Letònia: Visió econòmica i política
The Latvian market is open and competitive, with foreign trade representing 149% of GDP (World Bank, latest data available). According to the Central Statistical Bureau, in 2023, Latvian exports were dominated by machinery and mechanical appliances, electrical equipment, wood articles, and prepared foodstuffs, which accounted for 16.2%, 15.1%, and 9.8% of the total respectively, followed by chemical products, mineral products, and vegetable products. Among Latvian imports, the most significant commodities included machinery, mechanical appliances, electrical equipment, transport vehicles, mineral products, and chemical products, constituting 19.3%, 13.2%, 11.4%, and 10.2% of the total import value respectively.
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. In 2023, Latvia’s biggest trading partners were Lithuania (19.8% of Latvia's total trade turnover), Estonia (9.9%), Germany (9.3%), Poland (7.6%), and Sweden (4.4%). Lithuania accounted for the largest share of exports (18.2%), followed by Estonia (11.5%), Germany (6.9%), Sweden and Russia (5.9% each). As per imports, Lithuania (21.1%), Germany (11.2%), Poland (10.6%), Estonia (8.5%), and the Netherlands (4.4%) led the list (data CSB).
The country has a structural trade deficit (notably due to its energy imports), which stood at 3.4% of GDP in 2022 (World Bank, latest data available). According to the provisional data provided by the Central Statistical Bureau of Latvia, in 2023, Latvia exported goods valued at EUR 18.9 billion, reflecting an 11.2% decrease compared to 2022. Imports totaled EUR 23.2 billion, marking a decrease by 12.5% compared to the previous year. In 2023, exports to EU countries made up 69.1% of the total volume of Latvian exports and decreased by EUR 1.7 billion or 11.4% compared to 2022.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 18,959 | 18,441 | 24,446 | 29,501 | 27,114 |
Exports of Goods (million USD) | 15,705 | 16,337 | 20,833 | 24,100 | 22,446 |
Imports of Services (million USD) | 3,529 | 3,323 | 4,272 | 5,144 | 5,766 |
Exports of Services (million USD) | 6,257 | 5,536 | 6,286 | 7,587 | 8,127 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 123.6 | 120.3 | 118.8 | 130.8 | 146.5 |
Trade Balance (million USD) | -2,944 | -2,952 | -1,758 | -3,267 | -4,282 |
Trade Balance (Including Service) (million USD) | -230 | -230 | 453 | -1,253 | -1,838 |
Imports of Goods and Services (Annual % Change) | 6.3 | 3.1 | -0.3 | 15.3 | 11.7 |
Exports of Goods and Services (Annual % Change) | 4.4 | 2.1 | -0.3 | 5.9 | 9.1 |
Imports of Goods and Services (in % of GDP) | 62.1 | 60.5 | 58.9 | 67.1 | 76.2 |
Exports of Goods and Services (in % of GDP) | 61.5 | 59.8 | 59.9 | 63.7 | 70.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -5.9 | 3.0 | 2.6 | 2.6 | 2.6 |
Volume of imports of goods and services (Annual % change) | -2.9 | 3.0 | 2.5 | 2.5 | 2.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Lithuania | 18.1% |
Estonia | 11.6% |
Germany | 7.0% |
Russia | 6.0% |
Sweden | 5.9% |
United Kingdom | 4.8% |
Denmark | 4.2% |
Poland | 3.9% |
Finland | 3.7% |
Netherlands | 3.0% |
United States | 2.6% |
France | 2.5% |
Ukraine | 2.5% |
Norway | 1.8% |
Spain | 1.6% |
Belgium | 1.2% |
Czech Republic | 1.2% |
Türkiye | 1.2% |
Nigeria | 1.1% |
China | 0.9% |
See More Countries | 51.4% |
Main Suppliers (% of Imports) |
2023 |
Lithuania | 21.2% |
Germany | 11.1% |
Poland | 10.6% |
Estonia | 8.5% |
Netherlands | 4.3% |
Finland | 4.0% |
China | 3.7% |
Sweden | 3.2% |
Canada | 2.8% |
Russia | 2.6% |
Belgium | 2.0% |
Czech Republic | 2.0% |
Denmark | 1.9% |
France | 1.9% |
Ukraine | 1.3% |
Spain | 1.3% |
Vietnam | 1.1% |
United Kingdom | 1.0% |
Austria | 1.0% |
United States | 1.0% |
See More Countries | 44.2% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
7.3 bn USD of services exported in 2022 | |
32.41% | |
26.25% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 25.40% |
Research and developmentResearch and development | 0.88% |
17.82% | |
14.94% | |
4.70% | |
2.41% | |
0.65% | |
0.46% | |
0.25% | |
0.12% |
4.9 bn USD of services imported in 2022 | |
36.00% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 35.79% |
Research and developmentResearch and development | 0.22% |
26.81% | |
20.53% | |
10.24% | |
2.13% | |
1.72% | |
1.23% | |
0.80% | |
0.34% | |
0.19% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2024
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