TIMBER EXPORT TRENDS AND POTENTIAL IN LATVIA

Abstract

Forests are import to the health of the planet, as well as an economic resource of the country. Latvia has 5th highest forest area coverage in the European Union. Major tree species in Latvia are birch, pine and spruce, with the birch having one of the highest felling rates as % of end of year stock. Importance of the topic is that as Latvia, in the particular in exports of selected timber products, as softwood sawn timber, birch plywood, chipboards and pellets, are among one of the ten largest exporters in the world. Therefore, the aim of the research is to evaluate the main timber export products and average value of Latvia and its future potential for strengthening the economic viability of the industry. For this study, the authors have applied monographic and statistical data analysis research methods. Research results indicate that main timber product average export value EUR per one cubic meter has been showing slower growth compared to the import value. However, average timber export value of reviewed products is 299 EUR per cubic meter and it is 16% higher than average timber product import value in 2021, which means that more value is added to wood industry products in Latvia. In Latvia forest trees growth stock and its felling rates creates potential for both: sustainable forest management and further timber products export value growth potential. Export value analysis provides valuable insights into a country�s trade performance, which allows achieving the economic sustainability of forest management in order to significantly develop the environmental dimension in the management of the industry in the future.