Top exports from the Baltic region

The Baltic region is made up of three different countries Estonia, Latvia and Lithuania, all of which have a thriving export sector that has fuelled the economy of the region. The main trading partners outside of the region are Germany, Russia, Sweden and Finland. 

Many view the Baltic countries as one and perceive their economic state as the same, the number does vary quite differently across the three. In terms of exporting goods and services, Estonia and Lithuania are far closer than that of Latvia, who has typically fallen behind in this area.

This gap has closed to some extent over the past few years with Latvia exporting 21.2 billion worth of goods last year, a 29.3% increase on 2021 and the highest record to date.

There are many exports that have fuelled this and, in this article, we will explore the top three.

Machinery and Electronics

Baltic countries are one of the leading exporters of machinery and electronic equipment in the world. Out of all the states, Estonia is the biggest benefactor of this and is a central figure in the electronics sector.

The country has seen a lot of investment from outside due to its business-friendly environment and commitment to technological growth. These products range from electronic components to telecommunications equipment and computer hardware.

Latvia and Lithuania are also big contributors to the industry with the former housing 290 companies that produce equipment in this sector as of last year. They also feed the telecommunications sector and produce a large amount of advanced acoustic systems. With their expertise in this field, it has allowed them to successfully integrate into the international market.

Wood and Timber Products

The Baltic region is well known for its rich forests and booming timber industry, with its commercial forest stocks, accounts making up 6.3% of the EU. With this natural resource widely available to Estonia, Lithuania and Latvia it would only make sense for it to be one of their most widely exported products.

Half of the land in Estonia and Latvia is covered by forest while 33% of Lithuania is made of forested land. All the countries are seen as reliable suppliers of high-quality wood which is harvested by eco-friendly production methods. Timber, plywood and wooden furniture are just some of the exports which have boosted their reputation in the global market.

iGaming

Although not seen as a widely traditional export from the Baltic regions, the iGaming industry is one of the biggest emerging sectors specifically in Latvia. Online gambling in all countries is regulated and its favourable setups have made it a prime location for operators.

Another big reason why iGaming has become a key part of Baltic states is the technological expertise, secure online platforms, and software solutions available. Each country has seen sizeable year-on-year growth in this market.

This is no surprise as the online gambling industry has been booming worldwide thanks to its entertaining and innovative games coupled with the ease of access to sites. Slot sites have become increasingly popular producing games like ‘Fat Panda’ and ‘Country Farming’ as well as offering a wide variety of bonuses and promotions.

The Baltic states have shown themselves to be a thriving export sector of reliable and quality goods.