Latvia becomes net car exporter

RIGA: Latvia, which doesn't produce any vehicles of its own, has become a net exporter of cars as banks in the bailout dependent Baltic state liquidate vehicles that were pledged as collateral by insolvent borrowers.

The value of exported cars was 86.3 million lati ($174 million) in the year through October, compared with imports of 81 million lati in the period, according to the Riga-based statistics office. That corresponds to 10,092 exported passenger vehicles, and 8,509 in car imports in the first 10 months.

Bad debt will continue to swell next year at Stockholm-based Swedbank AB, the largest Baltic lender, the bank's Chief Executive Officer in Latvia Maris Mancinskis said.