Latvia Balance of Trade

Latvia’s trade deficit widened to EUR 334.2 million in February 2026 from EUR 121.3 million in the same month a year earlier. Exports fell 5% year-on-year to EUR 1,550.8 million, weighed down by lower sales of wood and wood products, charcoal (-8.3%), mineral fuels and refined petroleum products (-6.8%), and plastics and related products (-11.5%). Among major partners, exports to CIS countries declined 2.8%. Meanwhile, imports rose 7.5% to EUR 1,885 million, driven by higher purchases of mineral fuels, oil and refined petroleum products (42.1%), electrical machinery and equipment (17.3%), mechanical appliances (2.5%), and pharmaceutical products (20%). Imports increased across EU countries (83.4%), CIS countries (0.7%), and other markets (15.9%). Over the first two months of the year, the country’s trade deficit rose to EUR 505.5 million, up from EUR 340.2 million in the same period last year.

Latvia's trade deficit narrowed to EUR 171.3 million in January 2026, from EUR 218.9 million in the corresponding month of the previous year. Exports declined by 6.6% year-on-year to EUR 1,575.1 million, weighed down by lower sales of wood and articles of wood; wood charcoal (-2.9%), mineral fuels, mineral oils and products of their distillation (-17.1%), machinery and mechanical appliances (-5.1%), and cereals (-41.1%). Exports dropped the most to CIS countries (-16.5%) and other countries (-38.1%). However, exports rose to EU countries (6.2%). Meanwhile, imports slumped 8.3% from a year earlier to EUR 1,746.4 million, primarily due to decreased purchases of electrical machinery and equipment (-5.6%), mineral fuels, mineral oils, and products of their distillation (-16.7%), vehicles and parts (-3.0%), plastics and articles thereof (-12.4%), and iron and steel (-49.6%). Arrivals declined from CIS countries (-64.4%) and EU countries (-8.8%), while it rose for other countries (6.5%).

Latvia’s trade deficit narrowed to EUR 336.6 million in December 2025 from EUR 370.3 million a year earlier, as exports grew at a faster pace than imports. Exports rose 2.7% year-on-year to EUR 1,516 million, mainly driven by higher sales in electrical appliances and equipment (16.2%), alcoholic and non-alcoholic beverages (16.1%), and mechanisms and mechanical devices (13.5%). Export shipments increased to the EU countries (9%), and CIS countries (20.9%). Meanwhile, imports edged up by 0.3% to 1,852 million, supported by higher purchases of electrical appliances and equipment (25.5%), pharmaceutical products (11.9%), and land vehicles and parts (4.6%). However, imports from the EU countries fell (-2.1%), and CIS countries (-21.7%), while for other countries rose (25%).