Latvia's export and import activities have seen significant shifts as the Central Statistical Bureau of Latvia reported on newly released figures for 2024. The nation exported goods to 203 countries worldwide and imported from 176 countries, but the value of both exports and imports has diminished compared to the previous year.
Specifically, Latvia's export value stood at €18.68 billion, which marks a decrease of €365.5 million, or 1.9%, from 2023. On the import side, the figure reached €21.68 billion, representing a more pronounced drop of €1.73 billion, or 7.4%. The overall external trade turnover for Latvia was €40.36 billion, reflecting about €2.09 billion less than the total from 2023, equivalent to 4.9% reduction.
Despite this downturn, some sectors exhibited growth. Exports of wood and wooden products surged by €153 million (5.3%), with the food industry too seeing increased exports, registering at €100.9 million (5.4%). Contributions from the chemical industry and related sectors grew by €73 million, or 4.5%. Fueled by the increasing demand, key export products included wood, electrical appliances, and mineral fuels.
Geographically, Latvia's wood and wooden product exports were particularly strong with the UK (22.5%), Sweden (12.3%), and Denmark (7.3%) being notable importers. Electrical appliances saw significant export levels to Lithuania (27.7%), Estonia (12%), and France (6.1%). Regarding mineral fuels, the majority was exported to Lithuania (30.7%), followed by Estonia (11.9%) and Germany (7.9%).
Among the top five export partners of Latvia, Lithuania, Estonia, Germany, Sweden, and Russia accounted for approximately 47.5% of the total export value. Notably, Ukraine experienced the sharpest decline with exports plummeting by 41.6%, bringing the total down to €290.3 million. Similarly, exports to Russia decreased by 9.1% to €1.028 billion, whereas exports to Belarus fell by 16.9% down to €142.5 million.
One can attribute the significant fall-off to the reduction of specific product categories being exported. The decline to Ukraine largely stemmed from decreases in mineral product exports, which saw a drop of €43.3 million. For Russia, the downturn was primarily due to lower exports of machinery, mechanical devices, and electrical equipment, losing €66.7 million. Exports to Belarus also suffered with significant reductions particularly in textiles.
On the import front, Latvia sourced goods from 176 countries, with major partners being Lithuania, Germany, Poland, Estonia, and Finland, together comprising 57.5% of the total import value. The bulk of mineral fuels came from Lithuania (50%), followed by Finland (21.8%) and Russia (7.5%).
The figures revealed another notable trend, as imports from Ukraine decreased by 3.8% to €287.8 million, with similar declines from Russia (34.8% drop, totaling €395.6 million) and Belarus (further falling by 14% to €149 million). The primary reduction from Ukraine was linked to significant declines in imported plant products, which lost €34.1 million, alongside declines from Russia due to mineral products falling by €79.2 million.
Interestingly, the Central Statistical Bureau's data also indicated improvements over the prior year with some non-EU countries, particularly certain nations within the CIS bloc experiencing growth. Export figures to Kazakhstan grew by €6.2 million (5%), and to Tajikistan, the increase was substantial at €4.9 million (60.2%). On the import side, Kazakhstan also provided notable growth, experiencing rises of €12.6 million (15.4%).
The shifts observed across Latvia's trade spectrum directly reflect broader economic dynamics inherent both regionally and internationally. With the provided statistics being readily orchestrated by the Central Statistical Bureau, such developments underline the continual flux of trade patterns shaped by multifaceted economic interactions.