Latvia Trade Gap Widens in July

Latvia’s trade deficit widened to EUR 342.6 million in August 2026 from EUR 223.2 million in the same month a year earlier. Exports rose 10.9% year-on-year to EUR 1,749.8 million, supported by higher shipments of mineral fuels, oil and refined products (66.2%), electrical appliances and equipment (9.2%), and wood, wood products and charcoal (0.7%). By destination, exports rose to the EU (11.6%), CIS countries (10.9%), and other countries (8.7%). Meanwhile, imports climbed 16.2% to EUR 2,094.2 million, driven by higher purchases of mineral fuels, oil and refined products (52.1%), electrical appliances and equipment (21.6%), and land vehicles and parts thereof (22.1%). Imports increased notably from the EU (14.2%) and other countries (30.4%), while declining from CIS countries (-33.1%). In the January-August period, the country’s trade gap totaled EUR 2,754.4 million, widening from EUR 2,370.4 million in the same period last year.

Latvia’s trade deficit narrowed to EUR 453.7 million in July 2026 from EUR 532.1 million in the same month a year earlier. Exports jumped 14.9% year-on-year to EUR 1,778.0 million, lifted by higher shipments of machinery and mechanical appliances (+27.2%), electrical machinery and equipment (+24.7%), and vehicles other than railway or tramway rolling stock, and parts and accessories thereof (+18.4%). By destination, exports rose to EU countries (15.6%), CIS countries (5.7%), and other countries (16.4%). Meanwhile, imports rose 7.3% to EUR 2,231.7 million, driven largely by increased purchases of fuels, mineral oils, and products of their distillation (+55.5%), pharmaceutical products (+23.9%), and plastics and articles thereof (+15.8%). Imports recorded gains from EU countries (6.3%) and other countries (15.1%), while purchases from CIS countries declined by 27.7%. In the January–July period, the country’s cumulative trade deficit totaled EUR 2,422 million.

Latvia’s trade deficit widened slightly to EUR 476 million in June 2026 from EUR 474.2 million in the same month a year earlier. Exports jumped 18.6% year-on-year to EUR 1,695.6 million, driven largely by higher shipments of mineral fuels, oils, and products of their distillation (+42.8%), pharmaceutical products (+34.5%), and electrical machinery and equipment (+27.8%). By destination, exports rose to EU countries (19.0%), CIS countries (27.5%), and other countries (14.7%). Meanwhile, imports grew by 14.1% to EUR 2,171.6 million, supported by increased purchases of iron and steel (+42.7%), vehicles other than railway or tramway rolling stock, and parts and accessories thereof (+25.7%), and plastics and articles thereof (+21.9%). Imports from EU countries (13.4%) and other countries (19.5%) saw gains, while purchases from CIS countries declined by 8.6%. In the January–June period, the country’s cumulative trade deficit totaled EUR 1,959.8 million.