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Economy of Latvia

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Economy of Latvia
Riga Central Station, business hub area
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, OECD and WTO
Country group
Statistics
PopulationNeutral decrease 1,853,400 (2024)[3]
GDP
  • Increase $53.686 billion (nominal, 2026)[4]
  • Increase $85.118 billion (PPP, 2026)[4]
GDP rank
  • −0.4% (2024)[5]
  • 2.4% (2025f)[6]
GDP per capita
  • Increase $28,913 (nominal, 2026)[4]
  • Increase $45,840 (PPP, 2026)[4]
GDP per capita rank
3.2% (2025)[7]
GDP by sector
  • 9.0% (2023)[9]
  • 1.3% (2024)[9]
  • 2.2% (2025f)[9]
Population below national poverty line
  • Positive decrease 24.3% at risk of poverty or social exclusion (AROPE, 2024)[10]
Negative increase 34.2 medium (2024)[11]
Decrease 59 out of 100 points (2024)[13] (38th)
Labour force
  • Increase 977,523 (2023)[14]
  • Increase 77.5% employment rate (2023)[15]
Labour force by occupation
Positive decrease 6.8% (December 2024)[16]
Negative increase 14.8% (2025)[17]
Average gross salary
€1,886 monthly (2026, Quarter 2)
€1,401 monthly (2026, Quarter 2)
Main industries
processed foods, processed wood products, textiles, processed metals, pharmaceuticals, railroad cars, synthetic fibers, electronics
External
ExportsIncrease $20.73 billion (2023)[18]
Export goods
foodstuffs, wood and wood products, metals, machinery and equipment, textiles
Main export partners
ImportsIncrease $25.49 billion (2023)[19]
Import goods
machinery and equipment, consumer goods, chemicals, fuels, vehicles
Main import partners
FDI stock
  • Increase Inward: $1.32 billion (2023)[20]
  • Increase Outward: $0.63 billion (2023)[20]
  • Decrease −$1.708 billion (2024)[21]
  • Increase 3.75% of GDP (2024)[21]
Public finance
  • Positive decrease 43.8% of GDP (2024)[22]
  • Increase €19.90 billion (2024)[23]
Increase $4.95 billion (2023 est.)[8]
  • €1.3 billion deficit (2024)[24]
  • −2.9% of GDP (2024)[24]
37.8% of GDP (2024)[25]
40.8% of GDP (2024)[26]
Economic aid
All values, unless otherwise stated, are in US dollars.

The economy of Latvia is a developed mixed economy. Part of the European single market, the nation has an open trade policy and trades extensively. Latvia has been 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.[34][35] In the World Bank's final Doing Business report, Doing Business 2020, Latvia ranked 19th for ease of doing business.[36] According to the Human Development Report 2023-24 by the United Nations Development Programme, Latvia has a HDI score of 0.879 (2022).[37] Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, as well as manufacturing of machinery and electronic devices.

Latvia's economy has had rapid GDP growth of more than 10% per year before it entered a severe recession in 2009 as a result of an unsustainable current account deficit, collapse of the real estate market, and large debt exposure amid the softening world economy. Triggered by the collapse of Parex Bank, the second largest bank, GDP decreased by almost 18% in 2009,[38] and the European Union, the International Monetary Fund, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. In 2011 Latvia achieved GDP growth by 5.5%[39] and thus was again among the fastest growing economies in the European Union. The IMF/EU program successfully concluded in December 2011.[40]

Privatization is mostly complete, except for some of the large state-owned utilities. Export growth contributed to the economic recovery, however, the bulk of the country's economic activity is in the services sector.

Economic history

[edit]
Real GPD per capita development of Estonia, Latvia and Lithuania

For centuries under Hanseatic and German influence and then during its inter-war independence, Latvia used its geographic location as an important east–west commercial and trading centre. Industry served local markets, while timber, paper and agricultural products were Latvia's main exports.

Prior to World War I, Latvia was an advanced manufacturing hub within the Russian Empire, primarily serving the Russian market.[41] After attaining independence in 1918, Latvia lost its status as an advanced manufacturing hub.[41] Latvia sought in the interwar period to become an international exporter of food and to re-industrialize.[41] Latvia experienced growth in GDP per capita during the interwar period, although some economic historians have argued that there was stagnation in the period of the authoritarian Karlis Ulmanis regime (1934–1940).[41]

After reestablishing its independence, Latvia proceeded with market-oriented reforms, albeit at a measured pace. Its freely traded currency, the lat, was introduced in 1993 and held steady, or appreciated, against major world currencies. Inflation was reduced from 958.6% in 1992 to 25% by 1995 and 1.4% by 2002.

After contracting substantially between 1991 and 1995, the economy steadied in late 1994, led by a recovery in light industry and a boom in commerce and finance. This recovery was interrupted twice, first by a banking crisis and the bankruptcy of Banka Baltija, Latvia's largest bank, in 1995 and second by a severe crisis in the financial system of neighbouring Russia in 1998. After 2000, Latvian GDP grew by 6–8% a year for 4 consecutive years. Latvia's state budget was balanced in 1997 but the 1998 Russian financial crisis resulted in large deficits, which were reduced from 4% of GDP in 1999 to 1.8% in 2003. These deficits were smaller than in most of the other countries joining the European Union in 2004.[42]

Until the middle of 2008, Latvia had the fastest developing economy in Europe. In 2003, GDP growth was 7.5% and inflation was 2.9%. The centrally planned system of the Soviet period was replaced with a structure based on free-market principles. In 2005, private sector share in GDP was 70%.[43] Recovery in light industry and Riga's emergence as a regional financial and commercial centre offset shrinkage of the state-owned industrial sector and agriculture. The official unemployment figure was held steady in the 7%–10% range.

Economic contraction in 2008–2010

[edit]

The 2008 financial crisis severely disrupted the Latvian economy, primarily as a result of the easy credit bubble that began building up during 2004. The bubble burst leading to a rapidly weakening economy, resulting in a budget, wage and unemployment crisis.[44] Latvia had the worst economic performance in 2009, with annual growth rate averaging −18%.

The Latvian economy entered a phase of fiscal contraction during the second half of 2008 after an extended period of credit-based speculation and unrealistic inflation of real estate values. The national account deficit for 2007, for example, represented more than 22% of the GDP for the year while inflation was running at 10%.[45] By 2009 unemployment rose to 23% and was the highest in the EU.[46]

Paul Krugman, the Nobel Laureate in economics for 2008, wrote in his New York Times Op-Ed column for 15 December 2008:

"The acutest problems are on Europe's periphery, where many smaller economies are experiencing crises strongly reminiscent of past crises in Latin America and Asia: Latvia is the new Argentina".[47]

By August 2009, Latvia's GDP had fallen by 20% year on year, with Standard & Poor's predicting a further 16% contraction to come. The International Monetary Fund suggested a devaluation of Latvia's currency, but the European Union objected to this, on the grounds that the majority of Latvia's debt was denominated in foreign currencies.[48] Financial economist Michael Hudson has advocated for redenominating foreign currency liabilities in Latvian lats before devaluing.

However, by 2010 there were indications that Latvia's policy of internal devaluation was successful.[49]

Economic recovery 2010–2012

[edit]

The economic situation has since 2010 improved,[50] and by 2012 Latvia was described as a success by IMF managing director Christine Lagarde[51] showing strong growth forecasts. The Latvian economy grew by 5.5% in 2011[52] and by 5.6% in 2012 reaching the highest rate of growth in Europe.[53] The GDP surpassed the pre-crisis level in 2018.[54]

Economic issues 2022-23

[edit]

The Russian invasion of Ukraine in February 2022 caused some economic problems in Latvia. Real GDP growth slowed to 2.8 percent in 2022 from 4.3 percent in 2021. Russia was a major trade partner and EU sanctions impacted this. Dramatic rises in the cost of energy, the need to seek alternative sources of gas and oil as well as logistics issues resulted in inflation averaging 17.2% in 2022 before falling back to single digits in 2023.[55]

Privatisation

[edit]

Privatisation in Latvia is almost complete. Virtually all of the previously state-owned small and medium companies have been privatized, leaving only a small number of politically sensitive large state companies. In particular, the country's main energy and utility company, Latvenergo remains state-owned and there are no plans to privatize it. The government also holds minority shares in Ventspils Nafta oil transit company and the country's main telecom company Lattelecom but it plans to relinquish its shares in the near future.

