Latvia's export statistics for 2024 signal notable trends as the country continues to navigate its economic relationships on the global stage. According to the Central Statistical Bureau of Latvia, the total value of exports amounted to 18.68 billion euros, reflecting a decrease of 1.9% compared to the previous year, 2023. On the other hand, imports saw a more significant decline, totaling 21.68 billion euros, which is down by 7.4%. Overall, the external trade turnover was estimated at 40.36 billion euros, marking a reduction of 4.9% from the previous year.
Despite the overall decrease, several product categories saw increased activity. Exports of wood and wood products rose by 5.3%, reaching 153 million euros. The food industry also contributed positively to exports with an increase of 100.9 million euros, or 5.4%. Similarly, chemical industry products saw progress with exports increasing by 4.5% and totaling 73 million euros. These increases indicate some resilience within specific segments of the Latvian economy.
The leading export products were wood, engineered timber products, charcoal, electrical appliances and equipment, and mineral fuels—including oil and its derivatives. Notably, wood and wood products accounted for significant portions of Latvia's exports, primarily going to markets such as the United Kingdom (22.5%), Sweden (12.3%), and Denmark (7.3%).
Further, electrical appliances found their major markets in Lithuania, Estonia, and France, making up considerable shares of Latvia's exports. For mineral fuels, the majority was exported to Lithuania (30.7%), followed by Estonia (11.9%) and Germany (7.9%).
An interesting change within the statistics is Latvia's shifting trade dynamics with countries affected by the geopolitical climate. The report indicated significant drops in exports to Ukraine and Russia, with decreases of 41.6% (to 290.3 million euros) and 9.1% (to 1.028 billion euros) respectively. Essentially, these changes reflect the broader economic ramifications of regional conflicts, affecting trade flows and demand significantly. The drop to Ukraine was largely attributed to diminishing exports of mineral products, which fell by approximately 43.3 million euros.
Exports to Belarus also saw declines, dropping by 16.9% to 142.5 million euros, with textile materials and products being the hardest hit, down by 17.1 million euros.
On the import side, Latvia sourced goods from 176 countries, with the five largest partners being Lithuania, Germany, Poland, Estonia, and Finland, altogether accounting for 57.5% of overall imports. Mineral fuels and oil products were the main import categories, with significant contributions from Lithuania (50%), Finland (21.8%), and Russia (7.5%).
Similarly, the import of electrical appliances chiefly stemmed from Lithuania (15.8%), China (10.8%), and Poland (9.4%), illustrating established trade routes and dependencies on neighboring nations.
The report also highlighted growth within specific markets, such as Kazakhstan and Tajikistan, indicating positive export trajectories amid broader declines. Exports to Kazakhstan rose by 6.2 million euros (5%), and remarkably, exports to Tajikistan surged by 60.2%, reflecting growing economic ties.
The statistical insights provided by the Central Statistical Bureau not only underline the shifts within the Latvian economy but also paint a larger picture of the intertwined nature of international trade amid changing geopolitical realities. The persistence of significant partners such as Lithuania and the Netherlands indicates the underlying stability and potential for recovery and growth as Latvia continues to engage with its global trading partners.
Overall, 2024 highlights both challenges and opportunities for Latvian exports, showing resilience within certain sectors, even as the country faces structural pressures and rapidly changing international relationships.