Latvia’s Foreign Trade Turnover Declines in January 2026

In January 2026, Latvia’s foreign trade turnover reached 3.32 billion euros, representing a 7.5% decrease in actual prices compared to the same period last year. This decline was driven by a 6.6% reduction in the value of goods exported and an 8.3% decrease in the value of goods imported, according to preliminary data from the Central Statistical Bureau of Latvia (CSB).

Trade Performance Overview

Compared to December 2025, exports increased by 3.9%, while imports decreased by 5.7%. January saw exports totaling 1.58 billion euros and imports reaching 1.75 billion euros. The foreign trade balance showed a slight improvement, with exports accounting for 47.4% of the total foreign trade volume, up from 47.0% in January 2025. It’s critical to note that foreign trade data reflects actual prices and is calculated based on the euro value of goods, not their physical quantity.

According to calendar and seasonally adjusted data, exports in actual prices were 4.7% lower in January 2026 compared to January 2025, while imports were 5.7% lower. Compared to the previous month, exports increased by 1.7%, and imports by 1.8%.

Key Export and Import Changes

Exports:

• The export of means of transport and their equipment increased by 11.7 million euros, or 14.1%.
• Mineral product exports decreased by 34 million euros, or 15.3%.
• Vegetable product exports decreased by 26 million euros, or 21.5%.
• Exports of products from the chemical industry and related branches decreased by 13.6 million euros, or 10.2%.
• Textile material and textile product exports decreased by 10.8 million euros, or 22.1%.

Imports:

• Imports of mechanisms, mechanical devices, and electrical equipment increased by 15.1 million euros, or 3.9%.
• Imports of base metals and their products decreased by 46.6 million euros, or 31.6%.
• Mineral product imports decreased by 43.9 million euros, or 16.4%.
• Imports of plastic, rubber, and their products decreased by 19.9 million euros, or 21.3%.
• Imports of products from the chemical industry and related branches decreased by 19.4 million euros, or 9.3%.

Major Trade Partners

In January, Lithuania was the primary export partner, accounting for 20% of total export volume. Estonia followed with 12.5%, Germany with 7.3%, and Sweden with 5.9%. For imports, Lithuania was too the leading partner with 20.4% of the total import volume, followed by Germany (10.5%), Poland (10.4%), and Estonia (10%).

Trade with the United States

Exports to the United States in January 2026 decreased by 59.8% year-on-year, totaling 20.2 million euros. This decline was primarily due to a drop in wood and wood product exports, particularly charcoal, which fell by 13.9 million euros, or 85.2%. Conversely, imports from the United States increased by 73.7%, reaching 34 million euros, largely driven by an 11.2 million euro increase in mineral product imports.

Specific Product Trends

The increase in land vehicle and parts exports was largely due to a 5.6 million euro increase in the export of vehicles designed to transport 10 or more people. The decrease in cereal product exports was primarily caused by a 20.2 million euro, or 33.8%, drop in wheat and rye mixture exports. The increase in mechanism and mechanical device imports was influenced by a 10 million euro increase in turbojet engine imports. The decrease in iron and steel imports was most affected by a 28.8 million euro decrease in the import of recycled cast iron and mirror cast iron.

Trade Balance and EU/CIS Relations

Latvia maintained a positive trade balance with 109 partner countries in January 2026, where the value of exports exceeded imports. Trade was negative with 57 countries. The share of European Union countries in total export value increased by 9.4 percentage points, while the share in total import value decreased by 0.4 percentage points. The share of CIS countries in exports decreased by 0.6 percentage points, and in imports by 2.2 percentage points.

Trade with Russia and Ukraine

Exports to the Russian Federation decreased by 18.5% in January 2026, totaling 63.2 million euros, with a 41.0% or 6.8 million euro drop in textile material and textile product exports. Imports from Russia decreased by 91.3% to 3.3 million euros, primarily due to a 29 million euro, or 99.3%, decrease in metal and metal product imports.

Exports to Ukraine decreased by 18.0% to 23.5 million euros, influenced by declines in textile materials, textile products, plastics, and rubber exports. Imports from Ukraine decreased by 35.1% to 14.2 million euros, mainly due to a 6.7 million euro, or 87.4%, drop in imports of products from the chemical industry and related branches.

Trade with Belarus

Exports to Belarus increased by 41.6% to 6.3 million euros, driven by a 1 million euro increase in the export of products from the chemical industry and related branches. Imports from Belarus decreased by 77.2% to 1.9 million euros, largely due to a 5.7 million euro drop in the import of animal or vegetable fats and oils.

Source: Central Statistical Bureau of Latvia (CSB)