That dollar amount results from a 34.2% increase compared to $15.2 billion five years earlier for 2020.
From 2023 to 2024, the total value of Latvian exported goods flatlined via a -0.7% dip starting from $20.5 billion.
Based on the average exchange rate for 2024, Latvia uses the euro which flatlined via a 0.02% gain against the US dollar from 2023 to 2024. The slightly stronger European Union currency made Latvia’s exports paid for in weaker US dollars modestly more expensive for international buyers.
Latvia’s Best International Trade Customers
The latest available country-specific data shows that 73% of products exported from Latvia was bought by importers in: Lithuania (18% of the Latvian total), Estonia (11.7%), Germany (6.5%), Sweden (5.5%), Russia (5.5%), United Kingdom (5.3%), Poland (4.5%), Denmark (4.3%), Netherlands (3.3%), Finland (3%), United States of America (2.8%) and France (2.6%).
From a continental perspective, 84.9% of Latvia’s exports by value was delivered to fellow European countries while 7.2% was sold to importers in Asia. Latvia shipped another 3.9% worth of goods to buyers based in Africa.
Latvia joined the European Union on May 1, 2004. Fellow EU member states accounted for 68.9% of total international spending on Latvian exports, compared to 64.6% in 2023.
Smaller percentages went to buyers in North America (3.2%), Latin America (0.5%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia and New Zealand.
Given Latvia’s population of 1.87 million people, its total $20.4 billion in 2024 exports translates to roughly $10,900 for every resident in the north European nation. That per-capita dollar amount lags the average $12,100 for one year earlier for 2023.
Latvia’s Top 10 Exports
The following export product groups represent the highest dollar value in Latvian global shipments during 2024 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Latvia.
- Wood: US$3.3 billion (16.1% of total exports)
- Electrical machinery, equipment: $2.1 billion (10.2%)
- Mineral fuels including oil: $1.5 billion (7.1%)
- Machinery including computers: $1.1 billion (5.2%)
- Vehicles: $1 billion (5%)
- Beverages, spirits, vinegar: $862.6 million (4.2%)
- Cereals: $742.2 million (3.6%)
- Pharmaceuticals: $700.4 million (3.4%)
- Articles of iron or steel: $599.5 million (2.9%)
- Dairy, eggs, honey: $560.4 million (2.7%)
By value, Latvia’s top 10 exports generate about three-fifths (60.6%) of the overall value of its global shipments.
Dairy, eggs and honey represent the fastest grower among the top 10 export categories, up by 9.2% from 2023 to 2024.
In second place for improving export sales was Latvian exports of wood via a 6.1% advance.
Latvia’s shipments of pharmaceuticals: posted the remaining gain in value, up by 3.2%.
The leading decliner among Latvia’s top 10 export categories was items made from iron or steel, thanks to a -8.2% year-over-year drop.
The product categories listed above are at the 2-digit Harmonized Tariff System (HTS) code level.
Drilling down to the more detailed 4-digit HTS codes, Latvia’s most valuable export products are sawn wood (4.2% of the Latvian total), phone devices including smartphones (3.9%), fuel wood and sawdust (3.6%), medication mixes in dosage (3.1%), wheat (also 3.1%), alcoholic beverages (2.6%), rough wood (2.1%), cars (also 2.1%), processed petroleum oils (2%), then laminated wood including plywood (1.9%).
Collectively, those 10 products at more detailed level represent over one-quarter (28.6%) of all Latvian export sales.
Products Generating Trade Surpluses for Latvia
The following types of Latvian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports reflect the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Wood: US$2.7 billion (Up by 8.4% since 2023)
- Cereals: $533.4 million (Up by 16.2%)
- Dairy, eggs, honey: $167.9 million (Up by 12.3%)
- Books, newspapers, pictures: $142.8 million (Up by 9.3%)
- Furniture, bedding, lighting, signs, prefab buildings: $111.7 million (Down by -34.5%)
- Oil seeds: $78.7 million (Down by -24.5%)
- Glass: $70.9 million (Up by 37.8%)
- Live animals: $69.4 million (Down by -18.3%)
- Articles of iron or steel: $66.3 million (Down by -35.3%)
- Meat/seafood preparations: $66.1 million (Up by 4.8%)
Latvia has highly positive net exports in the international trade of lumber. In turn, these cashflows indicate Latvia’s strong competitive advantages under the wood product category.
Products Causing Trade Deficits for Latvia
Latvia recorded an overall trade deficit of -US$3.1 billion during 2024, shrinking by -22.4% from the -$4 billion in red ink one year earlier during 2023.
Below are exports from Latvia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Latvia’s goods trail Latvian importer spending on foreign products.
- Mineral fuels including oil: -US$1.1 billion (Down by -20.2% since 2023)
- Vehicles: -$1 billion (Down by -15.1%)
- Machinery including computers: -$902.5 million (Down by -14.1%)
- Plastics, plastic articles: -$408.6 million (Up by 1.6%)
- Electrical machinery, equipment: -$369.2 million (Down by -20.2%)
- Pharmaceuticals: -$346.6 million (Up by 13.1%)
- Paper, paper items: -$234.8 million (Down by -0.1%)
- Iron, steel: -$210 million (Down by -3.2%)
- Fertilizers: -$189.9 million (Down by -2.6%)
- Fruits, nuts: -$153 million (Down by -1.5%)
Latvia has highly negative net exports and therefore deep international trade deficits under the mineral fuels-related products category–historically for refined petroleum oils, petroleum gases then petroleum coke and other petroleum residues
These cashflow deficiencies clearly indicate Latvia’s competitive disadvantages in the international energy market, but also represent key opportunities for Latvia to improve its position in the global economy through focused innovations.s
Latvian Export Companies
Given that Latvia is a small emerging economy, it should come as no surprise that not one Latvian corporation appears on the Forbes Global 2000 list.
Wikipedia does outline some Latvian export companies. Selected examples are shown below.
- Estonia Piano Factory (pianos)
- Liviko (vodka, other alcoholic beverages)
- Narva Oil Plant (shale oil)
- Rakvere Lihakombinaat (meat products)
- Rexer Ltd (automobiles)
- Saku Brewery (beer, cider, soft drinks, water)
- Tartu Mill AS (grains)
- Tondi Elektroonika (hearing aids)
In macroeconomic terms, Latvia’s total exported goods represent 25.6% of its overall Gross Domestic Product for 2024 ($79.5 billion valued in Purchasing Power Parity US dollars). That 25.6% for exports to overall GDP in PPP for 2024 compares to 29.5% for 2023, These percentages suggest a decreasing reliance on products sold on international markets for Latvia’s total economic performance, albeit based on a short timeframe.
Please note that those metrics include Latvia’s re-exporting activity.
Another key indicator of a country’s economic performance is its unemployment rate. Latvia’s unemployment rate averaged 6.927% in 2024, up from an average 6.506% one year earlier according to International Monetary Fund statistics.
Latvia’s capital city is Riga.
See also Latvia’s Top 10 Imports, Russia’s Top 10 Exports, Russia’s Top 10 Imports, Russia Top Trading Partners, Top Russian Trade Balances and Russia’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Latvia. Accessed on September 5, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 5, 2025
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on September 5, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 5, 2025
International Trade Centre, Trade Map. Accessed on September 5, 2025
Investopedia, Net Exports Definition. Accessed on September 5, 2025
Wikipedia, Latvia. Accessed on September 5, 2025
Wikipedia, List of Companies of Latvia. Accessed on September 5, 2025
Wikipedia, Purchasing power parity. Accessed on September 5, 2025