Foreign investment in Latvia is still modest compared with the levels in north-central Europe. A law expanding the scope for selling land, including land sales to foreigners, was passed in 1997. Representing 10.2% of Latvia's total foreign direct investment, American companies invested $127 million in 1999. In the same year, the United States exported $58.2 million of goods and services to Latvia and imported $87.9 million. Eager to join Western economic institutions like the World Trade Organization, OECD, and the European Union, Latvia signed a Europe Agreement with the EU in 1995 with a 4-year transition period. Latvia and the United States have signed treaties on investment, trade, and intellectual property protection and avoidance of double taxation.

Employment

[edit]

Average wages are higher in Riga and Ventspils and their surroundings, with inland border regions lagging behind, mainly the region of Latgale.[56]

Sectors

[edit]

Agriculture

[edit]

Latvia produced in 2018:

  • 1.4 million tons of wheat;
  • 426 thousand tons of potato;
  • 306 thousand tons of barley;
  • 229 thousand tons of rapeseed;
  • 188 thousand tons of oat;
  • 81 thousand tons of rye;
  • 80 thousand tons of bean;

In addition to smaller productions of other agricultural products.[57]

Manufacturing

[edit]

Services

[edit]

In 2022, the sector with the highest number of companies registered in Latvia is Services with 71,692 companies followed by Retail Trade and Finance, Insurance, and Real Estate with 15,300 and 10,287 companies respectively.[58]

Tourism

[edit]
This section is an excerpt from Tourism in Latvia.[edit]
Tourist arrivals of 2024 in %[59]

Tourism in Latvia is an emerging industry in the nation of Latvia.[60] 2.8 million visitors were recorded in 2018, an increase of 8% compared to 2017. In 2016, tourism contributed 4.5% of Latvia's GVA, and counted for 1.3 million euros in export revenue, and tourism-related industries accounted for 8.5% of total employment, or 77100 jobs in total. This was accompanied by significant growth in the number of hotels and accommodations in Latvia, rising 37% from 607 in 2018 to 831 in 2018, according to a 2020 OECD report.[61] Most tourists in Latvia come from neighbouring countries, primarily Russia, Germany, and the other two Baltic states, Estonia and Lithuania.[62] Most tourists stayed in Riga, the national capital. However, domestic tourism has been on the rise in Latvia, with less and less Latvians willing to travel abroad.

The Ministry of Economics[63] manages tourism policy in Latvia, as determined by the 1998 Tourism Law, and owns the Investment and Development Agency of Latvia, an organization responsible for enactment of tourism policy in Latvia. The total budget for tourism in Latvia in 2018 was 2.6 million euros, combining funding from the state, the European Regional Development Fund, and from the European Destinations of Excellence programme. In 2014, the Ministry of Economics developed the 2014-20 Tourism Development Guidelines, a plan similar to that of neighbouring Estonia's National Tourism Development Plan (NTDP), and along with the Investment and Development Agency's Tourism Marketing Strategy 2018-23, aim to increase the knowledge of Latvia as a tourist destination and to run tourism in Latvia sustainably,[64] and to better educate the Latvian service sector in tourism management.[65]

Infrastructure

[edit]

Energy

[edit]
Pļaviņas Hydroelectric Power Station

Most of Latvian electricity is produced with Hydroelectricity. The largest hydroelectric power stations are Pļaviņas Hydroelectric Power Station, Riga Hydroelectric Power Plant and Ķegums Hydroelectric Power Station.

In 2017 about 4381 GWh were produced in hydro power and 150 GWh in wind power. There are plans to increase Wind electricity production under the 2021-2030 energy plan.

Latvia used to import 100% of its natural gas from Russia,[66] until its import was banned in January 2023.

Transport

[edit]

Key ports are located in Riga (Freeport of Riga and Riga Passenger Terminal), Ventspils (Free port of Ventspils), and Liepāja (Port of Liepāja). Most transit traffic uses these and half the cargo is crude oil and oil products.

Latvian Railways is the main state-owned railway company in Latvia. Its daughter companies both carry out passengers services as well as carry a large quantity of freight cargo, and freight trains operate over the whole current passenger network, and a number of lines currently closed to passenger services.

Riga International Airport is the only major airport in Latvia, carrying around 5 million passengers annually. It is the largest airport in the Baltic states and has direct flights to over 80 destinations in 30 countries. It is also the main hub of airBaltic.

Telecommunications

[edit]
This section is an excerpt from Telecommunications in Latvia.[edit]

Telecommunications in Latvia encompass a broad range of services including the internet, telephones, television, and radio.

