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FOREIGN TRADE
Latvia has experienced both trade deficit as well as balance of payment deficit over the years.
Important exportable commodities of the country are machinery and equipments, textiles, foodstuffs and wood products. Exports partners of the country are US, UK, Germany, Estonia and Denmark.
Major importable products of the country are fuels, vehicles and Chemicals. Its imports partner countries are Russia, Germany, Finland, Italy and Poland.
Levels of exports and imports of the country is as follows:
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Overall trade scenario in the country is as shown by following table:
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2000 |
2003 |
2004 |
Exports of goods and services (% of GDP) |
42.1 |
42.3 |
43.9 |
Imports of goods and services (% of GDP) |
49.5 |
55.1 |
59.8 |
Merchandise trade (% of GDP) |
65.4 |
73.5 |
80.7 |
Foreign direct investment, net inflows (BoP, current US$) |
413.0 million |
292.0 million |
698.8 million |
Long-term debt (DOD, current US$) |
2.0 billion |
3.2 billion |
5.0 billion |
The merchandise trade of the country as the percentage of the total GDP in 2004 is estimated at 80.7.
CONCLUSION
Latvia joined the World Bank in the year 1992. Since then the bank has started various programs for the socio economic development of the country.
It also joined the European Union on May 1, 2004.
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