Data shows that Latvia’s export performance declined last year. For a small economy, however, exports are not a matter of choice – they are the key driver of growth. To analyse the barriers holding back export development, Industra Bank, in cooperation with the Latvian Chamber of Commerce and Industry (LCCI), last week organised an online discussion “Export Ceilings or New Horizons?”, bringing together entrepreneurs and industry representatives.

On 1 October, the conversation will continue at the ExportUp! forum, where the focus will be on identifying solutions to strengthen the international competitiveness of Latvian businesses.

Jurijs Adamovičs, Chairman of the Supervisory Board of Industra Bank, noted: “Export is like an exam — it requires ambition, the willingness to take risks, and often involves painful lessons. Yet this experience opens doors to new markets and builds stronger, more resilient businesses. At Industra Bank, we see growing activity among our clients – interest in acquiring new equipment as well as in mergers and acquisitions. This shows that times of change are also times of opportunity, and for a small country like Latvia, these opportunities must be seized. A small ship can be turned more quickly and cheaply, which can become an advantage in global competition. With our expertise and experience, Industra Bank is ready to provide quality support to companies taking their first steps towards export.”

Key insights from the discussion

Export as ambition, courage and the human factor

• Everything starts with the ambitions of a company’s management and shareholders; deciding to enter export markets is like an exam that requires courage, as entering a new market always means being prepared for initial losses.
• No one is waiting for us in export markets – success requires deliberate strategy and hard work, with the first deal being critical.
• The art of exporting is not taught at school; success depends on finding the right people.

Exporting companies in the regions create jobs and support other sectors

• There is frequent debate about the need for high value-added production, yet Latvia remains a strong agricultural country with a relatively high level of automation – and this is not a disadvantage.
• One success story is the export of products made from Latvian raw materials.
• Export-oriented companies in the regions provide a stable market for local suppliers, boosting demographics and economic activity.

Productivity and scaling

• Latvia has many high-quality products, but the challenge is scaling up.
• Local markets show quality, but international markets demand volume.

Export opportunities and challenges

• Times of change are also times of opportunity – by stepping out of the comfort zone, new niches can be found.
• “The US invents, China manufactures, the EU regulates” – this reality increases costs and limits market potential.
• Sanctions, extensive documentation and restrictions on interbank payments create additional hurdles for exporters.
• Strengthening Latvia’s image is also “homework” for state institutions, as some partners avoid doing business with Latvia.

The discussion featured Andris Matisons, Member of the Board, Bio-Venta; Kaspars Ivanovs, Chairman of the Board, Lotos Pharma; Katrīna Zariņa, Member of the Board, Latvian Chamber of Commerce and Industry; and Jurijs Adamovičs, Chairman of the Supervisory Board and shareholder of Industra Bank, founder and Chairman of the Board of APF Holdings. The discussion was moderated by Ivars Svilāns.