FX.co ★ Latvia Trade Deficit Widens in May

Latvia’s trade deficit widened to EUR 374 million in May 2026, up from EUR 301.1 million in the same month a year earlier. Imports increased by 9.6% year-on-year to EUR 2,118 million, largely driven by higher purchases of mineral fuels, oil and refined petroleum products (up 58.3%), electrical machinery and equipment (up 18%), and vehicles and related parts (up 10.3%). By trading partner, imports rose from EU countries (up 6.7%) and other countries (up 31.3%), but declined from CIS countries (down 20.4%).

Exports grew by 6.9% to EUR 1,744 million, supported by stronger shipments of mineral fuels, oil and refined petroleum products (up 65.1%), electrical machinery and equipment (up 13%), vehicles and related parts (up 8.9%), and machinery and mechanical appliances (up 8.9%). Exports to EU countries rose by 10.7%, while shipments to CIS countries fell by 2.8% and those to other countries edged down by 0.5%.

Over the first five months of the year, Latvia’s cumulative trade deficit reached EUR 1,486 million.