In the coming months, Latvia's export dynamics will be volatile, and they will continue to be constrained by geopolitical uncertainty as well as by the trade tariffs introduced by the USA in April. In this situation, it is essential to keep seeking new supply opportunities and to diversify the markets in which goods are sold.

According to data from the Central Statistical Bureau, in February 2025 the value of goods exports at current prices rose by 0.1% year on year. The value of imports, meanwhile, was 2.2% higher than a year earlier. The trade balance in February stood at -4.4%.

In February, the value of mineral product exports rose substantially year on year. Exports of dairy products, cereals, oilseeds, and plastics and articles thereof grew more moderately. The value of exports of pharmaceutical products and of wood and wood products, by contrast, declined.

Year on year, exports to Latvia's main market – the EU countries – rose by 3%. Export values grew most rapidly to Lithuania (mineral products, vehicles), Finland (mineral products), Belgium (oilseeds), Estonia (dairy products, timber) and France (cereals). They fell to the Netherlands (miscellaneous chemical products, cereals).

Exports to the CIS countries continued to fall sharply – by 22.4%. Among these, exports to Russia (pharmaceutical products, beverages) declined substantially, and those to Belarus (optical instruments, worn clothing) somewhat more moderately. Beverages still account for a large share of all exports to Russia. Clothing, footwear, perfumery and other goods not subject to sanctions are also exported.

In February, exports to the remaining countries grew slightly – by 0.6%. Within this group, export values rose substantially to Morocco, Senegal and Côte d'Ivoire (cereals to all three), Nigeria (mineral products) and Norway (plastic products). They fell, however, to the USA (timber, machinery), Türkiye (iron and steel) and Ukraine (unspecified goods, pharmaceutical products).

In February, the year-on-year growth in imports was driven largely by the rise in the value of imports of mineral products and of electrical machinery and equipment. Imports of land vehicles, animal feed, cereals and pharmaceutical products declined.

Overall, in the first two months of 2025 goods exports at current prices were 1% lower than a year earlier, while goods imports over the same period were 9.3% higher than a year earlier.