Latvia Export to China: Bilateral economic and trade relations and economic and technological cooperation

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In recent years, bilateral economic and trade cooperation between China and Latvia has achieved certain development. So far, the two countries have signed cooperation agreements such as economic and trade cooperation agreements, double taxation avoidance and tax evasion prevention agreements, and commodity inspection agreements, which have laid a good legal foundation for cooperation in specific areas. The economic and trade cooperation committees of the two countries have been operating smoothly, and 10 regular meetings have been held so far.


On July 27, 2001, Shi Jianxin, head of the European Department of the Ministry of Foreign Trade and Economic Cooperation, led a delegation to attend the 3rd meeting of the China-Latvia Intergovernmental Mixed Economic and Trade Commission in Riga. The two sides exchanged views on cooperation in trade, export, investment, transportation, high technology and other fields. Shi Jianxin co-chaired the meeting with Vitorins, Director of the Foreign Economic Affairs Department of the Latvian Ministry of Foreign Affairs The State Secretary of the Ministry of Economy of Latvia, Gerjas, and the Deputy State Secretary of the Ministry of Foreign Affairs, Verses, respectively met with the Chinese delegation.


On May 18-25, 2002, in response to the invitation of the Institute of International Trade and Economic Cooperation of the Ministry of Foreign Trade and Economic Cooperation, a “Latvia Economists Association 2010” delegation visited China. During the visit, the delegation met with the Ministry of Foreign Trade and Economic Cooperation, Bank of China, International Ocean Shipping Corporation and other units, and visited Shanghai and Hong Kong. From November 15 to 18, 2004, the fourth meeting of the China-Latvia Economic and Trade Mixed Commission was held in Beijing. Vice Minister Zhang Zhigang met with the delegation. The inspectors of the European Department of the Ministry of Commerce must co-chair the meeting with Kai and Li Yepingna, deputy state secretary of the Ministry of Economic Affairs. The two sides signed the “Minutes of the Fourth Meeting of the China-Latin America Economic and Trade Mixed Commission.”


According to statistics from the Ministry of Commerce of China, the bilateral trade volume in 2003 was US $ 130 million, an increase of 78.5% year-on-year, of which China’s exports were US $ 111 million and imports were US $ 19.21 million, an increase of 63.9% and 266.9% respectively.


In 2004, the trade volume between the two countries was 199 million US dollars, a year-on-year increase of 53.1%, of which Latvia exported 19.81 million US dollars, a year-on-year increase of 3.2%, and imported 179 million US dollars, a 61.8% year-on-year increase.


In 2005, bilateral trade volume was US $ 290 million, an increase of 46% year-on-year, of which China ’s exports were US $ 281 million, an increase of 57.4% year-on-year, and imports of US $ 8.56 million, a year-on-year decrease of 56%.

On August 23-28, 2005, Vice Minister of Commerce Yu Guangzhou led a delegation to attend the 5th meeting of the China-Latvia Intergovernmental Economic and Trade Mixed Committee held in Riga.


The bilateral trade volume in 2006 was US $ 453 million, an increase of 56.1% year-on-year, of which China ’s exports were US $ 439 million, an increase of 56% year-on-year, and imports were US $ 13.72 million, an increase of 60.4% year-on-year.


The bilateral trade volume in 2007 was US $ 706 million, an increase of 55.8% year-on-year, of which China ’s exports were US $ 684 million, an increase of 55.8%, and imports were US $ 21.5 million, an increase of 56.7%.


In 2008, the trade volume between the two countries was 865 million US dollars, an increase of 22.4% year-on-year, of which China’s exports to Latvia were 847 million US dollars, an increase of 23.7% year-on-year, and imports were 18 million US dollars, a year-on-year decrease of 16.2%.


In September 2009, the 7th China-Latvia Economic and Trade Mixed Committee was held in Riga.
In 2009, the trade volume between the two countries was US $ 478 million, a year-on-year decrease of 44.8%. Among them, China ’s exports to Latvia were US $ 452 million, a year-on-year decrease of 46.7%, and imports were US $ 26 million, an increase of 44.4%.