International trade

[edit]
Treemap of product exports from Latvia in 2019.Sawn wood (wood products) — 5.09% — US$ 768,408,887Broadcasting equipment (machines) — 4.65% — US$ 703,334,141Hard liquor (foodstuffs) — 3.69% — US$ 557,470,990Wheat (vegetable products) — 3.57% — US$ 538,724,652Packaged medicaments (chemical products) — 3.48% — US$ 526,393,190Fuel wood (wood products) — 3.37% — US$ 509,708,005Cars (transportation) — 2.02% — US$ 305,610,426Rough wood (wood products) — 1.82% — US$ 274,909,122Plywood (wood products) — 1.74% — US$ 263,605,691Refined petroleum (mineral products) — 1.70% — US$ 257,473,720Vehicle parts (transportation) — 1.50% — US$ 227,269,772Peat (mineral products) — 1.36% — US$ 204,806,937Other furniture (miscellaneous) — 1.28% — US$ 193,756,936Particle board (wood products) — 1.28% — US$ 192,952,704Electricity (mineral products) — 1.19% — US$ 180,535,607Wood carpentry (wood products) — 1.10% — US$ 165,501,533Iron structures (metals) — 1.10% — US$ 165,474,009Video displays (machines) — 0.99% — US$ 149,499,665Office machine parts (machines) — 0.95% — US$ 143,666,356Scrap iron (metals) — 0.90% — US$ 135,933,838Rapeseed (vegetable products) — 0.86% — US$ 130,000,545Milk (animal products) — 0.84% — US$ 127,276,534Glass fibers (stone and glass) — 0.81% — US$ 122,912,796Coal briquettes (mineral products) — 0.78% — US$ 118,021,240Prefabricated buildings (miscellaneous) — 0.75% — US$ 113,610,177Hot-rolled iron (metals) — 0.74% — US$ 112,345,931Brochures (paper goods) — 0.72% — US$ 109,399,924Other iron products (metals) — 0.72% — US$ 108,376,901Cheese (animal products) — 0.69% — US$ 104,075,382Wood crates (wood products) — 0.67% — US$ 101,668,432Processed fish (foodstuffs) — 0.67% — US$ 101,106,915Coated flat-rolled iron (metals) — 0.66% — US$ 99,820,000Gas turbines (machines) — 0.64% — US$ 96,059,291Cement articles (stone and glass) — 0.62% — US$ 93,600,356Wine (foodstuffs) — 0.60% — US$ 90,803,502Industrial fatty acids, oils and alcohols (chemical products) — 0.60% — US$ 90,283,641Nitrogenous fertilizers (chemical products) — 0.58% — US$ 87,980,099Petroleum gas (mineral products) — 0.53% — US$ 80,027,027Specialized vehicles (transportation) — 0.51% — US$ 76,922,670Aluminium structures (metals) — 0.48% — US$ 72,183,794Low-voltage protection equipment (machines) — 0.47% — US$ 70,801,409Medical instruments (instruments) — 0.44% — US$ 66,707,101Computers (machines) — 0.44% — US$ 66,641,537Rubber tires (plastics and rubbers) — 0.42% — US$ 63,745,698Gold (precious metals) — 0.39% — US$ 58,938,399Textile fiber machinery (machines) — 0.37% — US$ 56,408,772Plastic lids (plastics and rubbers) — 0.37% — US$ 56,159,043Centrifuges (machines) — 0.37% — US$ 55,636,723Baked goods (foodstuffs) — 0.37% — US$ 55,506,074Electrical power accessories (machines) — 0.36% — US$ 54,439,388Mixed mineral or chemical fertilizers (chemical products) — 0.35% — US$ 53,183,280Beauty products (chemical products) — 0.35% — US$ 52,211,998Seats (miscellaneous) — 0.34% — US$ 51,866,024Processed tobacco (foodstuffs) — 0.34% — US$ 51,850,662Other plastic products (plastics and rubbers) — 0.33% — US$ 50,272,617Cement (mineral products) — 0.33% — US$ 49,520,314Ferroalloys (metals) — 0.32% — US$ 48,425,805Trailers (transportation) — 0.32% — US$ 48,139,749Raw plastic sheeting (plastics and rubbers) — 0.32% — US$ 48,099,235Polyacetals (plastics and rubbers) — 0.31% — US$ 47,024,448Electrical control boards (machines) — 0.31% — US$ 46,178,454Animal food (foodstuffs) — 0.30% — US$ 45,634,908Other edible preparations (foodstuffs) — 0.30% — US$ 45,610,422Shaped wood (wood products) — 0.30% — US$ 44,962,901Insulated wire (machines) — 0.30% — US$ 44,587,142Delivery trucks (transportation) — 0.29% — US$ 44,098,224Fish fillets (animal products) — 0.29% — US$ 43,977,770Excavation machinery (machines) — 0.29% — US$ 43,204,367Air conditioners (machines) — 0.29% — US$ 43,164,971Microphones and headphones (machines) — 0.28% — US$ 42,960,072Electrical transformers (machines) — 0.27% — US$ 40,950,217Electric motors (machines) — 0.27% — US$ 40,587,675Nitrile compounds (chemical products) — 0.27% — US$ 40,202,113Other small iron pipes (metals) — 0.26% — US$ 39,827,484Other heating machinery (machines) — 0.26% — US$ 39,650,030Integrated circuits (machines) — 0.26% — US$ 39,634,539Chocolate (foodstuffs) — 0.26% — US$ 39,623,517Optical fibers (instruments) — 0.26% — US$ 39,519,050Planes, helicopters, and/or spacecraft (transportation) — 0.26% — US$ 39,233,235Barley (vegetable products) — 0.26% — US$ 39,050,381Bovine (animal products) — 0.26% — US$ 38,841,329Dried legumes (vegetable products) — 0.25% — US$ 37,967,586Paper containers (paper goods) — 0.24% — US$ 36,676,915Lifting machinery (machines) — 0.24% — US$ 36,125,769Machinery having individual functions (machines) — 0.24% — US$ 35,993,860Light fixtures (miscellaneous) — 0.24% — US$ 35,715,610Candles (chemical products) — 0.24% — US$ 35,660,125Metal mountings (metals) — 0.23% — US$ 34,773,407Glaziers putty (chemical products) — 0.23% — US$ 34,764,639Ethylene polymers (plastics and rubbers) — 0.23% — US$ 34,251,945Coffee (vegetable products) — 0.23% — US$ 34,013,673Passenger and cargo ships (transportation) — 0.22% — US$ 32,962,604Poultry meat (animal products) — 0.22% — US$ 32,684,452Plastic pipes (plastics and rubbers) — 0.22% — US$ 32,634,328Laboratory reagents (chemical products) — 0.21% — US$ 31,530,249Wood stakes (wood products) — 0.20% — US$ 30,196,718Blank audio media (machines) — 0.20% — US$ 29,954,410Harvesting machinery (machines) — 0.20% — US$ 29,806,268Non-knit men's suits (textiles) — 0.20% — US$ 29,770,287Processed cereals (vegetable products) — 0.20% — US$ 29,650,880Non-knit women's suits (textiles) — 0.20% — US$ 29,549,321Pasta (foodstuffs) — 0.20% — US$ 29,507,763Rolled tobacco (foodstuffs) — 0.19% — US$ 29,158,807Rye (vegetable products) — 0.19% — US$ 29,063,238Other wood articles (wood products) — 0.19% — US$ 28,695,930Other prepared meat (foodstuffs) — 0.19% — US$ 28,173,339Refrigerators (machines) — 0.19% — US$ 28,048,886Other women's undergarments (textiles) — 0.19% — US$ 27,966,342Non-retail synthetic filament yarn (textiles) — 0.18% — US$ 27,843,864Tractors (transportation) — 0.18% — US$ 27,575,306Eggs (animal products) — 0.18% — US$ 27,472,785Bovine meat (animal products) — 0.18% — US$ 27,402,634Wood fiberboard (wood products) — 0.18% — US$ 27,220,617Printed circuit boards (machines) — 0.18% — US$ 27,079,263Electric heaters (machines) — 0.18% — US$ 26,529,455Blood, antisera, vaccines, toxins and cultures (chemical products) — 0.17% — US$ 26,256,658Other plastic sheetings (plastics and rubbers) — 0.17% — US$ 26,084,466Aircraft parts (transportation) — 0.17% — US$ 25,682,313Iron sheet piling (metals) — 0.17% — US$ 25,098,502Flavored water (foodstuffs) — 0.17% — US$ 24,954,005Knit sweaters (textiles) — 0.16% — US$ 24,614,522Non-fillet frozen fish (animal products) — 0.16% — US$ 24,613,549Processed fish (animal products) — 0.16% — US$ 24,521,657Book-binding machines (machines) — 0.16% — US$ 24,008,318Beer (foodstuffs) — 0.16% — US$ 23,915,317Frozen fruits and nuts (vegetable products) — 0.15% — US$ 23,403,608Large flat-rolled iron (metals) — 0.15% — US$ 23,157,968Valves (machines) — 0.15% — US$ 22,272,665Plaster articles (stone and glass) — 0.15% — US$ 22,106,395Cleaning products (chemical products) — 0.15% — US$ 21,954,338Float glass (stone and glass) — 0.14% — US$ 21,808,937Ball bearings (machines) — 0.14% — US$ 21,583,977Raw iron bars (metals) — 0.14% — US$ 21,458,016Sauces and seasonings (foodstuffs) — 0.14% — US$ 20,879,444Air pumps (machines) — 0.13% — US$ 20,388,274Other electrical machinery (machines) — 0.13% — US$ 20,109,092Light rubberized knitted fabric (textiles) — 0.13% — US$ 19,710,279Other processed vegetables (foodstuffs) — 0.13% — US$ 19,621,591Other vegetable residues (foodstuffs) — 0.13% — US$ 19,549,295Wheat flours (vegetable products) — 0.13% — US$ 19,545,628Breathing appliances (instruments) — 0.13% — US$ 19,492,828Coal tar oil (mineral products) — 0.13% — US$ 