[1] Primary trade source
OECD Bilateral International Merchandise Trade Statistics, harmonised by Yugalinks at country-year, HS2 and bilateral-corridor levels. Coverage shown here is 1995–2024 where observations are available.
Country intelligence · LVA · 2024
Latvia trade profile
In 2024, Latvia recorded $18.6B in merchandise exports and $23.9B in imports, producing a $5.3B trade deficit. Exports changed -6.1% from the previous year, while imports changed -6.1%.[1]
Exports
$18.6B
-6.1%
Imports
$23.9B
-6.1%
Trade balance
-$5.3B
deficit
Active partners
270
108 FTA-linked
Historical evidence
Ten-year trade movement
The bars compare exports and imports on the same scale. The accompanying table preserves the exact values so the trend is usable without interpreting a graphic.
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
ExportsImports
Exact annual values
Leading export sectors
HS2 chapters rank broad product groups by observed export value in 2024.
1$3.2B
HS 44 · HS chapter
103 active HS6 lines · 111 export partners
2$1.8B
HS 85 · Electrical machinery
261 active HS6 lines · 170 export partners
3$1.5B
HS 27 · Mineral fuels and oils
43 active HS6 lines · 146 export partners
4$952.4M
HS 84 · Machinery
515 active HS6 lines · 156 export partners
5$871.2M
HS 87 · Vehicles
87 active HS6 lines · 135 export partners
6$787.4M
HS 22 · HS chapter
24 active HS6 lines · 124 export partners
7$686.4M
HS 10 · Cereals
26 active HS6 lines · 67 export partners
8$649.6M
HS 30 · Pharmaceutical products
40 active HS6 lines · 134 export partners
Leading export markets
Destinations rank bilateral export flows from Latvia; growth describes each corridor rather than the whole economy.
1$3.6B
Lithuania
Annual change -6.3% · 3-year CAGR 0.4%
2$1.7B
Estonia
Annual change -2.2% · 3-year CAGR 4.1%
3$1.1B
Germany
Annual change -10.6% · 3-year CAGR -5.4%
4$1.1B
Russia
Annual change -11.2% · 3-year CAGR 9.2%
5$1.0B
Sweden
Annual change -9.0% · 3-year CAGR 0.5%
6$1.0B
United Kingdom
Annual change +7.9% · 3-year CAGR -10.7%
7$829.8M
Denmark
Annual change -1.2% · 3-year CAGR -0.4%
8$737.1M
Poland
Annual change +8.8% · 3-year CAGR 1.4%
Sources, definitions and limitations
Calculation notes
USD values are aggregated from reported merchandise records. YoY compares consecutive annual totals; three-year CAGR is the mart-provided compound annual growth rate. Missing values are not inferred.