Latvia: Timber exports down 20%, imports down 33% in M5/2023

Latvia’s timber industry exports totalled EUR 1.4bn in the first five months of 2023, which was down more than 20% from nearly EUR 1.9bn in the same period of 2022, according to data from the Ministry of Agriculture, LSM reports. Exports of wood and wood products amounted to EUR 1.3bn (down 20%), sawn timber to EUR 304mn (down 51%), and wood fuel to EUR 270mn (up 22%). The main export markets were the UK, Sweden, and Denmark. Meanwhile, timber imports totalled EUR 456mn in five months, which was down 33% from EUR 682mn a year earlier. Kristaps Klauss, executive director of the Latvian Forest Industry Federation (LVkoks), said that imports declined due to sanctions on Russia and Belarus. Also, timber prices have come down sharply, he noted.