Demographics

Latvia is a gorgeous country on the Baltic Sea surrounded by Estonia and Lithuania. It is spread over an area of 62,200 Km², and one-third of the land is forest only. Latvia’s forests are popularly known as Green Gold as they contribute significantly to the country’s GDP. The Latvian passport is 11^th most powerful globally alongside Slovenia and Iceland.

Latvia comprises a population of 1.8 million, and it ranks 151^st on the list of countries and dependencies as per population. There are 2.65 million mobile connections in the country, with a penetration of more than 140%. Latvia is quite a connected country having 1.67 million internet users and 1.38 million active social media users.

Average Salary

The average salary of a full-time working adult in Latvia is 1,300 LVL monthly. The salaries range from 330 LVL as the lowest and 5,810 LVL as the highest average salary in the region. The median salary comes to be 1,200 LVL which means that at least 50% of people earn around this amount.

Economy

The Latvian economy has improved to a 71.9 score in the 2020 Index, exhibiting an increment of 1.5 points. Latvia’s overall score is higher than the European and global average, making it the 32^nd freest economy globally. It stood on the 46^th spot on the Human Development Index in 2020.

One-third of the arable land is used for cultivation and contributes majorly to the economy. Leading exports include rye, wheat, barley, potatoes, and sugar beets. Latvia’s trades are mainly to the neighboring countries like Lithuania, Germany, Poland, Russia, Estonia, and some others. The capital, Riga, accounts for more than half of Latvia’s GDP.

E-commerce in Latvia

Dropshipping to Latvia has increased in the past years as international sales are experiencing a hike. Price is a critical factor for Latvians, yet they tend to spend generously on their favorite brands and products. The number of internet and social media users is observed to be more than in previous years, adding more to the total e-sales. Almost 890,000 people in Latvia are e-commerce users, and the number is growing speedily.

Fig. Major exports of Latvia

Payment Methods

Latvia is a financially progressive country, and 93.2% of people have an account with a financial institution. Though only 16.5% hold credit cards, credit cards account for 45% of the total online payments. Recreation, hotels, and restaurant expenses have increased in the past years, making the highest e-sales. Electronics and media is the largest e-commerce segment after accommodation, while others include fashion, toys, appliances, and furniture.

Future of e-commerce

Latvia is among the proliferating e-commerce markets in Europe, with a projected user penetration of 62.8% by 2025. Experts forecast the progress by 5.1% hitting revenue of $421 million in 2025 from $345 million in 2021. The fashion segment is expected to reach $137 million in 2021.

Dropshipping to Latvia

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