19,073,616Iron radiators (metals) — 0.12% — US$ 18,665,617Models and stuffed animals (miscellaneous) — 0.12% — US$ 18,613,775Malt extract (foodstuffs) — 0.12% — US$ 18,551,798Scrap copper (metals) — 0.12% — US$ 18,478,798Mattresses (miscellaneous) — 0.12% — US$ 18,427,772Refined copper (metals) — 0.12% — US$ 18,283,917Used clothing (textiles) — 0.12% — US$ 18,190,081Liquid dispersing machines (machines) — 0.12% — US$ 18,092,987Soybean meal (foodstuffs) — 0.12% — US$ 17,754,243Animal meal and pellets (foodstuffs) — 0.12% — US$ 17,617,296Densified wood (wood products) — 0.12% — US$ 17,432,858Telephones (machines) — 0.12% — US$ 17,388,926Trunks and cases (animal hides) — 0.11% — US$ 17,284,978Recreational boats (transportation) — 0.11% — US$ 17,270,402Small iron containers (metals) — 0.11% — US$ 17,033,976Non-knit active wear (textiles) — 0.11% — US$ 16,992,049Concentrated milk (animal products) — 0.11% — US$ 16,981,587Audio alarms (machines) — 0.11% — US$ 16,837,400Sulfate chemical woodpulp (paper goods) — 0.11% — US$ 16,591,046Iron housewares (metals) — 0.11% — US$ 16,590,663Other locomotives (transportation) — 0.11% — US$ 16,548,398Potassic fertilizers (chemical products) — 0.11% — US$ 16,466,922Sports equipment (miscellaneous) — 0.11% — US$ 16,410,817Orthopedic appliances (instruments) — 0.11% — US$ 16,385,322Processed egg products (animal products) — 0.11% — US$ 16,278,288Toilet paper (paper goods) — 0.11% — US$ 16,275,434Washing and bottling machines (machines) — 0.11% — US$ 16,253,293Iron pipes (metals) — 0.11% — US$ 16,067,021Natural polymers (plastics and rubbers) — 0.11% — US$ 15,936,479Leather footwear (footwear and headwear) — 0.11% — US$ 15,901,403Whey (animal products) — 0.10% — US$ 15,835,560Bananas (vegetable products) — 0.10% — US$ 15,733,901Engine parts (machines) — 0.10% — US$ 15,571,938Paper labels (paper goods) — 0.10% — US$ 15,531,298Plastic building materials (plastics and rubbers) — 0.10% — US$ 15,476,820Other printed material (paper goods) — 0.10% — US$ 15,280,582Non-knit men's coats (textiles) — 0.10% — US$ 15,265,216Precious metal scraps (precious metals) — 0.10% — US$ 15,160,645Non-fillet fresh fish (animal products) — 0.10% — US$ 14,900,395Pigs (animal products) — 0.10% — US$ 14,859,015Liquid pumps (machines) — 0.10% — US$ 14,648,716Buses (transportation) — 0.10% — US$ 14,489,482Knit socks and hosiery (textiles) — 0.10% — US$ 14,471,758Soil preparation machinery (machines) — 0.09% — US$ 14,267,563Corrugated paper (paper goods) — 0.09% — US$ 14,154,452Jams (foodstuffs) — 0.09% — US$ 14,092,219Cold-rolled iron (metals) — 0.09% — US$ 14,057,632Other domestic electric housewares (machines) — 0.09% — US$ 13,924,486Nonaqueous paints (chemical products) — 0.09% — US$ 13,849,542Unglazed ceramics (stone and glass) — 0.09% — US$ 13,837,900Base metal watches (instruments) — 0.09% — US$ 13,739,166Dental products (chemical products) — 0.09% — US$ 13,695,808Acyclic hydrocarbons (chemical products) — 0.09% — US$ 13,691,879Industrial food preperation machinery (machines) — 0.09% — US$ 13,678,636Scrap aluminium (metals) — 0.09% — US$ 13,378,999Iron blocks (metals) — 0.09% — US$ 13,369,666Large coated flat-rolled iron (metals) — 0.09% — US$ 13,340,012Central heating boilers (machines) — 0.09% — US$ 13,189,948Textile footwear (footwear and headwear) — 0.09% — US$ 13,100,794Thermostats (instruments) — 0.09% — US$ 12,976,737Non-iron and steel slag, ash and residues (mineral products) — 0.09% — US$ 12,961,361Other engines (machines) — 0.09% — US$ 12,912,508Video and card games (miscellaneous) — 0.09% — US$ 12,879,128House linens (textiles) — 0.08% — US$ 12,730,648Antiknock (chemical products) — 0.08% — US$ 12,673,098Chemical analysis instruments (instruments) — 0.08% — US$ 12,451,642Other cloth articles (textiles) — 0.08% — US$ 12,448,945Nitrogen heterocyclic compounds (chemical products) — 0.08% — US$ 12,387,220Veneer sheets (wood products) — 0.08% — US$ 12,308,402Sowing seeds (vegetable products) — 0.08% — US$ 12,288,477Propylene polymers (plastics and rubbers) — 0.08% — US$ 12,256,171Wallpaper (paper goods) — 0.08% — US$ 12,243,036Industrial printers (machines) — 0.08% — US$ 12,188,473Starch residue (foodstuffs) — 0.08% — US$ 12,166,397Ceramic bricks (stone and glass) — 0.08% — US$ 12,131,589Vermouth (foodstuffs) — 0.08% — US$ 12,062,279Copper pipes (metals) — 0.08% — US$ 11,879,572Aluminium housewares (metals) — 0.08% — US$ 11,827,047Other rubber products (plastics and rubbers) — 0.08% — US$ 11,745,534Sausages (foodstuffs) — 0.08% — US$ 11,605,454Household washing machines (machines) — 0.08% — US$ 11,599,357Confectionery sugar (foodstuffs) — 0.08% — US$ 11,589,565Hair products (chemical products) — 0.08% — US$ 11,570,592Other measuring instruments (instruments) — 0.08% — US$ 11,547,517Ice cream (foodstuffs) — 0.08% — US$ 11,538,173Oats (vegetable products) — 0.08% — US$ 11,390,860Vacuum cleaners (machines) — 0.08% — US$ 11,341,879Bandages (chemical products) — 0.07% — US$ 11,279,488Reaction and catalytic products (chemical products) — 0.07% — US$ 11,240,831Recovered paper (paper goods) — 0.07% — US$ 11,141,813Metal lathes (machines) — 0.07% — US$ 11,092,143Wadding (textiles) — 0.07% — US$ 10,960,836Video recording equipment (machines) — 0.07% — US$ 10,935,100Vehicle chassis (transportation) — 0.07% — US$ 10,701,672Locomotive parts (transportation) — 0.07% — US$ 10,663,578Iron pipe fittings (metals) — 0.07% — US$ 10,620,705Knit t-shirts (textiles) — 0.07% — US$ 10,596,576Diazo, azo or aoxy compounds (chemical products) — 0.07% — US$ 10,518,459Bran (foodstuffs) — 0.07% — US$ 10,470,174Woodworking machines (machines) — 0.07% — US$ 10,449,286Jewellery (precious metals) — 0.07% — US$ 10,381,388Ink (chemical products) — 0.07% — US$ 10,283,511Blankets (textiles) — 0.07% — US$ 10,174,150Shaving products (chemical products) — 0.07% — US$ 10,022,956Shaped paper (paper goods) — 0.07% — US$ 9,987,938Knit women's suits (textiles) — 0.07% — US$ 9,917,803Non-knit women's coats (textiles) — 0.06% — US$ 9,791,641Pesticides (chemical products) — 0.06% — US$ 9,765,667Looms (machines) — 0.06% — US$ 9,762,740Compasses (instruments) — 0.06% — US$ 9,751,218Raw aluminium (metals) — 0.06% — US$ 9,645,934Prepared cereals (foodstuffs) — 0.06% — US$ 9,571,619Hot-rolled iron bars (metals) — 0.06% — US$ 9,565,410Transmissions (machines) — 0.06% — US$ 9,516,285Gas and liquid flow measuring instruments (instruments) — 0.06% — US$ 9,487,801Buckwheat (vegetable products) — 0.06% — US$ 9,404,848Plastic housewares (plastics and rubbers) — 0.06% — US$ 9,378,559Uncoated kraft paper (paper goods) — 0.06% — US$ 9,372,077Other vegetable products (vegetable products) — 0.06% — US$ 9,352,730Metalworking machine parts (machines) — 0.06% — US$ 9,328,813Fermented milk products (animal products) — 0.06% — US$ 9,265,067Steam boilers (machines) — 0.06% — US$ 9,262,832Casein (chemical products) — 0.06% — US$ 9,232,095Electric generating sets (machines) — 0.06% — US$ 9,165,247Citrus (vegetable products) — 0.06% — US$ 9,157,271Self-adhesive plastics (plastics and rubbers) — 0.06% — US$ 9,145,255Other fruits (vegetable products) — 0.06% — US$ 9,004,695Twine and rope (textiles) — 0.06% — US$ 8,938,644Vegetable fiber (stone and glass) — 0.06% — US$ 8,932,530Other live plants (vegetable products) — 0.06% — US$ 8,913,297X-ray equipment (instruments) — 0.06% — US$ 8,883,702Perfumes (chemical products) — 0.06% — US$ 8,697,228Cellulose fibers paper (paper goods) — 0.06% — US$ 8,605,752Oscilloscopes (instruments) — 0.06% — US$ 8,575,584Tomatoes (vegetable products) — 0.06% — US$ 8,573,711Iron springs (metals) — 0.06% — US$ 8,562,600Industrial furnaces (machines) — 0.06% — US$ 8,544,404Large construction vehicles (machines) — 0.06% — US$ 8,431,771Gypsum (mineral products) — 0.06% — US$ 8,315,440Flat flat-rolled steel (metals) — 0.05% — US$ 8,250,068Other agricultural machinery (machines) — 0.05% — US$ 8,198,168Scented mixtures (chemical products) — 0.05% — US$ 8,101,841Insulating glass (stone and glass) — 0.05% — US$ 8,086,273Grapes (vegetable products) — 0.05% — US$ 