To russia is re-export in such product groups as beverages, machinery and mechanical appliances, electrical equipment. This means that the goods are not produced here and accordingly have little. Effect on the producers of the respective goods in latvia, but they also affect our economy, as they. Provide income to wholesale and logistics companies in latvia. The fourth largest category of goods we. Export to russia is pharmaceutical products manufactured in latvia. About 17% of pharmaceutical. Exports go to russia. This country is an important outlet for the pharmaceutical industry. On the import. Side.

Surprisingly Less Than Two-thirds of the

Value of goods coming from russia is made up of russia’s natural resources and their products, namely mineral fuels and other mineral products, including natural gas and iron and steel. Our dependence on russia for the supply of these goods is quite high. Russian imports are also France Phone Number important. For the agricultural sector, as about half of the mineral fertilizers imported from latvia come from this. Country. Wood processing companies also buy raw materials from russia. 16% of wood imported to. Latvia comes from russia. These sanctions, among other things, will have an adverse effect on global. Commodity prices, given russia’s important role in the world’s supply of natural resources.

We Can Already See That Not Only

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The prices of oil and natural gas have risen significantly over the past week, but also the prices of. Various metals and food raw materials.This will mean higher prices in latvia as well. Due to sanctions. And falling demand in russia, latvia’s exports to russia and imports from russia will decrease. It will take time for our companies to reorient themselves. As a result, economic growth in latvia will be. Slower than previously expected. The impact on the latvian economy may be much more significant if. Western sanctions or russia’s retaliatory sanctions restrict energy supplies. Russia was the fifth largest. Export destination for our goods and the fourth most important import partner.

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