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Timber exports drive trade growth in Latvia

10-10-2013 kl. 17:01
A surge in exports of products from the country's forestry industry contributed to the 6.6 per cent rise in the value of goods produced in Latvia and sold in international markets in August.

The month-on-month rise also coupled with a 0.5 per cent decline in imports to improve the country's trade balance to 44.4 per cent, from 42.6 per cent in July. 

Exports of wood and wood products increased by 13.5 million lats (€19.3 million), which represents growth of 15.2 per cent from the previous month. 

Of this, the biggest rise was in the value of sawn wood sold internationally, which was €8.2 million higher month-on-month in August, a gain of 24 per cent. The majority of this was exported to the United Kingdom (€12.8 million), followed by Germany (€4.2 million) and Egypt (€3.5 million).

Just under three-quarters (72.6 per cent ) of Latvia's total exports are to nations in the European Union, with Lithuania (17.5 per cent) and Estonia (12.6 per cent) the country's main trading partners.

HD FestForest provides forest management in Estonia, Latvia and Lithuania and is a subsidiary company of HedeDanmark. ADNFCR-731-ID-801648204-ADNFCR
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