Latvia Trade Deficit Shrinks Slightly in March

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%).

Latvia's trade deficit widened sharply to EUR 325.9 million in November 2025, from EUR 104.7 million in the same month of the previous year. Imports rose 7.4% year-on-year to EUR 1,877 million, mainly driven by higher purchases of electrical appliances and equipment (15.8%), mineral fuels, oil, and refined products (9.6%), and land vehicles and parts (10%). Among major trading partners, imports from the EU increased 7.5%, including an 8% rise from the Euro Area. Imports from CIS countries shrank by 55.2%, while imports from other countries grew 18.3%. Meanwhile, exports declined 5.6% year-on-year to EUR 1,552 million, weighed down by lower sales of wood products and charcoal (-12%), which offset growth in electrical appliances and equipment (1.1%), mineral fuels, oil, and refined products (25.7%), and mechanical devices and machinery (18.7%). Exports to the EU rose 7.4%, including a 9% increase to the Euro Area, while exports to CIS countries (-26.8%) and other regions (-34.3%) fell.