The increase of total consumption of products and services is followed by increased extent of manufacturing and therefore larger impact on environment is generated by industries. In order to have higher profits and reduce the tax expenses, company is interested to reduce the amount of used raw materials, resources and emitted pollutants. Industrial symbiosis, which is a smart resource and material flow management, seeks to provide economical and environmental benefits by finding a suitable use for any waste or process by-product from one company within the manufacturing process of another company. Finding an application for manufacturing by-products reduces the need for landfilling and company can save funds that would have been spent. To define possible improvements that would lead to reduction of the impact on environment, the existing flows have to be acknowledged. The main objective of this paper is to define the actual flows of wood materials in wood processing industry in Latvia and to determine whether any inter-firm material exchanges and any occurrence of industrial symbiosis is present. The necessary data were compiled in an inventory that incorporates information about wood material flows in largest wood processing and furniture production companies in Latvia, including the amount, origin and destination of wood resources, produced materials and by-products. It is concluded that on-site reuse of wood manufacturing by-products – cuttings and sawdust – is typically performed in wood processing companies in Latvia. Altogether 10 inter-firm wood material exchanges, one energy exchange and two inter-firm synergies were found.