Being a country that exported $9.634 worth of commodities in 2008 and $6.721 billion in 2009, the recession has been a major spoiler for the Latvian trade. Being an economy that was driven by spiked demand and consumerism, Latvia faced a shortage of resources for production and thus exports decreased significantly.
Latvia’s main exported commodities are:
Wood and wood products
Machinery and equipment
The main export partners are:
The graph below shows the share of different countries in Latvia exports: (in percentage)
Latvia imports fell almost 50% as the reserves constricted and demand descended. Latvia imports decreased from $15.65 billion (2008) to $8.849 billion (2009).
Latvia’s main imported commodities are: