FX.co ★ Latvia Trade Gap Narrows in April

In April 2025, Latvia's trade deficit reduced to EUR 268 million compared to EUR 318 million in the same period the previous year, influenced by a faster growth rate in exports relative to imports. On a year-over-year basis, exports climbed by 8.9% to EUR 1,671.9 million. This increase was largely fueled by higher sales in sectors such as mineral fuels, mineral oils, and their derivative products (up 59.6%), dairy produce, bird’s eggs, natural honey (up 42.3%), and pharmaceuticals (up 24.9%). Exports to the European Union rose by 11.2%, and there was an 11% increase to other countries; however, exports to the Commonwealth of Independent States (CIS) saw a decline of 14.1%. In contrast, imports rose at a more moderate rate of 4.7%, reaching EUR 1,939.9 million. The increase in imports was primarily due to a higher intake of mineral fuels and oils (up 40.5%), as well as a rise in optical, medical, or surgical instruments and apparatus (up 24%) and pharmaceutical products (up 14.6%). Imports from the EU grew by 6.1%, complemented by a 9.7% rise in imports from other countries, but there was a significant decrease in imports from the CIS, falling by 50.4%.