8,074,303Pig meat (animal products) — 0.05% — US$ 8,071,707Perfume plants (vegetable products) — 0.05% — US$ 8,037,312Corn (vegetable products) — 0.05% — US$ 7,965,069Newspapers (paper goods) — 0.05% — US$ 7,888,223Felt or coated fabric garments (textiles) — 0.05% — US$ 7,858,472Other cast iron products (metals) — 0.05% — US$ 7,549,869Knit men's coats (textiles) — 0.05% — US$ 7,463,083Railroad ties (wood products) — 0.05% — US$ 7,411,152Fork-lifts (machines) — 0.05% — US$ 7,395,672Electric batteries (machines) — 0.05% — US$ 7,112,169Precious metal watches (instruments) — 0.05% — US$ 7,083,302Copper bars (metals) — 0.05% — US$ 7,081,576Shipping containers (transportation) — 0.05% — US$ 7,074,134Knit women's undergarments (textiles) — 0.05% — US$ 7,043,858Other fermented beverages (foodstuffs) — 0.05% — US$ 6,946,966Rubber footwear (footwear and headwear) — 0.05% — US$ 6,812,184Other vegetables (vegetable products) — 0.04% — US$ 6,797,406Iron cloth (metals) — 0.04% — US$ 6,784,248Iron fasteners (metals) — 0.04% — US$ 6,741,133Narrow woven fabric (textiles) — 0.04% — US$ 6,693,189Wood charcoal (wood products) — 0.04% — US$ 6,621,724Scrap plastic (plastics and rubbers) — 0.04% — US$ 6,606,036Broadcasting accessories (machines) — 0.04% — US$ 6,590,165Asphalt (stone and glass) — 0.04% — US$ 6,556,478Fish oil (animal and vegetable bi-products) — 0.04% — US$ 6,543,207Cranes (machines) — 0.04% — US$ 6,415,505Semiconductor devices (machines) — 0.04% — US$ 6,389,955Rapeseed oil (animal and vegetable bi-products) — 0.04% — US$ 6,253,434Asphalt mixtures (mineral products) — 0.04% — US$ 6,117,498Knit women's coats (textiles) — 0.04% — US$ 6,045,529Brooms (miscellaneous) — 0.04% — US$ 5,982,445Cereal meal and pellets (vegetable products) — 0.04% — US$ 5,970,389Tropical fruits (vegetable products) — 0.04% — US$ 5,957,662Uncoated paper (paper goods) — 0.04% — US$ 5,956,628Aqueous paints (chemical products) — 0.04% — US$ 5,930,981Aluminium plating (metals) — 0.04% — US$ 5,921,090Other processed fruits and nuts (foodstuffs) — 0.04% — US$ 5,891,332Iron railway products (metals) — 0.04% — US$ 5,785,786Iron chains (metals) — 0.04% — US$ 5,621,839Stone processing machines (machines) — 0.04% — US$ 5,615,775Inedible fats and oils (animal and vegetable bi-products) — 0.04% — US$ 5,605,131Cut flowers (vegetable products) — 0.04% — US$ 5,569,249Amino-resins (plastics and rubbers) — 0.04% — US$ 5,566,887Non-knit women's shirts (textiles) — 0.04% — US$ 5,515,716Knit men's suits (textiles) — 0.04% — US$ 5,422,059Other aluminium products (metals) — 0.03% — US$ 5,278,636Batteries (machines) — 0.03% — US$ 5,269,653Large iron containers (metals) — 0.03% — US$ 5,262,358Fruit juice (foodstuffs) — 0.03% — US$ 5,239,947Bathroom ceramics (stone and glass) — 0.03% — US$ 5,187,464Interchangeable tool parts (metals) — 0.03% — US$ 5,168,703Electric filament (machines) — 0.03% — US$ 5,146,724Pens (miscellaneous) — 0.03% — US$ 5,118,176Navigation equipment (machines) — 0.03% — US$ 5,112,013Flat-rolled iron (metals) — 0.03% — US$ 5,091,599Paper notebooks (paper goods) — 0.03% — US$ 5,021,180Soap (chemical products) — 0.03% — US$ 5,015,867Fishing and hunting equipment (miscellaneous) — 0.03% — US$ 4,974,947Synthetic filament yarn woven fabric (textiles) — 0.03% — US$ 4,941,071Semi-finished iron (metals) — 0.03% — US$ 4,932,090Motorcycles (transportation) — 0.03% — US$ 4,912,915Apples and pears (vegetable products) — 0.03% — US$ 4,788,938Acrylic polymers (plastics and rubbers) — 0.03% — US$ 4,752,263Platinum (precious metals) — 0.03% — US$ 4,711,018Other paper machinery (machines) — 0.03% — US$ 4,664,823Forging machines (machines) — 0.03% — US$ 4,620,695Electrical lighting and signalling equipment (machines) — 0.03% — US$ 4,585,608Hydrogen (chemical products) — 0.03% — US$ 4,570,213Potatoes (vegetable products) — 0.03% — US$ 4,543,700Metal molds (machines) — 0.03% — US$ 4,533,533Abrasive powder (stone and glass) — 0.03% — US$ 4,527,015Cereal flours (vegetable products) — 0.03% — US$ 4,493,805Alcohol > 80% abv (foodstuffs) — 0.03% — US$ 4,479,619Used rubber tires (plastics and rubbers) — 0.03% — US$ 4,421,988Frozen bovine meat (animal products) — 0.03% — US$ 4,392,325Unpackaged medicaments (chemical products) — 0.03% — US$ 4,332,387Amine compounds (chemical products) — 0.03% — US$ 4,313,334Frozen vegetables (vegetable products) — 0.03% — US$ 4,293,954Coffee and tea extracts (foodstuffs) — 0.03% — US$ 4,291,187Electrical ignitions (machines) — 0.03% — US$ 4,284,125Oxometallic or peroxometallic acid salts (chemical products) — 0.03% — US$ 4,243,432Bi-wheel vehicle parts (transportation) — 0.03% — US$ 4,240,143Knitting machine accessories (machines) — 0.03% — US$ 4,229,120Textile processing machines (machines) — 0.03% — US$ 4,209,164Fairground amusements (miscellaneous) — 0.03% — US$ 4,200,783Interior decorative glassware (stone and glass) — 0.03% — US$ 4,166,308Photographic plates (chemical products) — 0.03% — US$ 4,159,684Kaolin coated paper (paper goods) — 0.03% — US$ 4,057,867Stearic acid (animal and vegetable bi-products) — 0.03% — US$ 4,050,558Glycerol (animal and vegetable bi-products) — 0.03% — US$ 4,035,686Wood frames (wood products) — 0.03% — US$ 4,018,822Lubricating products (chemical products) — 0.03% — US$ 3,937,395Heavy synthetic cotton fabrics (textiles) — 0.03% — US$ 3,936,411Other steel bars (metals) — 0.03% — US$ 3,907,235Netting (textiles) — 0.03% — US$ 3,891,380Petroleum coke (mineral products) — 0.03% — US$ 3,859,247Plastic wash basins (plastics and rubbers) — 0.03% — US$ 3,819,719Pitted fruits (vegetable products) — 0.03% — US$ 3,810,645Root vegetables (vegetable products) — 0.03% — US$ 3,803,406Other mineral (mineral products) — 0.02% — US$ 3,767,799Gravel and crushed stone (mineral products) — 0.02% — US$ 3,715,540Styrene polymers (plastics and rubbers) — 0.02% — US$ 3,698,653Special pharmaceuticals (chemical products) — 0.02% — US$ 3,689,667Animal or vegetable fertilizers (chemical products) — 0.02% — US$ 3,684,456Raw furskins (animal hides) — 0.02% — US$ 3,677,980Other hand tools (metals) — 0.02% — US$ 3,594,325Light pure woven cotton (textiles) — 0.02% — US$ 3,592,883Awnings, tents, and sails (textiles) — 0.02% — US$ 3,582,491Inorganic salts (chemical products) — 0.02% — US$ 3,575,747Other sugars (foodstuffs) — 0.02% — US$ 3,522,383Knit active wear (textiles) — 0.02% — US$ 3,505,189Glass bottles (stone and glass) — 0.02% — US$ 3,504,128Tea (vegetable products) — 0.02% — US$ 3,471,753Iron stovetops (metals) — 0.02% — US$ 3,465,527Hand saws (metals) — 0.02% — US$ 3,459,633Onions (vegetable products) — 0.02% — US$ 3,417,744Edible offal (animal products) — 0.02% — US$ 3,392,889Crustaceans (animal products) — 0.02% — US$ 3,392,743Non-knit men's shirts (textiles) — 0.02% — US$ 3,380,297Other frozen vegetables (foodstuffs) — 0.02% — US$ 3,298,642Melons (vegetable products) — 0.02% — US$ 3,278,601Motor-working tools (machines) — 0.02% — US$ 3,255,191Processed crustaceans (foodstuffs) — 0.02% — US$ 3,251,520Radio receivers (machines) — 0.02% — US$ 3,239,796Pepper (vegetable products) — 0.02% — US$ 3,222,868Metalworking transfer machines (machines) — 0.02% — US$ 3,222,205Therapeutic appliances (instruments) — 0.02% — US$ 3,220,761Glues (chemical products) — 0.02% — US$ 3,217,780Other sea vessels (transportation) — 0.02% — US$ 3,197,261Other coloring matter (chemical products) — 0.02% — US$ 3,144,071Other knit clothing accessories (textiles) — 0.02% — US$ 3,143,273Starches (vegetable products) — 0.02% — US$ 3,142,321Silver (precious metals) — 0.02% — US$ 3,126,926Nucleic acids (chemical products) — 0.02% — US$ 3,092,640Cyclic hydrocarbons (chemical products) — 0.02% — US$ 3,091,919Other articles of twine and rope (textiles) — 0.02% — US$ 3,052,987Safety glass (stone and glass) — 0.02% — US$ 3,024,365Vitamins (chemical products) — 0.02% — US$ 3,004,446Crude petroleum (mineral products) — 0.02% — US$ 3,000,597Boat propellers (machines) — 0.02% — US$ 2,987,090Other inorganic acids (chemical products) — 0.02% — US$ 2,971,760Leather apparel (animal