The trade and economic cooperation between Ukraine and Latvia is one of the fundamental pillars of the bilateral relationships. In 2019, the Ukrainian bilateral trade with Latvia totalled over USD 564 million (in 2018 – USD 553 million).
Pursuant to the results of export-import operations during the particular period, the trade and economic relations between Ukraine and Latvia performed with a growth rate of over 2%.
Among the main sectors of trade and economic relationship between Ukraine and Latvia are agriculture, transport and other areas of mutual interest.
Amid the COVID-19 pandemic and following the results covering a period of January – June 2020, the volume of trade in goods and services between Ukraine and Latvia shrank by 23.3% to USD 208.6 million. In particular, exports of Ukrainian goods and services to Latvia amounted to USD 122.3 million ("minus" 27.4%), imports fell to USD 86.4 million ("minus" 16.27%). The balance is positive – USD 35.9 million.
The volume of direct investments from Latvia to Ukraine has edged up slightly higher to USD 44.2 million (picking up at a 2.8% rate – USD 0.2 million). The volume of Ukraine’s investments into Latvia has advanced to USD 73 million (increasing by 0.7% – USD 0.5 million).
As of October 2020, 1183 enterprises with Ukrainian investments are registered in Latvia. The main focus of investments centres upon financial and real estate businesses.
In April 2020, the Ukrainian Embassy in Latvia has supported the setting up of a new interactive online platform “Trade House UKRAINA” in Riga: https://thukraina.com/en/. Such a platform is intended for processing the commercial offers of Ukrainian exporters with promoting the Ukrainian goods to be traded in the European market. The Trade House is headed by Ms Jekaterina Petrovska (a citizen of the Republic of Latvia) serving as the Director General of the newly registered legal entity.