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Latvia trade in 2024

In 2024, Latvia exported $18.4 billion and imported $22.2 billion, a trade deficit of $3.9 billion. It was the world's 80th-largest exporter, with 0.08% of world exports. Its top export was sawn wood (4.6% of the total) and its main trading partner was Lithuania (19.1% of its trade).

Summary

Exports
$18.4billion
Imports
$22.2billion
Trade balance
-$3.9billion
Routes to the main partners. Width: trade value; color: estimated transport mode.SeaAirLand
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Products

What it exports

Sawn wood (4.6%) and wheat (4.4%) together make up 9% of its exports.

  1. Sawn wood$853 million · 4.6%
    Main partner: United Kingdom
  2. Wheat$805 million · 4.4%
    Main partner: Nigeria
  3. Firewood and wood chips$680 million · 3.7%
    Main partner: United Kingdom
  4. Cameras and broadcast equipment$633 million · 3.4%
    Main partner: Lithuania
  5. Medicines in measured doses or retail packs$598 million · 3.3%
    Main partner: Lithuania
  6. Spirits$514 million · 2.8%
    Main partner: Russia
  7. Logs$466 million · 2.5%
    Main partner: Sweden
  8. Plywood$384 million · 2.1%
    Main partner: Germany
  9. Peat$357 million · 1.9%
    Main partner: China
  10. Cars$311 million · 1.7%
    Main partner: Lithuania

What it imports

Refined petroleum (6.7%) and cars (5.1%) together make up 11.8% of its imports.

  1. Refined petroleum$1.5 billion · 6.7%
    Main partner: Lithuania
  2. Cars$1.1 billion · 5.1%
    Main partner: Germany
  3. Medicines in measured doses or retail packs$863 million · 3.9%
    Main partner: Lithuania
  4. Cameras and broadcast equipment$641 million · 2.9%
    Main partner: Lithuania
  5. Natural gas and LPG$568 million · 2.6%
    Main partner: Lithuania
  6. Electricity$403 million · 1.8%
    Main partner: Lithuania
  7. Spirits$368 million · 1.7%
    Main partner: Netherlands
  8. Auto parts$298 million · 1.3%
    Main partner: Poland
  9. Monitors and projectors$231 million · 1%
    Main partner: Poland
  10. Computers$221 million · 0.99%
    Main partner: Lithuania

Its products

Destinations and sources of its products that have their own page.

