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- Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, and manufacturing of machinery and electronic devices.
en.wikipedia.org/wiki/Economy_of_Latvia
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6 days ago · Industrialization in Latvia began in the latter part of the 19th century, and by the late 20th century the country was the most heavily industrialized of the Baltic states. Substantial economic changes occurred following Latvia’s independence in 1991, as the country transitioned to a market economy.
Jul 10, 2019 · Learn about the four main sectors of Latvia's economy, which are affected by the country's history, climate, and trade. Find out how Latvia produces machines, cosmetics, grains, honey, and more.
Economic history. For centuries under Hanseatic and German influence and then during its inter-war independence, Latvia used its geographic location as an important east–west commercial and trading centre. Industry served local markets, while timber, paper and agricultural products were Latvia's main exports.
New industry was created in Latvia, including a major machinery factory RAF in Jelgava, electrotechnical factories in Riga, chemical factories in Daugavpils, Valmiera and Olaine, as well as food and oil processing plants. [37]
Particularly in Riga, plant equipment and metalworking operations were founded: in 1947, the company RER began manufacturing electrical drive units for locomotives and street cars, the Riga Diesel Engine Factory went into operation and the enterprise RAF quickly made a name for itself in minibuses.
Latvia, the most industrialized Baltic state, accounted for all electric and diesel trains produced in the Soviet Union, more than one-half of the telephones, and more than 20 percent of the automatic telephone exchanges, refrigeration systems, and buses.
In 1930s, flax and flax seeds, butter, meat and other agriculture and food industry products, along with fabrics and textile goods, and timber formed a significant part of the Latvian export. Majority of products, however, were consumed in the internal market.
