Vehicles Export of Latvia: A Comprehensive Trade Analysis

Vehicles are machines designed to promote the mobility of persons and other necessities from one place to another. The increasing requirement of vehicles for transportation of people and services worldwide, and the technological specialization, have made vehicles a globally traded commodity. The economic growth and industrialization, along with the variety and luxury markets, have contributed to the overall growth rate. Latvia Import Data says, the country in northern Europe alongside Estonia and Lithuania in the north and south direction has emerged as a leading exporter of vehicles in the international trade market due to its closer proximity to the EU markets and currency stability.

The trade balance maintained by the government authorities in vehicle exports and several investments in infrastructure has resulted in an export trade value of vehicles worth 2.5 billion US dollars in 2024. The cost-effective production methods and the reliable access to financing options have benefited the export trade. The implementation of digital tools and the strong diplomatic ties have been continuously contributing towards the hike in revenue rates. Subscribe to Import Globals, the leading Latvia import export trade provider, to stay updated with the latest information regarding the vehicle exports of the nation via the Latvia Trade Data.

GOVERNMENT INITIATIVES SUPPORTING THE EXPORT OF VEHICLES FROM LATVIA IN 2024

The Petria 6x6 Armoured Vehicle Production Facility in Valmera, launched by the government authorities, has enhanced Latvia's defence manufacturing capabilities while contributing to the local economy and employment rate. The VRFOX Tactical Vehicle Development and Procurement, introduced by the government authorities, has developed to meet the specific needs of the Latvian National Armed Forces. 

It has promoted domestic innovation while strengthening the defence industry. The export support programs for manufacturers, including grants and subsidies, have enhanced the export capacity and competitiveness. The Foreign Direct Investment Attraction has fostered investment to support the growth of the vehicle export industry. The Strategic Defence Procurement Initiative has increased the production and export opportunities for Latvian-made vehicles.

THE LEADING VARIANTS OF VEHICLES EXPORTED FROM LATVIA

The improved access to the emerging markets and the ability of the nation to produce customized vehicles have led to diversification in the export portfolio. According to the Latvia Export Data, the top 10 leading variants of vehicles exported from the nation in 2024 are,

  • Skoda Kodiaq - The annual valuation of Skoda Kodiaq exported from Latvia in 2024 - 919 million US dollars 
  • Toyota RAV4 - The annual valuation of Toyota RAV4 exported from Latvia in 2024 - 867 million US dollars
  • Volkswagen Tiguan - The annual valuation of Volkswagen Tiguan exported from Latvia in 2024 - 754 million US dollars 
  • Skoda Octavia - The annual valuation of Skoda Octavia exported from Latvia in 2024 - 691 million US dollars 
  • Dacia Duster - The annual valuation of Dacia Duster exported from Latvia in 2024 - 587 million US dollars 
  • Toyota Corolla - The annual valuation of Toyota Corolla exported from Latvia in 2024 - 468 million US dollars 
  • Toyota Yaris Cross - The annual valuation of Toyota Yaris Cross exported from Latvia in 2024 - 391 million US dollars 
  • Volkswagen T-Roc - The annual valuation of Volkswagen T-Roc exported from Latvia in 2024 - 276 million US dollars 
  • Volkswagen Golf - The annual valuation of Volkswagen Golf exported from Latvia in 2024 - 248 million US dollars 
  • Renault Clio - The annual valuation of Renault Clio exported from Latvia in 2024 - 198 million US dollars 

TOP 10 EXPORT TRADE PARTNERS OF LATVIA IN 2024

The utilization of the brand ambassadors residing in the nation and the stable macroeconomic environment has led to the establishment of suitable relationships with the topmost importing nations. According to the Latvia Customs Data, the top 10 export trade partners of the nation for 2024 are

  • Lithuania - The total valuation of vehicles exported from Latvia to Lithuania in 2024 - 987 million US dollars 

Top 5 variants of vehicles exported 

  1. Sedan
  2. Hatchback
  3. SUV (Sport Utility Vehicle)
  4. Coupe
  5. Convertible
  • Estonia- The total valuation of vehicles exported from Latvia to Estonia in 2024 - 819 million US dollars 

Top 5 variants of vehicles exported 

  1. Crossover
  2. Pickup Truck
  3. Minivan
  4. Station Wagon
  5. Roadster
  • Germany- The total valuation of vehicles exported from Latvia to Germany in 2024 - 768 million US dollars 

Top 5 variants of vehicles exported 

  1. Luxury Car
  2. Sports Car
  3. Electric Car
  4. Hybrid Car
  5. Compact Car
  • Sweden- The total valuation of vehicles exported from Latvia to Sweden in 2024 - 699 million US dollars 

Top 5 variants of vehicles exported 

  1. Microcar
  2. Muscle Car
  3. Limousine
  4. Hearse
  5. Taxi
  • Russia- The total valuation of vehicles exported from Latvia to Russia in 2024 - 587 million US dollars 

Top 5 variants of vehicles exported 

  1. Ambulance
  2. Police Car
  3. Fire Engine
  4. Garbage Truck
  5. Flatbed Truck
  • United Kingdom- The total valuation of vehicles exported from Latvia to the United Kingdom in 2024 - 498 million US dollars 

Top 5 variants of vehicles exported 

  1. Box Truck
  2. Tanker Truck
  3. Dump Truck
  4. Cement Mixer
  5. Refrigerated Truck
  • Poland- The total valuation of vehicles exported from Latvia to Poland in 2024 - 368 million US dollars 

Top 5 variants of vehicles exported 

  1. Tow Truck
  2. Delivery Van
  3. Cargo Van
  4. Panel Van
  5. Step Van
  • Denmark- The total valuation of vehicles exported from Latvia to Denmark in 2024 - 278 million US dollars 

Top 5 variants of vehicles exported 

  1. Chassis Cab
  2. Utility Vehicle
  3. All-Terrain Vehicle (ATV)
  4. Dune Buggy
  5. Golf Cart
  • Netherlands- The total valuation of vehicles exported from Latvia to the Netherlands in 2024 - 217 million US dollars 

Top 5 variants of vehicles exported 

  1. Motorcycle
  2. Scooter
  3. Moped
  4. Dirt Bike
  5. Cruiser Bike
  • Finland- The total valuation of vehicles exported from Latvia to Finland in 2024 - 189 million US dollars 

Top 5 variants of vehicles exported 

  1. Sport Bike
  2. Chopper
  3. Tricycle
  4. Bicycle
  5. Rickshaw

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