hides) — 0.02% — US$ 2,948,449Butter (animal products) — 0.02% — US$ 2,933,211Water (foodstuffs) — 0.02% — US$ 2,893,755Knit babies' garments (textiles) — 0.02% — US$ 2,835,668Other construction vehicles (machines) — 0.02% — US$ 2,833,723Locust beans, seaweed, sugar beet, cane, for food (vegetable products) — 0.02% — US$ 2,818,510Surveying equipment (instruments) — 0.02% — US$ 2,803,262Mirrors and lenses (instruments) — 0.02% — US$ 2,791,118Musical instrument parts (instruments) — 0.02% — US$ 2,775,281Plastic floor coverings (plastics and rubbers) — 0.02% — US$ 2,757,342Photocopiers (instruments) — 0.02% — US$ 2,733,932Electrical resistors (machines) — 0.02% — US$ 2,727,265Potato flours (vegetable products) — 0.02% — US$ 2,715,927Other nuts (vegetable products) — 0.02% — US$ 2,661,451Spices (vegetable products) — 0.02% — US$ 2,639,134Organic composite solvents (chemical products) — 0.02% — US$ 2,609,964Pig iron (metals) — 0.02% — US$ 2,607,975Raw cotton (textiles) — 0.02% — US$ 2,602,332Raw sugar (foodstuffs) — 0.02% — US$ 2,590,335Padlocks (metals) — 0.02% — US$ 2,589,028Knit women's shirts (textiles) — 0.02% — US$ 2,584,044Dried vegetables (vegetable products) — 0.02% — US$ 2,579,192Window dressings (textiles) — 0.02% — US$ 2,572,666Footwear parts (footwear and headwear) — 0.02% — US$ 2,554,787Metal stoppers (metals) — 0.02% — US$ 2,551,232Ketones and quinones (chemical products) — 0.02% — US$ 2,550,183Aluminium oxide (chemical products) — 0.02% — US$ 2,493,281Other metal fasteners (metals) — 0.02% — US$ 2,482,886Other glass articles (stone and glass) — 0.02% — US$ 2,455,663Railway freight cars (transportation) — 0.02% — US$ 2,431,721Pickled foods (foodstuffs) — 0.02% — US$ 2,429,255High-voltage protection equipment (machines) — 0.02% — US$ 2,427,007Wood ornaments (wood products) — 0.02% — US$ 2,422,967Knitted hats (footwear and headwear) — 0.02% — US$ 2,354,109Antifreeze (chemical products) — 0.02% — US$ 2,337,541Soups and broths (foodstuffs) — 0.02% — US$ 2,308,754Hydrometers (instruments) — 0.02% — US$ 2,299,109Eyewear (instruments) — 0.02% — US$ 2,290,778Dried fruits (vegetable products) — 0.02% — US$ 2,273,958Instructional models (instruments) — 0.01% — US$ 2,261,619Stranded iron wire (metals) — 0.01% — US$ 2,251,718Eyewear frames (instruments) — 0.01% — US$ 2,200,302Other stainless steel bars (metals) — 0.01% — US$ 2,185,305Nitrites and nitrates (chemical products) — 0.01% — US$ 2,182,827Rubberworking machinery (machines) — 0.01% — US$ 2,172,221Cucumbers (vegetable products) — 0.01% — US$ 2,164,380Electric soldering equipment (machines) — 0.01% — US$ 2,162,297Packing bags (textiles) — 0.01% — US$ 2,158,785Utility meters (instruments) — 0.01% — US$ 2,148,880Rice (vegetable products) — 0.01% — US$ 2,147,257Aluminium bars (metals) — 0.01% — US$ 2,143,953Electromagnets (machines) — 0.01% — US$ 2,136,150Non-woven textiles (textiles) — 0.01% — US$ 2,132,380Oxygen amino compounds (chemical products) — 0.01% — US$ 2,125,947Combustion engines (machines) — 0.01% — US$ 2,110,823Iron toiletry (metals) — 0.01% — US$ 2,038,517Metal finishing machines (machines) — 0.01% — US$ 2,030,436Railway track fixtures (transportation) — 0.01% — US$ 1,996,786Pharmaceutical rubber products (plastics and rubbers) — 0.01% — US$ 1,996,720Synthetic coloring matter (chemical products) — 0.01% — US$ 1,988,716Pulley systems (machines) — 0.01% — US$ 1,988,390Electric furnaces (machines) — 0.01% — US$ 1,967,448Razor blades (metals) — 0.01% — US$ 1,957,618Other oily seeds (vegetable products) — 0.01% — US$ 1,949,912Bedspreads (textiles) — 0.01% — US$ 1,946,087Nickel bars (metals) — 0.01% — US$ 1,939,622Rubber apparel (plastics and rubbers) — 0.01% — US$ 1,926,943Rock wool (stone and glass) — 0.01% — US$ 1,911,097Non-optical microscopes (instruments) — 0.01% — US$ 1,900,270Lcds (instruments) — 0.01% — US$ 1,879,306Preserved meat (animal products) — 0.01% — US$ 1,862,264Other stone articles (stone and glass) — 0.01% — US$ 1,861,992Cutting blades (metals) — 0.01% — US$ 1,860,614Refractory cements (chemical products) — 0.01% — US$ 1,852,675Non-mechanical removal machinery (machines) — 0.01% — US$ 1,820,765Print production machinery (machines) — 0.01% — US$ 1,811,588Non-retail carded wool yarn (textiles) — 0.01% — US$ 1,810,536Knit men's shirts (textiles) — 0.01% — US$ 1,802,651Other zinc products (metals) — 0.01% — US$ 1,801,861Large flat-rolled stainless steel (metals) — 0.01% — US$ 1,793,267Cabbages (vegetable products) — 0.01% — US$ 1,791,354Umbrellas (footwear and headwear) — 0.01% — US$ 1,790,649Knit gloves (textiles) — 0.01% — US$ 1,781,411Dairy machinery (machines) — 0.01% — US$ 1,771,094Rubber sheets (plastics and rubbers) — 0.01% — US$ 1,749,527Friction material (stone and glass) — 0.01% — US$ 1,737,699Glass mirrors (stone and glass) — 0.01% — US$ 1,719,799Traffic signals (machines) — 0.01% — US$ 1,719,678Sodium or potassium peroxides (chemical products) — 0.01% — US$ 1,710,522Gaskets (machines) — 0.01% — US$ 1,704,504Rubber pipes (plastics and rubbers) — 0.01% — US$ 1,689,198Other office machines (machines) — 0.01% — US$ 1,674,365Knit men's undergarments (textiles) — 0.01% — US$ 1,662,355Linseed (vegetable products) — 0.01% — US$ 1,660,790Compounded unvulcanised rubber (plastics and rubbers) — 0.01% — US$ 1,657,366Other vegetable oils (animal and vegetable bi-products) — 0.01% — US$ 1,637,167Prepared pigments (chemical products) — 0.01% — US$ 1,630,442Medical furniture (miscellaneous) — 0.01% — US$ 1,614,746Sewing machines (machines) — 0.01% — US$ 1,612,218Other vegetable residues and waste (foodstuffs) — 0.01% — US$ 1,610,998Other inedible animal products (animal products) — 0.01% — US$ 1,595,590Boron (chemical products) — 0.01% — US$ 1,584,847Monofilament (plastics and rubbers) — 0.01% — US$ 1,584,499Yeast (foodstuffs) — 0.01% — US$ 1,583,780Copper plating (metals) — 0.01% — US$ 1,580,058Electric motor parts (machines) — 0.01% — US$ 1,578,695Rubber belting (plastics and rubbers) — 0.01% — US$ 1,576,169Wooden tool handles (wood products) — 0.01% — US$ 1,572,088Hair trimmers (machines) — 0.01% — US$ 1,570,592Zippers (miscellaneous) — 0.01% — US$ 1,562,372Other floating structures (transportation) — 0.01% — US$ 1,551,892Vehicle bodies (transportation) — 0.01% — US$ 1,546,811Halogenated hydrocarbons (chemical products) — 0.01% — US$ 1,534,332Non-retail artificial filament yarn (textiles) — 0.01% — US$ 1,516,606Values below 0.01% (chemical products) — 0.24% — US$ 36,813,785Values below 0.01% (metals) — 0.22% — US$ 32,902,382Values below 0.01% (textiles) — 0.21% — US$ 31,093,431Values below 0.01% (machines) — 0.12% — US$ 18,012,663Values below 0.01% (vegetable products) — 0.09% — US$ 14,027,913Values below 0.01% (stone and glass) — 0.07% — US$ 11,235,907Values below 0.01% (instruments) — 0.07% — US$ 10,742,493Values below 0.01% (paper goods) — 0.07% — US$ 10,356,339Values below 0.01% (animal products) — 0.06% — US$ 9,225,249Values below 0.01% (foodstuffs) — 0.04% — US$ 6,518,124Values below 0.01% (plastics and rubbers) — 0.04% — US$ 6,308,900Values below 0.01% (mineral products) — 0.04% — US$ 6,288,589Values below 0.01% (miscellaneous) — 0.04% — US$ 5,707,616Values below 0.01% (animal and vegetable bi-products) — 0.03% — US$ 5,151,815Values below 0.01% (transportation) — 0.03% — US$ 5,085,519Values below 0.01% (footwear and headwear) — 0.03% — US$ 4,814,008Values below 0.01% (animal hides) — 0.02% — US$ 2,968,584Values below 0.01% (wood products) — 0.01% — US$ 1,882,742Values below 0.01% (precious metals) — 0.01% — US$ 1,789,358Values below 0.01% (weapons) — 0.01% — US$ 1,716,257Values below 0.01% (arts and antiques) — 0.01% — US$ 1,361,733
Exports of Latvia by product category (2019)
  Chemical products
  Transportation
  Machines
  Mineral products
  Plastics and rubbers
  Metals
  Foodstuffs
  Precious metals
  Textiles
  Instruments
  Animal products
  Vegetable products
  Paper goods
  Footwear and headwear
  Miscellaneous
  Stone and glass
  Wood products
  Animal and vegetable bi-products
  Animal hides
  Arts and antiques
  Weapons

