The Latvian Exporters Association “The Red Jackets” in cooperation with the Latvian Investment and Development Agency is working on a series of articles about export experience in various markets based on the stories of Latvian companies and market experts. Mārtiņš Tiknuss, the managing director of Gateway&Partners and Chair of the Board of the Latvian Exporters Association “The Red Jackets” has given his expertise about the Swedish market.
Sweden is among the five most important export markets for Latvia. Latvia mainly exports timber and timber products, metal and metal products, and building materials to Sweden. Engineering sciences and information technology services are also among the top trade sectors.
Mārtiņš Tiknuss says that in 2022, Latvian exports of goods and services to Sweden reached 1.46 billion euros. The import of goods and services from Latvia accounts for 1.3% of Sweden’s total imports. “Latvian exports to Sweden still have a great growth potential,” he stated confidently. M. Tiknuss sees Sweden as an easily reachable, stable, predictable and sufficiently well-off country. At the same time, Swedish companies want to buy goods for less than it would cost Latvian companies to produce them. “It is important to understand whether we can enter that market with our prices at all. Latvian companies can make high quality products in small quantities rather than huge amounts. Although the Swedish market is not gigantic, Latvian businesses know how to adapt to it, and it is something that large competitors may not be willing to do. We are so small that the Swedish market is big enough for us,” M. Tiknuss thinks.
Follow the link to read the full article with comments from Uģis Grīnbergs, Member of the Board of the industrial holding UPB, Dmitrijs Zolotarjovs, AS Putnu Fabrika Ķekava and SIA Lielzeltiņi Director for Scandinavian Export, Andis Blinds, the owner of the floorball goalkeeper equipment BlindSave and Valters Jēkabsons, Head of the Investment and Development Agency of Latvia representative office in Sweden: https://www.eksportabarometrs.lv/exp_review/3