Baltic Export, Baltic States – CIS, Economics, Latvia, Markets and Companies, Transport

The ministry's report indicates that, according to the Transport Ministry's assessment, there is a risk that Latvia's transport industry could face losses in the amount of EUR 1 billion in case Latvian-Russian relations become worse. This would directly affect the railroad industry, port terminals, road carriers, the main oil pipelines, as well as service providers.

Due to Russia's sanctions, Latvia's refrigerator car park has lost 12.4% (13,765 out of a total of 111,011 shipments) of shipments to Russia. In financial terms, this equals EUR 20.5 million.

The ports of Latvia have been little affected by Russia's economic sanctions. Cargo turnover at Latvian ports has increased by 4.8% in the first ten months of this year.

The dairy industry has suffered the most, as the majority of restrictions concern dairy products, especially cheese.

The Agriculture Ministry says that the milk procurement price has decreased by 25% in October, as compared with July, when the price was EUR 293.2 per ton.

The Economy Ministry reports that products that were included on Russia's embargo list made up 4.5% of Latvia's total product export in 2013, or 0.2% of Latvia's gross domestic product.