Latvia's principal merchandise exports in 2023 were telecommunications transmission equipment, sawn coniferous wood, wheat and meslin, packaged medicaments and natural gas. The country exported US$20.5 billion worth of goods, with Lithuania, Estonia, Germany, Sweden and Russia as its largest export markets.[67]

Merchandise imports amounted to US$24.5 billion in 2023. The largest imported products were refined petroleum products, natural gas, telecommunications transmission equipment, packaged medicaments and electricity. Lithuania, Germany, Poland, Estonia and Finland were Latvia's largest import partners.[67]

Corporations

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Most valuable companies

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Largest Latvian companies by valuation (EUR € billions) according to Prudentia and Nasdaq Riga (2024).[68]

RankNameHeadquartersValuation
(bil. €)		Industry
1 Same positionSwedbank Baltics, ASRiga4.345 RiseBanking
2 Same positionLatvenergo, ASRiga4.024 RiseEnergy
3 Same positionLatvijas valsts meži, ASRiga1.657 FallForestry
4 Same positionMikrotīkls, SIARiga0.992 FallNetwork equipment
5 Same positionMaxima Latvija, SIARiga0.816 RiseRetail
7 RiseSEB banka, ASValdlauči [lv]0.590 RiseBanking
8 FallLatvijas Mobilais Telefons, SIARiga0.560 RiseTelecommunications
9 RiseCitadele Banka, ASRiga0.507 RiseBanking
10 Same positionRimi Latvia, SIARiga0.499 RiseRetail
11 RiseTele2, SIARiga0.425 RiseTelecommunications
12 FallElko Grupa, ASRiga0.402 FallWholesale of electronics

