Latvian furniture production increases by almost 50%

In the third quarter, Latvian furniture production increased by almost 50% vis à vis the comparative quarter of the preceding year to a value of €72.9m. According to the Central Statistical Bureau of Latvia, turnover rose at a similar rate to €75.1m. The majority of furniture industry turnover in the third quarter, at 82%, was generated in exports. Compared to the two previous quarters domestic turnover reached a preliminary peak, accounting for a proportion of 18%. In the first and second quarters the proportion of domestic turnover had amounted to 15.5% and 16.9% respectively.

In the accumulated period up to and including September, Latvian furniture production reached a total value of €207.0m. Compared to the same period last year, this represents an increase of 46.6%. Turnover increased at an even more significant rate by 47.0% to €211.7m. In 2020, production had risen by 2% to €199.2m and turnover by 3% to €203.3m.

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