Key Market Indicators
Latvia's freight volume is projected to decline significantly over the next five years. By 2028, the volume is expected to reach approximately 18.4 billion tonne-kilometers, down from around 21.5 billion tonne-kilometers in 2023. This represents an average annual decline of 2.5%. The Latvian supply has been on a downward trajectory since 2000, with an average annual decrease of 8.8%. In 2023, Latvia ranked 23rd globally in freight volume, with Greece surpassing it at the same volume level. Leading the rankings were Kazakhstan, Germany, and Poland, in second, third, and fourth places, respectively. On the financial front, Latvia's freight revenue is on an upward trend. By 2028, the revenue is expected to climb to €1.84 billion, up from €1.64 billion in 2023. This marks an average annual growth rate of 1.9%. Since 2013, the Latvian market has seen an annual increase of 2.5%. In 2023, Latvia stood at 26th place in terms of freight revenue, with Serbia overtaking it at the same revenue level. France, Poland, and Germany occupied the second, third, and fourth spots in this ranking, respectively.
