Latvia Trade Deficit Widens in May

Latvia’s trade deficit widened to EUR 374 million in May 2026 from EUR 301.1 million in the same month a year earlier. Imports rose 9.6% year-on-year to EUR 2,118 million, driven by higher purchases of mineral fuels, oil and refined petroleum products (58.3%), electrical machinery and equipment (18%), and vehicles and related parts (10.3%). By destination, imports increased from EU countries (6.7%), other countries (31.3%), while it fell to CIS countries (-20.4%). Meanwhile, exports grew 6.9% to EUR 1,744 million, supported by stronger shipments of mineral fuels, oil and refined petroleum products (65.1%), electrical machinery and equipment (13%), vehicles and related parts (8.9%), and machinery and mechanical appliances (8.9%). Exports to EU countries increased 10.7%, while shipments to CIS countries fell 2.8% and those to other countries edged down 0.5%. In the first five months of the year, the country's cumulative trade deficit totaled EUR 1,486 million.

Latvia’s trade deficit narrowed slightly to EUR 249.2 million in April 2026 from EUR 262.2 million in the same month a year earlier. Exports increased 13.9% year-on-year to EUR 1,939 million, driven by stronger sales of mineral fuels, oil and refined products (89.1%), wood and wood products, including charcoal (6.5%), electrical machinery and equipment (17.6%), and vehicles and related parts (12%). Among major trading partners, exports grew to EU countries (9.4%), CIS countries (1.9%), and other markets (31%). Meanwhile, imports rose 11.4% to EUR 2,188.2 million, supported by higher purchases of mineral fuels, oil and refined products (75.1%), electrical machinery and equipment (10.5%), vehicles and related parts (2.9%), and machinery and mechanical appliances (15.2%). Imports also increased from EU countries (10.2%) and other countries (21.4%), while declining from CIS countries (-12.9%). In the first four months of the year, the country’s trade deficit amounted to EUR 1,132 million.

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.