Key Market Indicators
Latvia's electrical equipment revenue is projected to climb to approximately €184 million by 2028, rising from around €162 million in 2023. This growth reflects an average annual increase of 2%. Since 2013, the Latvian market has expanded by 5% each year. In 2023, Latvia ranked 28th globally in this sector, with Lithuania surpassing it with similar revenue figures. France, Italy, and Spain held the second, third, and fourth positions, respectively. Meanwhile, Latvia's electrical equipment exports are expected to soar to about $2.1 billion by 2028, up from nearly $1.8 billion in 2023. This marks an average annual growth rate of 2.4% since 1999, during which Latvian exports have consistently increased by 3.7% each year. On the import front, Latvia's electrical equipment imports are forecasted to reach roughly $2.4 billion by 2028, compared to about $2.1 billion in 2023. This represents an average yearly growth rate of 2.2%. Since 1999, Latvian imports in this sector have risen by 3% annually.
