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International Internet Magazine. Baltic States news & analytics Monday, 24.06.2024, 05:02

Swedbank: Latvia's export to see 5% drop in 2020

BC, Riga, 19.11.2020.Print version
Latvia's export this year will see a 5% drop, which is smaller than expected earlier, said Swedbank chief economist Liva Zorgenfreija in a discussion on export during the Covid-19 pandemic, cites LETA.

She said that Latvia's export market share has increased this year because Latvia's business representatives have been able to keep their export volumes. At the same time, forecasts show further outbreak of the virus and the fourth quarter will be hard for the economy.

Zorgenfreija said that export might se a 5% drop this year, and a 3.1% rise in 2021, and a 4.2% rise in 2022.

Evija Zake, a representative of Development Financial Institution Altum, underscored that Latvia is a small and open economy, and can successfully overcome the pandemic only with exports.

She said that exporting companies are facing a number of risks. Covid-19 is one of the largest risks among them. The whole world has become unpredictable and exporters are looking for solutions to protect themselves against insolvency threat and a possibility of failed payments.

Altum has a solution for this - export guarantee. Zake underscored that Altum provides support to all exporters, irrespective of the sector. Each case is assessed individually.

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