Latvia Trade Deficit Widens in March

Latvia’s trade deficit widened to EUR 394.6 million in March 2026 from EUR 270.1 million in the corresponding month a year earlier. Imports climbed 11.4% year-on-year to EUR 2,241.7 million, driven by higher purchases of mineral fuels, oil and refined petroleum products (58.2%), mechanisms and mechanical devices (13.9%), and pharmaceutical products (43.5%). Imports also increased from EU countries (11.4%) and non-EU countries (16.2%). Meanwhile, exports rose at a slower pace of 6% to EUR 1,847.1 million, supported by higher shipments of mineral fuels, oil and refined petroleum products (15.6%), electrical equipment and appliances (4.6%), machinery and mechanical appliances (10%), and alcoholic and non-alcoholic beverages (33.9%). Among key trading partners, exports rose to EU countries (11.5%), and CIS countries (25.8%). In the first three months of the year, the country’s trade deficit widened to EUR 900.1 million from EUR 610.3 million in the same period last year.

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%).