In 2024 Latvia exported EUR 18.68 billion worth of goods

Provisional data of the Central Statistical Bureau show that in 2024 Latvia exported EUR 18.68 billion worth of goods, EUR 365.5 million or 1.9 % less than in 2023, and imported EUR 21.68 billion, EUR 1.73 billion or 7.4 % less. The foreign trade turnover of Latvia at current prices reached EUR 40.36 billion – EUR 2.09 billion or 4.9 % less than in 2023. 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.

In 2024, compared to 2023, exports rise was observed in the following commodity groups: wood and articles of wood; wood charcoal – EUR 153 million or 5.3 %, prepared foodstuffs – EUR 100.9 million or 5.4 %, as well as products of the chemical and allied industries – EUR 73 million or 4.5 %.

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 (22.5 %), Sweden (12.3 %) and Denmark (7.3 %); electrical machinery and equipment – to Lithuania (27.7 %), Estonia (12 %) and France (6.1 %); mineral fuels, mineral oils and products of their distillation – to Lithuania (30.7 %), Estonia (11.9 %) and Germany (7.9 %).

In 2024 goods were exported from Latvia to 203 countries worldwide. Five largest exports partners were Lithuania, Estonia, Germany, Sweden and Russia. Their share comprised 47.5 % of total exports value. To Lithuania, Estonia, Germany and Russia agricultural and food products were exported the most, but to Sweden – wood and articles of wood.

In 2024 exports of goods of Latvian origin to the European Union (EU*) countries made up 47.2 % of the total value of goods exported to these countries. Latvian origin goods were mostly exported to Lithuania (EUR 905.2 million), Germany (EUR 859.6 million) and Sweden (EUR 825.1 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 (50 %), Finland (21.8 %), Russia (7.5 %), electrical machinery and equipment – from Lithuania (15.8 %), China (10.8 %), Poland (9.4 %); vehicles other than railway or tramway rolling stock, and parts and accessories thereof – from Germany (35.2 %), Estonia (17.8 %), Poland (9.1 %).

In 2024 goods were imported to Latvia from 176 countries worldwide. Five largest imports partners were Lithuania, Germany, Poland, Estonia and Finland. Their share comprised 57.5 % of total imports value. The main imports from Lithuania and Finland were mineral products, from Germany – transport equipment and associated transport equipment, but from Poland and Estonia – agricultural and food products.

Foreign trade of Latvia with Belarus, Russia and Ukraine in 2024

(at current prices)

In 2024, compared 2023, exports to Ukraine decreased by 41.6 % and comprised EUR 290.3 million, to Russia – by 9.1 % and comprised EUR 1 028.2 million, but to Belarus – by 16.9 % and was EUR 142.5 million. Drop in exports to Ukraine in 2024 was mainly affected by the drop in exports of mineral products by EUR 43.3 million, to Russia – by the fall in exports of machinery and mechanical appliances; electrical equipment by EUR 66.7 million, and to Belarus – by the reduction in exports of textiles and textile articles by EUR 17.1 million.

In 2024, compared to 2023, imports from Ukraine fell by 3.8 % and comprised EUR 287.8 million, from Russia by 34.8 % and comprised EUR 395.6 million, from Belarus by 14 % and comprised EUR 149 million. Decrease in imports from Ukraine was mostly affected by the drop in imports of vegetable products by EUR 34.1 million, from Russia – by the fall in imports of mineral products by EUR 79.2 million, and from Belarus – by the decrease in imports of machinery and mechanical appliances; electrical equipment by EUR 6.6 million.

In 2024, compared to 2023, there was a rise in foreign trade in goods with certain Commonwealth of Independent States (CIS) countries. The largest rise in exports was to Kazakhstan by EUR 6.2 million or 5 %, to Tajikistan by EUR 4.9 million or 60.2 %. In turn, the largest rise in imports was from Kazakhstan by EUR 12.6 million or 15.4 %.

Methodological information:

* When exporting goods to third countries, it is not mandatory to indicate the country of origin in the export declaration, therefore data on the exports of goods of Latvian origin is available only for trade with the EU countries.

Starting with the data on 2024, exports of Latvia includes data on enterprises that exported goods from Latvia to third countries through other EU member states by filling in export customs declarations for the export of goods to third countries. In 2024 the value of these transactions comprised EUR 63 million or 0.3 % of total exports.

More information on Latvian foreign trade in 2024 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:
Public Relations Section
E-mail: media@csp.gov.lv
Phone: +371 27880666

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