For the latvian economy. Export flows in these product groups are at high risk of shrinking until. Companies re-orient to new markets and recover at least part of their lost business.On the import side. Of goods, russia is slightly more important.It is latvia's UAE Mobile Number Database fourth largest import partner.Belarus is in 12th. Place and ukraine in 18th place.These countries provide about 13% of the value of goods imported to. Latvia. We mainly import mineral products (oil products, gas, electricity), steel, wood and fertilizers. In addition, dependence on UAE Mobile Number Database countries. Directly involved in the war is relatively high. Russia, belarus and ukraine together account for between 35-55% of the total imports of these.
Processes of certain industries. It is likely that we will see that, both as a result of the sanctions already. Imposed and as a precaution, the UAE Mobile Number Database geography of the supply of these goods will begin to change in the. Coming months. It is also possible that physical imports of these raw materials will fall until substitutes. Can be found. The russian company sever stall - a major latvian steel supplier - is already UAE Mobile Number Database subject to. Sanctions. Russia, for its part, has restricted the export of fertilizers. In the case of wood, you will. Probably have to rely more on the local market. In the event of a shortage, the production and export of products.
Role in trade in services, so the transit sector is expected to suffer significantly. It is possible that the recovery of the pandemic will also UAE Mobile Number Database be slower for the tourism industry, as russian tourists in latvia will most likely not return so soon. We can expect that latvia's trade ties with russia, belarus and ukraine will weaken in the near future. Establishing and strengthening new trade relations will, of course, take time and resources. Disruption of gas supplies from russia is a risk, but there are alternatives. The latvian economy has UAE Mobile Number Database a high level of energy dependence on russia. 90% of latvia's natural gas imports come from this country. If gas supplies from russia.