Agriculture forestry and fishing
Forests cover 3.383 million hectares in Latvia, or 52% of the country’s territory, which ranks Latvia fourth in Europe after Finland, Sweden and Slovenia;The growing stock of Latvian woods is 670 million cubic meters. Each year, 12 million cubic meters of wood is logged from Latvia’s forests, however, the annual increase in growing stock is two-times more- at least 25 million cubic meters;
During the first half of 2016, the value of Latvian food and agricultural exports grew 26% against the same period in 2015, making up 18.4% of the country’s total exports. With 12% export growth, Latvia ranks third among European Union (EU) members by export growth after Cyprus and Croatia which showed 20.3% and 14.6% export growth respectively.
In 2016, Latvia exported its fish products to 33 countries. The foreign trade balance of Latvian fish products and canned fish remained positive in 2015 - +3.4 million euros. In the first six months of 2016, compared to the same period of the previous year, export volumes increased more than two-fold and reached 57,400 tons.
According to data from the Union of Latvian Fish Processing Industry, the fishing industry has been the largest exporting industry over the past few years. 95% of its production has been exported to more than 40 countries.
Over the past two years, agricultural and food products have been among the most important Latvian export goods. In 2011, agricultural and food product export amounted to 16,2% of the country’s total export value. In the first half of 2012, the figure increased to 16,7%.
Forest industry export exceeded LVL 1 billion; next challenge – raising productivity
The agriculture branch in Latvia develops in a rapid manner – the amount of export is growing, and the amounts of manufactured products have not decreased, even despite the global crisis.
The products of forest industry have always been the leaders of the products for export. In 2010, this branch has had the quickest recovery from the impacts caused by economic crisis.