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.
The statistics for foreign trade in goods is shown in actual prices and calculated based on the goods' value in euros, not the physical amount or quantity.
While being below 2022's figure, Latvia's export level was still signifcantly ahead of the figure for 2021 and indeed previous years.
Last year the main commodities in exports from 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. The five largest exports partners were Lithuania, Estonia, Germany, Sweden and – a fact that will cause pause for reflection – 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.
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. The five largest import 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, 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 %. It has been suggested that a large reason for the rapid rise in trade with these countries bordering Russia may be as a result of sanctions evasion attempts.
