Latvia's major exports, including wood and wood products, machinery and mechanical appliances, food and beverages, pharmaceuticals and chemicals, and ICT services, demonstrate the country's commitment to diversification and innovation. The success of Latvian exporters such as Latvijas Finieris, Stora Enso Latvia, SAF Tehnika, HansaMatrix, Riga Black Balsam, Rigas Piensaimnieks, Grindeks, Olainfarm, Tilde, and MikroTik showcases Latvia's ability to compete and excel in these sectors. By leveraging its natural resources, investing in research and development, and fostering a favorable business environment, Latvia will continue to drive economic growth, attract foreign investment, and solidify its position as a dynamic player in the global marketplace.
Wood and Wood Products:
Latvia has abundant forests, making the wood and wood products industry a vital sector in the country's export profile. Latvia exports a range of products, including sawn timber, wooden furniture, and wooden constructions. In 2020, the export value of wood and wood products amounted to approximately $2.3 billion. Successful Latvian exporters in this category include Latvijas Finieris, a leading producer of birch plywood, and Stora Enso Latvia, a subsidiary of the global forest products company Stora Enso.
Machinery and Mechanical Appliances:
Latvia's machinery and mechanical appliances industry showcases the country's expertise in manufacturing and engineering. The sector encompasses the production of machinery, electrical equipment, and mechanical parts. While specific dollar values for this category are not provided, successful Latvian exporters include SAF Tehnika, a manufacturer of wireless communication equipment, and HansaMatrix, specializing in the production of electronic components and devices.
Food and Beverages:
Latvia's food and beverages industry encompasses a wide range of products, including dairy products, fish, meat, and alcoholic beverages. The country is known for its high-quality and natural food products. While specific dollar values for this category are not provided, successful Latvian exporters include Riga Black Balsam, a renowned producer of herbal liqueurs and bitters, and Rigas Piensaimnieks, a leading dairy company.
Pharmaceuticals and Chemicals:
Latvia's pharmaceuticals and chemicals sector has seen significant growth in recent years. The country produces pharmaceuticals, chemicals, and medical devices. While specific dollar values for this category are not provided, successful Latvian exporters include Grindeks, a pharmaceutical company specializing in cardiovascular and central nervous system drugs, and Olainfarm, a leading manufacturer of generic pharmaceuticals.
Information and Communication Technology (ICT) Services:
Latvia's ICT sector has emerged as a vibrant and innovative industry, offering a wide range of software development, IT consulting, and digital services. While specific dollar values for this category are not provided, successful Latvian exporters include Tilde, a language technology company specializing in machine translation and natural language processing, and MikroTik, a global provider of network equipment and software.