By Harmonized System chapter (96)
ChapterExportsImports
44 · Wood$3.1 billion$518 million
85 · Electrical and electronic equipment$1.7 billion$2.3 billion
27 · Oil, gas and coal$1.2 billion$2.6 billion
84 · Mechanical machinery$957 million$1.8 billion
10 · Cereals$921 million$197 million
22 · Beverages and spirits$805 million$803 million
87 · Vehicles$799 million$2 billion
30 · Pharmaceuticals$652 million$1 billion
73 · Iron and steel products$531 million$450 million
04 · Dairy, eggs and honey$523 million$360 million
94 · Furniture and lighting$440 million$289 million
39 · Plastics$438 million$858 million
90 · Precision and medical instruments$428 million$416 million
72 · Iron and steel$347 million$515 million
23 · Animal feed and food waste$296 million$344 million
38 · Miscellaneous chemicals$269 million$318 million
19 · Baked goods and cereal products$241 million$241 million
16 · Prepared meat and fish$227 million$167 million
62 · Woven clothing$206 million$259 million
70 · Glass$205 million$133 million
40 · Rubber$194 million$277 million
12 · Oilseeds and grains$182 million$121 million
02 · Meat and offal$179 million$266 million
29 · Organic chemicals$162 million$262 million
49 · Books and printed matter$159 million$39 million
33 · Perfumes and cosmetics$156 million$242 million
61 · Knitted clothing$154 million$285 million
21 · Food preparations$148 million$211 million
03 · Fish and seafood$144 million$254 million
15 · Fats and oils$134 million$255 million
74 · Copper$128 million$137 million
48 · Paper and paperboard$128 million$364 million
76 · Aluminum$125 million$114 million
25 · Salt, stone and cement$124 million$78 million
68 · Stone, plaster and cement articles$120 million$108 million
07 · Vegetables$116 million$217 million
01 · Live animals$102 million$36 million
32 · Dyes, paints and tanning agents$101 million$134 million
64 · Footwear$92 million$211 million
34 · Soap and cleaning products$87 million$130 million
11 · Milling products and malt$83 million$34 million
08 · Fruit and nuts$78 million$260 million
31 · Fertilizers$75 million$276 million
18 · Cocoa and chocolate$71 million$125 million
63 · Home textiles and used clothing$68 million$85 million
95 · Toys and sports gear$66 million$127 million
20 · Preserved fruit and vegetables$64 million$161 million
42 · Leather goods and bags$59 million$93 million
09 · Coffee, tea and spices$56 million$130 million
47 · Wood pulp$54 million$12 million
83 · Miscellaneous metal goods$52 million$88 million
71 · Gems and precious metals$40 million$80 million
54 · Synthetic filaments$36 million$32 million
24 · Tobacco$36 million$105 million
17 · Sugar and sweets$34 million$120 million
56 · Felt, nonwovens and rope$32 million$35 million
69 · Ceramics$31 million$50 million
88 · Aircraft and spacecraft$28 million$194 million
28 · Inorganic chemicals$27 million$79 million
82 · Tools and cutlery$27 million$72 million
91 · Watches and clocks$26 million$38 million
86 · Railway equipment$24 million$174 million
89 · Ships and boats$21 million$17 million
35 · Glues, starches and enzymes$20 million$34 million
06 · Live plants and flowers$20 million$72 million
60 · Knitted fabric$20 million$13 million
96 · Other manufactured goods$19 million$49 million
53 · Other plant fibers$13 million$12 million
59 · Coated and technical textiles$12 million$23 million
78 · Lead$12 million$5 million
65 · Hats$10 million$21 million
92 · Musical instruments$9 million$5 million
05 · Other animal products$7 million$12 million
43 · Fur and fur goods$7 million$3 million
81 · Other base metals$7 million$18 million
93 · Weapons and ammunition$6 million$90 million
26 · Ores and slag$6 million$69 million
58 · Special fabrics and lace$6 million$9 million
37 · Photographic goods$6 million$12 million
55 · Synthetic staple fibers$5 million$18 million
57 · Carpets and rugs$4 million$13 million
51 · Wool$3 million$8 million
13 · Gums and plant extracts$3 million$7 million
52 · Cotton$3 million$11 million
14 · Other plant products$3 million$6 million
36 · Explosives and matches$2 million$3 million
97 · Art and antiques$2 million$1 million
41 · Hides and leather$2 million$1 million
66 · Umbrellas and canes$2 million$2 million
79 · Zinc$1 million$8 million
75 · Nickel$1 million$3 million
46 · Wicker and basketware$753 thousand$2 million
67 · Feathers and artificial flowers$588 thousand$4 million
80 · Tin$139 thousand$1 million
45 · Cork$118 thousand$1 million
50 · Silk$55 thousand$341 thousand

Trading partners

Lithuania is its main destination (18.7% of exports) and source (19.3% of imports).

Who it sells to

PartnerValue (USD billions)ShareMode
Lithuania3.418.7%Land
Estonia1.26.7%Land
United Kingdom1.16%Sea
Russia1.15.9%Land
Germany1.15.8%Sea
Sweden0.985.3%Sea
Denmark0.844.6%Sea
Poland0.744%Sea
Netherlands0.73.8%Sea
United States0.643.5%Sea

Who it buys from

PartnerValue (USD billions)ShareMode
Lithuania4.319.3%Land
Germany2.410.9%Sea
Poland2.310.5%Sea
Estonia1.77.7%Land
Finland1.25.5%Sea
Netherlands14.5%Sea
China0.873.9%Sea
Italy0.773.5%Sea
Sweden0.713.2%Sea
Belgium0.452%Sea

Overview 1995–2024

In 2024, Latvia accounted for 0.08% of world exports, compared with 0.05% in 1995.

Exports and imports

Exports grew 7-fold since 1995

USD billions (current). Bars: trade balance (green surplus, red deficit).

