wood ($601M), exporting mostly to Lithuania ($3.35B), Estonia ($1.81B), United Kingdom ($1.5B), Germany ($1.44B), and Russia ($1.38B).
Major Imports: Refined Petroleum ($1.85B), Packaged Medicaments ($715M), Broadcasting Equipment ($691M), Electricity ($688M), and Cars ($647M), importing mostly from Lithuania ($3.65B), Russia ($3.52B), Germany ($2.25B), Poland ($2.07B), and Estonia ($1.95B).
Investment Agency: Latvian Investment and Development Agency
Website: https://www.liaa.gov.lv/lv
National Chamber of Commerce: Latvian Chamber of Commerce and Industry
Website: https://www.chamber.lv/
Customs Agency: State Revenue Service (VID)
Website: https://www.vid.gov.lv/en
