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Europe
Latvia |
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| Last reviewed: 31 March 2009 |
Country information
TRADE AND INVESTMENT
Latvia has stuck to the path of economic reform. Privatisation moved at a steady pace until 1998 when political disputes held up the sale of the remaining large State-owned enterprises (shipping, telecoms and electricity). These remain in state hands. Spurred by the 1998 Russian economic crisis, trade has steadily been reoriented to the west Since joining the EU in 2004, Latvia’s trade with EU partners has doubled and now accounts for 75% of Latvia’s total trade. The UK, Germany, Lithuania and Sweden are now the biggest markets for Latvian goods (most Latvian timber products go to the UK).
Latvia joined the World Trade Organisation in 1998. The National Bank confirmed its future strategy, taking Latvia into ERM II in 2005 and is hoping to adopt the Euro.
Trade and Investment with the UK
There is an active British Chamber of Commerce in Latvia. Britain's exports of goods into Latvia in 2008 was 166 million GBP. Britain, in reply, substantially imported Latvian goods in 2008 to the figure of 347.46 million GBP, notably timber and petroleum products/related materials.
For more information on general figures and trade opportunities, visit the UK Trade & Investment Country Profile: Latvia.