  • Exports 18.4
  • Imports 22.2
  • Balance -3.9

Source: CEPII BACI

Show the numbers
YearExportsImportsTrade balance
1995$2.7 billion$2.1 billion$583 million
1996$2.9 billion$2.8 billion$136 million
1997$3.2 billion$3.3 billion-$89 million
1998$3 billion$3.7 billion-$785 million
1999$2.7 billion$3.5 billion-$784 million
2000$3 billion$3.4 billion-$426 million
2001$3 billion$3.8 billion-$809 million
2002$3.1 billion$4 billion-$884 million
2003$4 billion$5.5 billion-$1.6 billion
2004$5.6 billion$7.3 billion-$1.7 billion
2005$7.1 billion$9.2 billion-$2.1 billion
2006$8.5 billion$11.8 billion-$3.3 billion
2007$10 billion$16.7 billion-$6.7 billion
2008$11.4 billion$17.8 billion-$6.4 billion
2009$8.4 billion$10.5 billion-$2.1 billion
2010$9.8 billion$12 billion-$2.2 billion
2011$12.9 billion$18.4 billion-$5.5 billion
2012$12.9 billion$19.4 billion-$6.5 billion
2013$13.2 billion$16.9 billion-$3.7 billion
2014$14.3 billion$17.4 billion-$3.1 billion
2015$11.9 billion$14.6 billion-$2.8 billion
2016$11.9 billion$14.2 billion-$2.3 billion
2017$13.1 billion$16.5 billion-$3.4 billion
2018$15.7 billion$18.5 billion-$2.9 billion
2019$14.7 billion$18.3 billion-$3.6 billion
2020$15.4 billion$17.3 billion-$1.9 billion
2021$18.8 billion$22.5 billion-$3.7 billion
2022$22.6 billion$27.6 billion-$5 billion
2023$20.1 billion$24.3 billion-$4.3 billion
2024$18.4 billion$22.2 billion-$3.9 billion

World rank

Latvia fell from 79th to 80th among the world's exporters

Rank among 222 countries by export value (1st at the top).

  • 79th in 1995
  • 80th in 2024

Source: CEPII BACI

Show the numbers
YearRank
199579th
199680th
199781st
199883rd
199984th
200091st
200189th
200291st
200385th
200481st
200579th
200682nd
200780th
200884th
200985th
201087th
201184th
201284th
201385th
201482nd
201585th
201683rd
201783rd
201881st
201983rd
202078th
202181st
202278th
202381st
202480th

What it sells

Wood became its top export group: from 17% to 17%

% of exports by Harmonized System chapter.

  • Other 45%
  • Pharmaceuticals 4%
  • Vehicles 4%
  • Beverages and spirits 4%
  • Cereals 5%
  • Mechanical machinery 5%
  • Oil, gas and coal 6%
  • Electrical and electronic equipment 9%
  • Wood 17%

Source: CEPII BACI

Show the numbers
Chapter19952024
Wood17.4%17.1%
Electrical and electronic equipment3.3%9.3%
Oil, gas and coal24.3%6.5%
Mechanical machinery1.6%5.2%
Cereals0.15%5%
Beverages and spirits1.4%4.4%
Vehicles2.3%4.4%
Pharmaceuticals1.4%3.6%
Other48.1%44.6%

Who it trades with

Lithuania went from 5% to 19% of Latvia's trade

% of total trade (exports + imports) with each partner.

  • Lithuania 19%
  • Germany 9%
  • Poland 8%
  • Estonia 7%
  • Finland 4%

Source: CEPII BACI

Show the numbers
Partner19952024
Lithuania5.5%19.1%
Germany14.4%8.6%
Poland1.6%7.5%
Estonia3.7%7.3%
Finland5.3%4.4%

Production hubs

Largest industrial emission sources (Climate TRACE, 2025)

No hubs above the globe threshold.

View on the globe

Largest economic production hubs (gridded GDP, 2024)

  • Riga$27.5 billion (PPP, 2021 dollars)
View on the globe

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), in current US dollars, with exports and imports reconciled between countries. The transport mode is our own estimate based on value per kilo and geography. Ranks are computed among the countries with data each year. Services are not included. Data up to 2024.

Neighboring countries

Main partners

See all countries