Xifres de comerç exterior de Letònia

Foreign Trade in Figures

The Latvian market is open and competitive, with foreign trade representing 130% of GDP (World Bank, latest data available). According to the Central Statistical Bureau of Latvia, in 2022 exports were comprised mostly of wood, wood products and charcoal; mineral fuels, mineral oils and products of their distillation; electrical machinery and equipment. Imports were led by mineral fuels, mineral oils and products of their distillation; electrical machinery and equipment; machinery and mechanical appliances.

With its 530 km-long Baltic coastlines on the west, Latvia is bordered by Belarus and Russia to the east, Estonia to the north and Lithuania to the south. This geographical position allows the country to function as a bridge between the two major economic areas of the EU and the CIS. At the same time, it also makes the country vulnerable to the external context, as shown during the Russia-Ukraine crisis and the following sanctions towards the Russian Federation. As a result, the volume of trade with Russia now accounts for less than 10% of the total while the EU has the lion's share with nearly 45.3% of total exports and an even larger share of imports. In the meantime, the country is also seeking new opportunities beyond Europe, with China and several countries in Central Asia. For 2022, the main partner countries were Sweden (EUR 956.5 million, 4.5%), Lithuania (EUR 933 million, 4.3%) and Germany (EUR 893.4 million, 4.2%); whereas imports came chiefly from Lithuania, Estonia, Germany, Poland, and the Russian Federation (their cumulated share comprised 60.3% of total imports).

The country has a structural trade deficit (notably due to its energy imports), which stood at 3.4% of GDP in 2021 (World Bank). In the same year, Latvia exported USD 20.8 billion worth of goods, importing USD 24.4 billion (+28.5% and +33.1% year-on-year, respectively). Trade in services recorded a surplus, with exports standing at USD 5.7 billion (+14.2% y-o-y) against USD 3.6 billion in imports (+23.2%). Preliminary figures from the National Statistical Office show that in 2022 Latvia exported EUR 21.27 billion worth of goods, importing EUR 26.5 billion (+29.3% and 35.8%). Both are the highest exports and imports value yet recorded, which can be explained by the rise in prices.