In 2023 foreign trade turnover of Latvia has dropped by 11.9 %

Provisional data of the Central Statistical Bureau show that in 2023 Latvia exported EUR 18.94 billion worth of goods, EUR 2.39 billion or 11.2 % less than in 2022, and imported EUR 23.2 billion, EUR 3.3 billion or 12.5 % less. The foreign trade turnover of Latvia at current prices reached EUR 42.14 billion – EUR 5.69 billion or 11.9 % less than in 2022. Please note that the statistics for foreign trade in goods is shown in actual prices and calculated based on the goods value in euro, not the physical amount or quantity.

Last year main commodities in exports of Latvia were wood, articles of wood and wood charcoal; electrical machinery and equipment; mineral fuels, mineral oils and products of their distillation. Wood, articles of wood and wood charcoal was mostly exported to the United Kingdom (20.5 %), Sweden (12.4 %) and Estonia (7 %); electrical machinery and equipment – to Lithuania (26.3 %), Estonia (12.2 %) and Poland (5.2 %); mineral fuels, mineral oils and products of their distillation – to Lithuania (35.9 %), Estonia (14.3 %) and Finland (12.6 %).

In 2023 goods were exported from Latvia to 201 countries worldwide. Five largest exports partners were Lithuania, Estonia, Germany, Sweden and Russia. Their share comprised 48.4 % of total exports value. To Lithuania mostly machinery, mechanical appliances and electrical equipment were exported, to Estonia, Germany and Russia – agricultural and food products, but to Sweden – wood and articles of wood.

In 2023 exports of goods of Latvian origin to EU countries made up 46.1 % of the total value of goods exported to EU countries. Latvian origin goods were mostly exported to Sweden (EUR 901.8 million), Lithuania (EUR 879.1 million) and Germany (EUR 839.7 million). Main Latvian origin commodities in exports to EU countries were wood and articles of wood, charcoal; dairy produce, birds' eggs, natural honey; articles of iron or steel.

Last year main commodities in imports of Latvia were mineral fuels, mineral oils and products of their distillation; electrical machinery and equipment; vehicles other than railway or tramway rolling stock, and parts and accessories thereof. Mineral fuels, mineral oils and products of their distillation were mostly imported from Lithuania (62.5 %), Estonia (10.3 %), Russia (10.1 %), electrical machinery and equipment – from Lithuania (14.4 %), China (12.4 %), Poland (10 %); vehicles other than railway or tramway rolling stock, and parts and accessories thereof – from Germany (33.4 %), Estonia (17.4 %), Poland (9.7 %).

In 2023 goods were imported to Latvia from 172 countries worldwide. Five largest imports partners were Lithuania, Germany, Poland, Estonia and Netherlands. Their share comprised 55.9 % of total imports value. The main imports from Lithuania were mineral products, from Germany – transport equipment and associated transport equipment, but from Poland, Estonia and Netherlands – agricultural and food products.

In 2023, compared 2022, exports to Ukraine decreased by 9.5 % and comprised EUR 472 million, to Russia – by 6.2 % and comprised EUR 1.12 billion, but to Belarus – by 7.5 % and was EUR 170.3 million. Drop in exports to Ukraine in 2023 was mainly affected by the drop in exports of mineral products by EUR 57.6 million, while to Russia and Belarus – by the fall in exports of machinery and mechanical appliances; electrical equipment by EUR 150.5 million and EUR 12.9 million, respectively.

In 2023, compared to 2022, imports from Ukraine increased by 4.4 % and comprised EUR 299.3 million, which was mainly affected by the rise in imports of vegetable products by EUR 21.5 million. In turn, imports from Russia went down by 66.9 % and comprised EUR 606.6 million, from Belarus – by 41.8 % and comprised EUR 173.4 million. In drop in imports from Russia was mostly affected by the reduction in imports of mineral products by EUR 789.8 million, but from Belarus – by the decrease in imports of wood and articles of wood by EUR 119.2 million.

Foreign trade of Latvia with Belarus, Russia and Ukraine in 2023

(at current prices)

In 2023, compared to 2022, there was a significant rise in foreign trade in goods with certain CIS countries. Exports to Kyrgyzstan has increased by EUR 33 million or 2.4 times, to Uzbekistan – by EUR 20.4 million or 30.1 %, to Moldova – by EUR 4.8 million or 16.5 %.

In 2023, compared to 2022, imports from Uzbekistan has grown by EUR 19.1 million or 2.5 times, from Kazakhstan – by EUR 17.8 million or 27.8 %, from Azerbaijan – by EUR 3.1 million or 90.7 %.

More information on Latvian foreign trade in 2023 is available in publication, as well as in official statistics portal section Foreign trade as well as exports and imports data analysis tool.

Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 27880666

More information on data:
Ieva Jansone
Foreign Trade Statistics Section
E-mail: Ieva.Jansone@csp.gov.lv
Phone: +371 67366721