See also

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References

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  1. ↑ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ↑ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ↑ "Population on 1 December". data.stat.gov.lv. Retrieved 2 February 2025.
  4. 1 2 3 4 "Economy of Latvia: April 2026". imf.org. International Monetary Fund. Retrieved 27 April 2026.
  5. ↑ "In 2024 drop of GDP comprised 0.4 % and in the 4th quarter – also 0.4 %". 28 February 2025.
  6. ↑ "Republic of Latvia: Staff Concluding Statement of the 2024 Article IV Mission". International Monetary Fund. 9 July 2024.
  7. ↑ "GDP per capita growth (annual %), World Bank Group, accessed July 2026".
  8. 1 2 3 4 5 "CIA World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 18 January 2026. Retrieved 21 July 2024.
  9. 1 2 3 "World Economic Outlook database: October 2024". International Monetary Fund. 10 February 2025.
  10. ↑ "People at risk of poverty or social exclusion by sex". ec.europa.eu. Eurostat. Retrieved 2 February 2025.
  11. ↑ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 8 July 2024.
  12. 1 2 "Human Development Report 2025" (PDF). United Nations Development Programme. 6 May 2025. Archived (PDF) from the original on 6 May 2025. Retrieved 12 May 2025.
  13. ↑ "Corruption Perceptions Index". Transparency International. 11 February 2025. Archived from the original on 11 February 2025. Retrieved 11 February 2025.
  14. ↑ "Labor force, total – Latvia". data.worldbank.org. World Bank. Retrieved 21 July 2024.
  15. ↑ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  16. ↑ "Unemployment rate". Central Statistical Bureau of Latvia. Retrieved 2 February 2025.
  17. ↑ "Annual unemployment rates, from 15 years to 24 years, unadjusted, year 2025". data-explorer.oecd.org. Retrieved 10 June 2026.
  18. ↑ "Eksports un imports pa valstīm (eiro)". eksports.csb.gov.lv. Retrieved 21 July 2024.
  19. ↑ "Eksports un imports pa valstīm (eiro)". eksports.csb.gov.lv. Retrieved 21 July 2024.
  20. 1 2 "Foreign direct investment (FDI) flows is the value of cross-border transactions related to direct investment over time". OECD. Retrieved 10 February 2025.
  21. 1 2 "World Economic Outlook Database, October 2024". IMF.org. International Monetary Fund. Retrieved 10 February 2025.
  22. ↑ "Government debt". data.stat.gov.lv/. National Statistical System of Latvia. Retrieved 8 July 2024.
  23. ↑ "Government debt". data.stat.gov.lv/. National Statistical System of Latvia. Retrieved 8 July 2024.
  24. 1 2 "Council recommendation on the economic, social, employment, structural and budgetary policies of Latvia" (PDF). commission.europa.eu. European Commission. Retrieved 21 July 2024.
  25. ↑ "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved 8 July 2024.
  26. ↑ "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved 8 July 2024.
  27. ↑ "European Cohesion Policy 2007–2013 in Latvia: Priorities and Impact of Cohesion Policy in the Member States" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.
  28. ↑ "European Structural and Investment Funds: Latvia" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.
  29. ↑ "Sovereigns rating list". Standard & Poor's. Retrieved 31 July 2024.
  30. ↑ Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 31 May 2011.
  31. ↑ "Government of Latvia – A3 stable: Regular update; stable outlook". Moody's. 2024. Retrieved 31 July 2024.
  32. ↑ "Fitch Revises Latvia's Outlook to Stable; Affirms at 'A-'". Fitch. 2024. Retrieved 2 February 2025.
  33. ↑ "Scope affirms the Republic of Latvia's A- rating with Stable Outlook". Scope Ratings. 2025. Retrieved 5 September 2025.
  34. ↑ "Latvia becomes full-fledged OECD member". LETA. 1 July 2016. Archived from the original on 10 August 2016. Retrieved 4 July 2016.
  35. ↑ "Members and Observers".
  36. ↑ "Explore Economies". World Bank. Retrieved 14 June 2026.
  37. ↑ Human Development Index and its components Retrieved 2012-09-06
  38. ↑ The CIA World Factbook Latvia – CIA – The World Factbook Retrieved 2012-09-06
  39. ↑ "GDP of Latvia increased by 5.5% in 2011". The Baltic Course. 9 March 2012. Retrieved 24 March 2012.
  40. ↑ Latvia and the Baltics—a Story of Recovery by Christine Lagarde managing director, International Monetary Fund Riga, 5 June 2012
  41. 1 2 3 4 Klimantas, Adomas; Norkus, Zenonas; Markevičiūtė, Jurgita; Grytten, Ola Honningdal; Šiliņš, Jānis (2023). "Reinventing perished "Belgium of the East": new estimates of GDP for inter-war Latvia (1920–1939)". Cliometrica. 18 (3): 765–835. doi:10.1007/s11698-023-00275-y. ISSN 1863-2513.
  42. ↑ "Latvia Economy, Politics and GDP Growth Summary - The Economist Intelligence Unit". country.eiu.com. Retrieved 4 July 2024.
  43. ↑ Ruta Aidis, Friederike Welter: The Cutting Edge: Innovation and Entrepreneurship in New Europe, Edward Elgar Publishing, 2008, p. 32
  44. ↑ Damien, McGuinness (4 February 2010). "In Pictures: Latvia economy reels in recession". BBC.
  45. ↑ "Latvia". CIA. Archived from the original on 18 January 2026. Retrieved 15 December 2008.
  46. ↑ "Robin Hood hacker exposes bankers". BBC News. 24 February 2010. Retrieved 1 May 2010.
  47. ↑ Krugman, Paul (15 December 2008). "European Crass Warfare". The New York Times. Retrieved 15 December 2008.
  48. ↑ Evans-Pritchard, Ambrose (10 August 2009). "S&P downgrades Baltic states' debt ratings". The Daily Telegraph. London. Archived from the original on 13 August 2009.
  49. ↑ "Baltic Business News, 8 February 2010". Archived from the original on 6 March 2016. Retrieved 17 January 2012.
  50. ↑ Moody's: Latvian economy is stabilizing Archived 6 March 2016 at the Wayback Machine Baltic Business News, Retrieved on 3 September 2012
  51. ↑ Those who change will endure – IMF managing director Archived 10 August 2019 at the Wayback Machine LETA Retrieved on 5 June 2012
  52. ↑ Danske Bank: we expect Latvian GDP to grow by 2.0% y/y in 2012 Retrieved on 3 September 2012
  53. ↑ GDP growth in Latvia, at 5.6%, the fastest in Europe; growth to moderate this year Archived 22 October 2013 at the Wayback Machine
  54. ↑ "GDP (constant 2015 US$) – Latvia | Data". data.worldbank.org. Retrieved 1 December 2021.
  55. ↑ "Republic of Latvia: Staff Concluding Statement of the 2023 Article IV Mission". 13 June 2023.
  56. ↑ "Figure 5. Average monthly salary (in euro) of employed people in Latvia..." ResearchGate. Archived from the original on 9 April 2023. Retrieved 6 January 2025.
  57. ↑ Latvia production in 2018, by FAO
  58. ↑ "Industry Breakdown of Companies in Latvia". HitHorizons.
  59. ↑ "UN Tourism Data Dashboard". www.unwto.org. Retrieved 5 August 2025.
  60. ↑ Ruciņš, Mārtiņš; Melece, Ligita (2011). "Development of Tourism in Latvia: Issues and Potentialities". Latgales Tautsaimniecības pētījumi. 1 (4): 18. doi:10.17770/LNER2012VOL1.4.1833. S2CID 56247562.
  61. ↑ "Latvia: Tourism in the economy". OECD. 2020.
  62. ↑ Luty, J (6 November 2020). "Travel and tourism in Latvia - Statistics & Facts". Statista.
  63. ↑ "Tourism". Ministry of Economics (Latvia). 9 October 2020.
  64. ↑ "Latvia: Tourism policies and programmes". OCED. 2020.
  65. ↑ Donina, Agita; Luka, Ineta (2014). "The Compliance of Tourism Education with Industry Needs in Latvia". European Journal of Tourism, Hospitality & Recreation. 5: 91–120 – via ResearchGate.
  66. ↑ "Europe's Declining Gas Demand: Trends and Facts about European Gas Consumption – June 2015". (PDF). p.9. E3G. Source: Eurostat, Eurogas, E3G.
  67. 1 2 "Latvia Trade Summary 2023". World Integrated Trade Solution. World Bank. Retrieved 2 October 2026.
  68. ↑ "Latvia's most valuable enterprises | Top101.lv".
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