In July 2010, Latvian Economic Minister Attis visited China and Minister of Commerce Chen Deming met.
In 2010, the trade volume between the two countries was 833 million US dollars, an increase of 74.1% year-on-year, of which China ’s exports to Latvia were 4.794 billion US dollars, an increase of 74%, and imports were 39 million US dollars, an increase of 48.4%.


In 2011, the trade volume between the two countries was US $ 1.256 billion, a year-on-year increase of 50.69%. Among them, China exported US $ 1.193 billion to Latvia, an increase of 50.02%; China imported US $ 63 million from Latvia, an increase of 64.51%. In September 2011, Latvian Minister of Economy Kampals came to China to attend the Northeast Asia Expo held in Changchun and met with Vice Minister of Commerce Jiang Zengwei.


The bilateral trade volume in 2012 was 1.382 billion US dollars, an increase of 10% year-on-year. Among them, China ’s exports to Latvia were 1.313 billion US dollars, an increase of 10%; China ’s imports from Latvia were 68.827 million US dollars, an increase of 8.5%.
In February 2012, the Intergovernmental Economic and Trade Cooperation Committee of the two countries held the 8th regular meeting in Beijing. In October, Vice Minister of Commerce Chen Jian led a Chinese government economic and trade delegation to visit Latvia and attended the “China and Latvia Business Seminar” organized by the Investment and Development Agency of Latvia. In November, the 8th Global China Business Conference was held in Riga. Latvian Prime Minister Dongbrovskis and Minister of Economics Pavruz attended. Lu Yaohua, Executive Vice President of China Industrial Economic Association, attended the meeting.


In 2013, the total import and export trade between China and Latvia was US $ 1.47 billion, an increase of 6.7% year-on-year. Among them, China ’s exports to Latvia were US $ 1.37 billion, an increase of 4.7%; China ’s imports from Latvia were US $ 100 million, an increase of 44.1%.
In June 2013, Zhang Wei, vice chairman of the China Council for the Promotion of International Trade, led a delegation to visit Latvia and met with the Speaker of the Parliament of Latvia Abordina, the Minister of Transportation Mattis, the State Secretary of the Ministry of Economic Affairs Pusa, and met with the President of the Latvian-Chinese Business Association Kampa Ls.


In February 2014, the ninth meeting of the China-Latvia Economic and Trade Joint Commission was held in Riga. In June, the State Secretary of the Latvian Ministry of Economy Razdovskis came to China to attend the China-CEEC Ministerial Conference on Economic and Trade Promotion. The International Trade Negotiation Representative and Deputy Minister Zhong Shan of the Ministry of Commerce met with him; Vice Minister Weng Mengyong of the Ministry of Transport attended Riga High-level transportation and logistics conference; Zhi Shuping, director of the General Administration of Quality Supervision, Inspection and Quarantine, visited La. In September, Ozolins, Deputy State Secretary of the Ministry of Transport of Latvia attended the 4th China-Asia-Europe Expo in Xinjiang.
According to statistics from the General Administration of Customs of China, China ’s total Latvian trade in 2014 was US $ 1.464 billion, a decrease of 0.7% over the previous year. Among them, China ’s exports to Latvia were 1.317 billion US dollars, a decrease of 4.2%; China ’s imports from Latvia were 147 million US dollars, an increase of 48.1%. Latvia’s export commodities are mainly: machinery and electronic equipment, transportation vehicles, metal products, chemical products, wood and its products. Latvia’s imported commodities are mainly: textiles, machinery and electronic equipment, metal products, etc. As of the end of August 2015, China had invested a total of USD 3.83 million in Latvia, and the cumulative turnover of project contracting was USD 23.43 million. Latvia invested USD 3.06 million in China.


According to statistics from the General Administration of Customs of China, China ’s total Latvian trade in 2015 was US $ 1.17 billion, a decrease of 20.2% from the previous year. Among them, China ’s exports to Latvia were US $ 1.02 billion, a decrease of 22.3%; Chinese imports from Latvia were US $ 150 million, a decrease of 1.6%. Latvia’s export commodities are mainly: machinery and electronic equipment, transportation vehicles, metal products, chemical products, wood and its products. Latvia’s imported commodities are mainly: textiles, machinery and electronic equipment, metal products, etc.


