Latvia’s foreign trade turnover reached 3.32 billion euros in January 2026, a decrease of 7.5% compared to the same period last year, according to preliminary data from the Central Statistical Bureau (CSP).
The decline in trade comes as global economic conditions remain uncertain, potentially impacting supply chains and consumer demand. Both exports and imports saw decreases, with exports falling by 6.6% and imports by 8.3% in January, the CSP reported.
Compared to the previous month, exports increased by 3.9%, while imports decreased by 5.7%. In January, Latvia exported goods worth 1.58 billion euros and imported goods worth 1.75 billion euros.
The trade balance for January showed a slight improvement compared to 2025, with exports accounting for 47.4% of total trade, up from 47.0% the previous year. It’s important to note that foreign trade data is presented in current prices and calculated based on the value of goods in euros, not their physical quantity.
According to calendar and seasonally adjusted data, exports in January 2026 were 4.7% lower than in January 2025, while imports were down 5.7%. Compared to the previous month, exports increased by 1.7% and imports by 1.8%.
Key changes in exports in January 2026 compared to January 2025:
- Exports of vehicles and their equipment increased by 11.7 million euros, or 14.1%;
- Exports of mineral products decreased by 34 million euros, or 15.3%;
- Exports of agricultural products decreased by 26 million euros, or 21.5%;
- Exports of chemical industry and related products decreased by 13.6 million euros, or 10.2%;
- Exports of textiles and textile products decreased by 10.8 million euros, or 22.1%.
Key changes in imports in January 2026 compared to January 2025:
- Imports of machinery, mechanical devices and electrical equipment increased by 15.1 million euros, or 3.9%;
- Imports of common metals and their products decreased by 46.6 million euros, or 31.6%;
- Imports of mineral products decreased by 43.9 million euros, or 16.4%;
- Imports of plastics, rubber and their products decreased by 19.9 million euros, or 21.3%;
- Imports of chemical industry and related products decreased by 19.4 million euros, or 9.3%.
In January, the main export partners were Lithuania (20% of total exports), Estonia (12.5%), Germany (7.3%) and Sweden (5.9%). The most significant import partners were Lithuania (20.4% of total imports), Germany (10.5%), Poland (10.4%) and Estonia (10%).
Exports to the United States decreased by 59.8% in January 2026 compared to January 2025, totaling 20.2 million euros. This decrease was mainly due to a drop in exports of wood and wood products, and charcoal, by 13.9 million euros or 85.2%. Imports from the United States increased by 73.7% to 34 million euros, largely driven by an increase in mineral product imports of 11.2 million euros.
The increase in exports of land transport vehicles, parts and accessories in January 2026 compared to January 2025 was mainly influenced by an increase in exports of vehicles for transporting 10 or more people by 5.6 million euros. Conversely, the decrease in grain product exports was primarily due to a decline in wheat and wheat-rye mixture exports by 20.2 million euros, or 33.8%.
The increase in imports of machinery and mechanical devices in January 2026 compared to January 2025 was mainly influenced by an increase in turbojet engine imports of 10 million euros. The decrease in iron and steel imports was most affected by a decrease in the import of cast iron and spiegeleisen by 28.8 million euros.
In January 2026, Latvia’s foreign trade balance was positive with 109 partner countries, with the value of goods exports exceeding the value of imports. It was negative in trade with 57 countries.
In January 2026, compared to January 2025, the share of EU countries in the total value of exports increased by 9.4 percentage points, while the share in the total value of imports 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.
In January 2026, compared to January 2025, exports to the Russian Federation decreased by 18.5% to 63.2 million euros. The decrease was mainly influenced by a decrease in exports of textiles and textile products by 41.0% or 6.8 million euros. Imports from the Russian Federation decreased by 91.3% to 3.3 million euros in January 2026. The decline in imports was mainly due to a decrease in imports of metals and their products by 29 million euros or 99.3%.
In January 2026, compared to January 2025, exports to Ukraine decreased by 18.0% to 23.5 million euros. The decrease was mainly influenced by a decrease in exports of textiles and textile products and plastics, rubber and their products by 43.2% and 34.8%, respectively. Imports from Ukraine decreased by 35.1% to 14.2 million euros. The decrease in imports was mainly influenced by a decrease in imports of chemical industry and related products by 6.7 million euros or 87.4%.
In January 2026, compared to January 2025, exports to Belarus increased by 41.6% to 6.3 million euros. The increase was mainly influenced by an increase in exports of chemical industry and related products by 1 million euros. Imports from Belarus decreased by 77.2% to 1.9 million euros. The decrease in imports from Belarus was most affected by a decrease in imports of animal or vegetable fats and oils by 5.7 million euros.
