Revenue of »manufacture of veneer sheets and wood-based panels« in Latvia 2011-2023

The wood and related products industry has been one of the key industrial sectors for Latvia over the years. This is not a surprise considering that over half of the country’s land area is covered in dense timberland. Even though the market had to endure some rough weather in the aftermath of the 2008 financial crisis, it has now demonstrated strong recovery. In fact manufacture of wood and cork products overtook the wood sawmilling industry for the first time in many years in 2019.

Processed lumber, birch plywood and softwood wood panels are the main products in the country, not only for the domestic market but for exports as well. Other key products include those derived from semi-finished wood and high-value added wood products. Revenues from the manufacture of veneer sheets and wood-based panels have witnessed a steady increase over the years and this trend is expected to continue over the short to medium term as well, with the market estimated at 631.4 million U.S. dollars. One of the main drivers of this market is the country’s overall construction industry, which has witnessed consistent growth over many years.