Learn about barriers to market entry and local requirements, i.e., things to be aware of when entering the market for this country.
Entering the Latvian market could prove costly relative to the possible customer base given Latvia’s small population. Many companies therefore focus on Latvia as part of the broader Baltic region or EU market. Other challenges that businesses face in Latvia are local labeling requirements, the potential for market saturation, and the difficulty of protecting business secrets due to Latvia’s small market size.
American products in Latvia face strong competition from EU countries, United Kingdom, and the Commonwealth of Independent States. Due to historical trade relations, companies from Scandinavian countries and Germany typically approach the Latvian market with greater confidence. Entrenched government bureaucracy and relatively high levels of shadow economy are potential impediments to the growth of U.S. trade and investment in Latvia.