Latvia possesses a unique geographical location on the shore of the Baltic Sea and at the centre of the Baltic countries. For centuries, this has placed Latvia squarely at a crossroads of international commerce. Since the 14th century, Latvia has been a major commercial hub between west and east and was at the centre of the Hanseatic League, the world’s first Free Trade Area.
According to the provisional data provided by the Central Statistical Bureau of Latvia, in 2024, Latvia exported 18.9 billion euros worth of goods, which is 0.7% less than in 2023, and imported 21.7 billion euros, a decrease of 4.4% compared to the previous year. In 2024, exports to EU countries made up 68.7% of the total volume of Latvian exports or 12.95 billion euros, a decrease of 86.3 million euros or 0.7% compared to 2023.
In 2024, wood articles, machinery and mechanical appliances, electrical equipment, and prepared foodstuffs comprise the most significant commodity groups in Latvian exports and constituted 16.1%, 15.3%, and 10.5%, respectively, followed by chemical products, mineral products, and vegetable products.
The most important commodities among Latvian imports were machinery, mechanical appliances and electrical equipment (18.7% of the total value of imports), mineral products (11.4%), chemical products (11.4%), prepared foodstuffs (10.3%), and transport vehicles (10.0%).
In 2024, Latvia’s biggest trading partners were Lithuania (19.4% of Latvia's total trade turnover), Estonia (10.0%), Germany (9.2%), Poland (8.1%), Finland (4.4%) and Sweden (4.3%).