Latvia has a small domestic market (1.9 million inhabitants) , its economy is open and export-oriented. The country has a well-developed IT sector and a wood-processing industry, and its main export partners are the neighbouring countries of Lithuania and Estonia.

Swiss-Latvian trade in goods is relatively small, however, despite the small size of Latvia’s domestic market, there are niche opportunities for Swiss companies. When it comes to attracting foreign investment, Switzerland is mentioned as one of the priority target countries in the sectors like international business and financial services centres, Information and communication
technologies and High value-added manufacturing companies

Moreover, according to the Federal Customs Administration’s calculations, Swiss exports to Latvia amounted to 180 Mio. CHF in 2023. The main categories were pharmaceutical products and machinery (electrical and non-electrical).

Switzerland’s imports from Latvia amount to 73.5 Mio. CHF in 2023. The main categories include electrical machinery, vehicles and wood.

Source: S-GE