Key Market Indicators
The import and export of rum in Latvia is expected to grow in the coming years. In 2021, Latvia's rum imports were valued at around $26 million, making it the 12th largest importer of rum in the world. Russia overtook Latvia in 2021, with imports of $26 million. Italy, the United States and Spain respectively ranked second, third and fourth in this ranking. Latvia's rum exports in 2021 were valued at $28 million, making it the 16th largest exporter of rum in the world. Nicaragua overtook Latvia with exports of $28 million. The United States, Italy and France respectively ranked second, third and fourth in this ranking. From 1999 to 2021, Latvian demand for rum was down by 0.3% year-on-year, while the country's supply increased by 13.7%. By 2026, Latvian rum imports are expected to reach $33 million, growing at an average rate of 3.8% year-on-year. Meanwhile, exports are predicted to reach $34 million, with an average year-on-year growth rate of 3%.
