Trade Trend

In 2023, Latvia's total export value is 22.64Billion USD, total import value is 27.39Billion USD, Deficit is -4.74Billion USD, and foreign trade dependency is 1.147. In 2023，Latvia's top export products are Telephone sets, including smartphones and other telephones for cellular/wireless networks; other apparatus for the transmission or reception of voice, images or other data (including wired/wireless networks), excluding items of 8443, 8525, 8527, or 8528(910.63Million USD), Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or fingerjointed, of a thickness exceeding 6mm(772.84Million USD), Ethyl alcohol, undenatured; of an alcoholic strength by volume of less than 80% volume; spirits, liqueurs and other spirituous beverages(702.50Million USD), top export destinations are Lithuania(3.75Billion USD), Estonia(2.38Billion USD), Russia(2.31Billion USD). In 2023, Latvia's top import products are Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(1.31Billion USD), Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars(1.15Billion USD), Petroleum gases and other gaseous hydrocarbons(1.12Billion USD), top import origins are Lithuania(5.47Billion USD), Germany(3.06Billion USD), Poland(2.73Billion USD).

Comparing to 2022, Latvia's total export value decreased -1.46Billion USD(-6.04%) in 2023, this could result from its export decreases of products such as Petroleum gases and other gaseous hydrocarbons(-684.17Million USD or -54.75%), Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or fingerjointed, of a thickness exceeding 6mm(-546.43Million USD or -41.42%), Electrical energy(-374.72Million USD or -53.55%) and export decreases to countries/economics such as Lithuania(-364.43Million USD or -8.87%), Estonia(-337.68Million USD or -12.45%), Finland(-307.84Million USD or -29.08%). Comparing to 2022, Latvia's total import value decreased -2.11Billion USD(-7.16%) in 2023, this could result from its import decreases of products such as Petroleum gases and other gaseous hydrocarbons(-1.50Billion USD or -57.39%), Electrical energy(-901.25Million USD or -68.19%), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils(-311.58Million USD or -19.26%), and its import decreases from countries/economies such as Lithuania(-1.37Billion USD or -20.02%), Russia(-1.29Billion USD or -61.36%), Estonia(-666.35Million USD or -22.72%).

Cumulated to first 7 months of 2024, Latvia's total export value is 6.99Billion USD, total import value is 7.84Billion USD, and tradedeficit is -854.97Million USD. Cumulated to first 7 months of 2024, Latvia's top export products are Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or fingerjointed, of a thickness exceeding 6mm(279.83Million USD), Telephone sets, including smartphones and other telephones for cellular/wireless networks; other apparatus for the transmission or reception of voice, images or other data (including wired/wireless networks), excluding items of 8443, 8525, 8527, or 8528(266.98Million USD), Fuel wood, in logs, billets, twigs, faggots or similar forms; wood in chip or particles; sawdust and wood waste and scrap, whether or not agglomerated in logs, briquettes, pellets or similar forms(249.72Million USD), and top export destinations are Lithuania(1.23Billion USD), Estonia(868.71Million USD), Germany(461.75Million USD). Cumulated to first 7 months of 2024, Latvia's top import products are Wood sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or fingerjointed, of a thickness exceeding 6mm(279.83Million USD), Telephone sets, including smartphones and other telephones for cellular/wireless networks; other apparatus for the transmission or reception of voice, images or other data (including wired/wireless networks), excluding items of 8443, 8525, 8527, or 8528(266.98Million USD), Fuel wood, in logs, billets, twigs, faggots or similar forms; wood in chip or particles; sawdust and wood waste and scrap, whether or not agglomerated in logs, briquettes, pellets or similar forms(249.72Million USD), and top import origins areLithuania(1.49Billion USD), Poland(856.22Million USD), Germany(856.15Million USD).