Agriculture, Analytics, Financial Services, Good for Business, Latvia, Markets and Companies, Statistics

The sector's profitability has climbed to 5% from 3% last year, while the number of employees remained virtually unchanged at 21,000.

The study shows that among the included 1,472 companies with a turnover over EUR 145,000, the biggest turnover rise by 75% was recorded in the plant growing segment, which can be explained with the good grain harvest. Meanwhile, companies selling machinery and equipment saw a 65% rise in turnover, fisheries reported a 56% growth. At the same time, livestock farming reported a 44% drop due to decline in milk and pork prices.

The agriculture sector has paid EUR 147.309 mln in taxes into the state budget.

The study suggests that the Uralchem Trading mineral fertilizers wholesaler was the sector's leader with EUR 1.133 billion in turnover, followed by cooperative Latraps with EUR 163.171 mln, and Baltic Agro mineral fertilizers and grain wholesaler with EUR 132.921 mln in turnover.

The top ten companies also include Scandagra Latvia mineral fertilizers wholesaler with EUR 75.521 mln, Pindstrup Latvia peat company with EUR 53.019 mln, Balticovo egg producer with EUR 45.939 mln, Konekesko Latvia machinery seller with EUR 41.811 mln, Putnu Fabrika Kekava poultry farm with EUR 40.811 mln, Lielzeltini poultry farm with EUR 34.613 mln, and Starco Eastern Group machinery seller with EUR 27.193 mln in turnover.

Experts said that despite the crisis in the dairy sector and the complicated geopolitical situation that results in a loss of the important Russian market, the agriculture sector is still the drive of Latvia's export, ensuring 20% of the aggregate export in the national economy.