Machinery Export of Latvia: The Trade Analysis of 2024

Machinery is a category of devices manufactured by the industrial sectors for performing electrical and mechanical operations. It is mostly preferred by the global traders because of the increasing universal demand and the high value and specialization. Due to technological advancement in the sectors, and the higher economic value, the global trade of machinery has continued. Latvia Import Data says, the country in Northern Europe, bordered by Estonia and Lithuania in the north and south directions, have gradually emerged as a substantial contributor to the worldwide export market of machinery with its integration in the European Union single market and participation in EU-wide value chains.

The flexible trade relationships with the neighbouring countries of the EU and the good technological adoption have led to a total export trade value of machinery worth 4.78 billion US dollars in 2024. The good logistical connectivity and the strong quality control capabilities have benefited the overall trade rate. Subscribe to Import Globals, the leading Latvia importexport trade provider, to stay updated with the latest information regarding the machinery export of the nation via the Latvia Trade Data.

GOVERNMENT INITIATIVES FACILITATING THE MACHINERY EXPORT OF LATVIA IN 2024

The export support program via LIAA has subsidized the participation of the country in the international exhibitions. The export promotion funding initiated by the authority in the first quarter of 2024 has improved the competitiveness abroad. The innovation and export grants for small and medium enterprises have developed and improved access to financial support for innovation.

The export-focused trade fair has provided a platform for the manufacturing units of Latvian companies to review their diverse product ranges. The export credit guarantees through ALTUM have encouraged the manufacturing authorities to take their services on a larger level, which has increased the competitiveness worldwide.

THE LEADING VARIANTS OF MACHINERY EXPORTED FROM LATVIA

The proper establishment of trade finance and the stable regulatory framework has led to diversity in the global trade output. According to the Latvia Export Data, the top 10 leading variants of machinery exported from the nation in 2024 are,

  1. Printing machines – The annual valuation of Printing machines exported from Latvia in 2024 – 919 million US dollars
  2. Gas turbines – The annual valuation of Gas turbines exported from Latvia in 2024 – 826 million US dollars
  3. Cranes & lifts– The annual valuation of Cranes & lifts exported from Latvia in 2024 – 798 million US dollars
  4. Centrifuges & filters– The annual valuation of Centrifuges & filters exported from Latvia in 2024 – 654 million US dollars
  5. Computers & readers– The annual valuation of Computers & readers exported from Latvia in 2024 – 592 million US dollars
  6. Dishwashing/cleaning machines– The annual valuation of Dishwashing/cleaning machines exported from Latvia in 2024 – 478 million US dollars
  7. Industrial burners – The annual valuation of Industrial burners exported from Latvia in 2024 – 392 million US dollars
  8. Industrial engines– The annual valuation of Industrial engines exported from Latvia in 2024 – 286 million US dollars
  9. Pumps– The annual valuation of Pumps exported from Latvia in 2024 – 225 million US dollars
  10. Engine parts – The annual valuation of Engine parts exported from Latvia in 2024 – 219 million US dollars

TOP 10 EXPORT TRADE PARTNERS OF LATVIA IN 2024

The collaboration between the Latvian firms and the foreign companies, along with the availability of factories for machinery manufacturing, has built up the proper relationship of trade with the topmost investors interested in the machinery export of Latvia. According to the Latvia Customs Data, the top 10 export trade partners of the nation for machinery exports in 2024 are,

  • Lithuania – The total valuation of machinery exported from Latvia to Lithuania in 2024 –  1 billion US dollars
  • Top 5 variants of machinery exported
  • Mining machine
  • Screw press
  • Pelletizer
  • Sheet metal press
  • Wire drawing machine
  • Estonia – The total valuation of machinery exported from Latvia to Estonia in 2024 – 919 million US dollars
  • Top 5 variants of machinery exported
  • Robotic arm
  • Assembly line
  • Testing machine
  • Hydraulic lift
  • Fluid pump
  • Germany – The total valuation of machinery exported from Latvia to Germany in 2024 – 827 million US dollars
  • Top 5 variants of machinery exported
  • Turbine
  • HVAC system
  • Packaging machine
  • Printing machine
  • Textile machine
  • Sweden – The total valuation of machinery exported from Latvia to Sweden in 2024 – 786 million US dollars
  • Top 5 variants of machinery exported
  • Baler
  • Harrow
  • Irrigation pump
  • Air compressor
  • Generator
  • Russia– The total valuation of machinery exported from Latvia to Russia in 2024 – 619 million US dollars
  • Top 5 variants of machinery exported
  • Drill press
  • Tractor
  • Combine harvester
  • Seed‑drill
  • Sprayer
  • United Kingdom – The total valuation of machinery exported from Latvia to United Kingdom in 2024 – 524 million US dollars
  • Top 5 variants of machinery exported
  • Injection‑molder
  • Hydraulic press
  • Industrial furnace
  • Rolling mill
  • Crusher
  • France – The total valuation of machinery exported from Latvia to France in 2024 – 478 million US dollars
  • Top 5 variants of machinery exported
  • Conveyor belt
  • CNC lathe
  • Milling machine
  • Grinding machine
  • Welding machine
  • Denmark – The total valuation of machinery exported from Latvia to Denmark in 2024 – 392 million US dollars
  • Top 5 variants of machinery exported
  • Concrete mixer (stationary or mobile)
  • Concrete pump
  • Crane/hoist / lifting machine
  • Forklift
  • Telescopic handler
  • Switzerland – The total valuation of machinery exported from Latvia to Switzerland in 2024 – 287 million US dollars
  • Top 5 variants of machinery exported
  • Motor grader
  • Road roller/compactor
  • Tower crane
  • Mobile crane
  • Paver (asphalt/concrete paver)
  • Finland – The total valuation of machinery exported from Latvia to Finland in 2024 – 225 million US dollars
  • Top 5 variants of machinery exported
  • Excavator
  • Bulldozer
  • Skid‑steer loader
  • Wheel loader
  • Backhoe loader

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