Inland freight water transport revenue in Latvia 2010-2022

Mirroring the trend of its sea and coastal freight water transport industry, revenues of the Latvian inland freight water transport industry witnessed robust growth between 2010-2015, fuelled by the growing investments in sea port infrastructure as well as in cargo vessels, and the favorable tariff rates. However, the period thereafter has not augured well for the sector, with revenues witnessing a decline from 8.7 million U.S. dollars in 2015 to 7.2 million U.S. dollars in 2019. This can be attributed to the falling investments in cargo vessels, lack of technological advancements in logistical handling and the growth in road freight transport, which has especially benefited from a growing e-commerce market. As of 2018, the amount of freight transported by road in Latvia amounted to approximately 15 billion tonne-kilometers.

Interestingly, the country’s inland passenger water transport industry has witnessed steady growth over the years, with revenues increasing from 338 million U.S. dollars in 2012 to 383 million U.S. dollars in 2019.