Latvia Trade Deficit Narrows in December

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.

Latvia's trade deficit widened to EUR 290 million in October 2025, from EUR 270 million in the same month of the previous year. Imports rose by 2.9% year-on-year to EUR 2,095 million, primarily driven by higher purchases of electrical appliances and equipment (27.1%), land vehicles, parts thereof (15.6%), and machinery and mechanical devices (9.5%). Among major trading partners, imports from the EU rose 2.2%, including a 2.7% increase from the Euro Area. Imports from CIS countries slumped 56.4%, while those from third countries grew 16.5%. Meanwhile, exports rose by 2.2% year-on-year to EUR 1,806 million, supported by increased sales of wood and its products, charcoal (2.8%), electrical appliances and equipment (10.5%), and mineral fuels, oil, and refined products (17.1%). Exports to the EU rose 6.8%, including a 6.1% gain to the Euro Area, while sales declined to both CIS countries (-1.6%) and other regions (-8.2%), particularly a 5% drop in exports to the US.