FX.co ★ Latvia Trade Deficit Widens Sharply

Latvia experienced a significant increase in its trade deficit, reaching EUR 325.9 million in November 2025, compared to EUR 104.7 million in the same month the previous year. This development was primarily driven by a 7.4% year-on-year increase in imports, totaling EUR 1,877 million. The surge in imports was mainly fueled by heightened procurement of electrical appliances and equipment (up 15.8%), mineral fuels, oil, and refined products (up 9.6%), and land vehicles and parts (up 10%). Analyzing key trade relationships, imports from the European Union rose by 7.5%, which included an 8% increase from the Euro Area specifically. Conversely, imports from CIS countries experienced a significant decline of 55.2%, while those from other regions expanded by 18.3%.

On the export front, Latvia saw a 5.6% year-on-year decrease, falling to EUR 1,552 million. This decline was attributed to reduced sales of wood products and charcoal, which plummeted by 12%, counterbalancing growth in the export of electrical appliances and equipment (up 1.1%), mineral fuels, oil, and refined products (up 25.7%), and mechanical devices and machinery (up 18.7%). Exports to the European Union increased by 7.4%, including a 9% rise to the Euro Area. However, exports to CIS countries fell by 26.8%, and those to other regions dropped by 34.3%.