In February 2016, China Harbour Engineering Corporation and Riga Commercial Port Group signed a new coal terminal project agreement. In May, Dai Dongchang, Vice Minister of Transportation of China, attended the first 16 + 1 Minister of Transportation Conference in Riga. In July, Latvian Minister of Transport Augusti visited China. In the same month, the China Railway Corporation and the Latvian Railway State Joint Stock Company signed the “Letter of Intent of the China Railway Corporation and the Latvian Railway State Joint Stock Company on the Development of Sino-European Train Cooperation”. In October, the first “China-Latvia” trial operation freight train was opened. In November, China and Latvia signed an intergovernmental memorandum of understanding to jointly build the “Belt and Road” initiative.

According to statistics from the Ministry of Commerce of China, the total trade volume between China and Latvia was US $ 1.19 billion in 2016, an increase of 2.3% year-on-year. Among them, Chinese exports were US $ 1.06 billion, an increase of 3.9%, and imports were US $ 130 million, a year-on-year decrease of 8.6%. As of the end of 2016, Latvia had invested a total of USD 3.16 million in China, and China had invested a total of USD 940,000 in Latvia.


In March 2017, China and Latvia held the 10th meeting of the Joint Economic and Trade Commission. In May, the China-Latvia Economic and Trade Cooperation Forum was held in Latvia. In May, Latvian Minister of Transport Augusti came to China to attend the high-level meeting of the “Belt and Road” International Cooperation Summit Forum. In June, State Secretary of the Latvian Ministry of Economy Stinka came to China to attend the third China-Central and Eastern European Countries Investment and Trade Fair. In September, Riga Port signed a strategic cooperation agreement with Lianyungang. In October, Wuhan Huada Gene Technology Co., Ltd. signed a cooperation agreement with the Latvian Investment and Development Agency. In November, the two parties signed the “Final Equity Transfer Agreement for the Acquisition of Latvia’s Stanland Brand Project by China International Capital Corporation”.

In 2017, the total trade volume between China and Latvia was US $ 1.33 billion, an increase of 10.9% year-on-year, of which China ’s exports were US $ 1.15 billion, an increase of 8%, and imports were US $ 180 million, an increase of 34%.


In June 2018, the China Council for the Promotion of International Trade held the China-Latvia Trade and Investment Exchange Conference and the 2018 China (Latvia) Electromechanical Brand Exhibition in Latvia. In the same month, Latvian Minister of Transport Augusti came to China to attend the 2018 World Transport Conference.

In 2018, the total trade volume between China and Latvia was US $ 1.38 billion, an increase of 4.1% year-on-year. Among them, Chinese exports were US $ 1.17 billion, an increase of 1.7% year-on-year, and imports were US $ 210 million, an increase of 20.2% year-on-year.


2019 China-Latvia bilateral trade profile and main import and export products:
According to statistics from Eurostat, the import and export volume of Latvia and China in 2019 was US $ 750 million, a decrease of 2.7%. Among them, Latvia ’s exports to China were 180 million US dollars, down 6.7%, accounting for 1.1% of Latvia ’s total exports, down 0.1 percentage points; Latvia ’s imports from China were 570 million US dollars, down 1.4%, accounting for 3.1% of Latvia ’s total imports, an increase of 0.1 percentage point. Latvia ’s trade deficit was US $ 390 million, an increase of 1.2%. China is the 19th largest export market for Latvia and the 11th largest source of imports.
Wood and products are the first category of products exported by Latvia to China. In 2019, exports reached US $ 92 million, an increase of 8.1%, accounting for 51.7% of Latvia ’s total exports to China. Mineral products are the second largest commodity exported by Latvia to China, with an export value of 23 million US dollars, a decrease of 3.2%, accounting for 13.0% of Latvia ’s total exports to China. Electromechanical products are the third largest commodity exported by Latvia to China, with an export value of US $ 18 million, a decrease of 2.3%, accounting for 10.2% of Latvia ’s total exports to China.


In April 2019, Ningbo City and the Latvian Investment and Development Agency signed the Memorandum of Understanding on Cooperation to Support the Construction of China (Ningbo) -Latvia Cross-Border E-Commerce Port. On May 20, the e-commerce port was officially launched in Riga.