Key Market Indicators
Latvian exports of DC motors are projected to decline to approximately $307,000 by 2028, down from $334,000 in 2023. This reflects an annual average decrease of 1.3% in the compound annual growth rate (CAGR). Since 1999, the country's supply has diminished by 6% annually. In 2023, Latvia ranked 44th in global DC motor exports, with Luxembourg surpassing it at $334,000. Leading the global rankings are Germany, the United States, and France, occupying the second, third, and fourth positions, respectively. In contrast, Latvian imports of DC motors are expected to rise, reaching around $465,000 by 2028, up from $422,000 in 2023. This marks an average annual growth rate of 1.6%. Despite this increase, Latvian demand has seen a year-on-year decline of 1.3% since 1999.
