That dollar amount results from a 14.1% increase compared to $19.5 billion five years earlier for 2021.
From 2024 to 2025, the total value of Latvian exported goods accelerated by 12.4% starting from $19.74 billion.
Based on the average exchange rate for 2025, Latvia uses the euro which strengthened via a 4.4% gain against the US dollar from 2024 to 2025. The stronger European Union currency made Latvian exports paid for in weaker US dollars modestly more expensive for international buyers starting with EU currency.
Latvia’s Best International Trade Customers
The latest available country-specific data shows that 72.2% of products exported from Latvia was bought by importers in: Lithuania (18.6% of the Latvian total), Estonia (11.4%), Germany (6.7%), United Kingdom (5.4%), Sweden (5.2%), Russia (5%), Poland (4.7%), Denmark (3.8%), Netherlands (3.2%), Finland (3%), France (2.7%) and the United States of America (2.5%).
From a continental perspective, 85.2% of Latvia’s exports by value was delivered to other European countries while 6.9% was sold to importers in Asia.
Latvia shipped another 4% worth of goods to Africa.
Smaller percentages went to North America (2.8%), Latin America (0.8%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia and New Zealand.
Latvia joined the European Union on May 1, 2004. Fellow EU member states accounted for 70.1% of total international spending on Latvian exports, compared to 68.9% in 2024.
Given Latvia’s population of 1.9 million people, its total US$22.2 billion in 2025 exports translates to roughly $11,900 for every resident in the north European nation. That per-capita dollar amount surpasses the average $10,900 for one year earlier for 2024.
Latvia’s Top 10 Exports
The following export product groups represent the highest dollar value in Latvian global shipments during 2025 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$3.4 billion (15.2% of total exports)
- Electrical machinery, equipment: $2.3 billion (10.2%)
- Mineral fuels including oil: $1.9 billion (8.4%)
- Vehicles: $1.2 billion (5.6%)
- Machinery including computers: $1.1 billion (5.1%)
- Beverages, spirits, vinegar: $867.6 million (3.9%)
- Pharmaceuticals: $800 million (3.6%)
- Dairy, eggs, honey: $737.8 million (3.3%)
- Cereals: $674.4 million (3%)
- Articles of iron or steel: $637 million (2.9%)
By value, Latvia’s top 10 exports generate over three-fifths (61.3%) of the overall value of its global shipments.
Dairy, eggs and honey represents the fastest grower among the top 10 export categories, up by 36% from 2024 to 2025.
In second place for improving export sales were mineral fuels including oil via a 32.7% advance.
Latvia’s shipments of vehicles posted the third-fastest gain in value, up by 23.3%.
The lone decliner among Latvia’s top 10 export categories was cereals, pulled down by a -6.6% 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 (4.3% of the Latvian total), phone devices including smartphones (3.8%), fuel wood and sawdust (3.2%), medication mixes in dosage (also 3.2%), processed petroleum oils (3.1%), cars (2.7%), wheat (also 2.7%), alcoholic beverages (2.4%), laminated wood including plywood (1.9%) then peat (1.7%).
Collectively, those 10 products at more detailed level represent over one-quarter (29.1%) 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 3.8% since 2024)
- Cereals: $487.8 million (Down by -5.9%)
- Dairy, eggs, honey: $267.4 million (Up by 63.8%)
- Furniture, bedding, lighting, signs, prefab buildings: $174.7 million (Up by 60.1%)
- Books, newspapers, pictures: $150.5 million (Up by 9.2%)
- Oil seeds: $121.3 million (Up by 59%)
- Beverages, spirits, vinegar: $88.5 million (Up by 145.2%)
- Meat/seafood preparations: $78.8 million (Up by 23.2%)
- Live animals: $74.3 million (Up by 13.7%)
- Glass: $66.6 million (Down by -4.6%)
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$4.21 billion during 2025, expanding by 40.8% from the -$3 billion in red ink one year earlier during 2024.
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.
- Vehicles: -US$1.25 billion (Up by 26.6% since 2024)
- Machinery including computers: -$1.16 billion (Up by 30.9%)
- Mineral fuels including oil: -$932.9 million (Down by -15%)
- Electrical machinery, equipment: -$854.2 million (Up by 114.6%)
- Plastics, plastic articles: -$444.8 million (Up by 12.2%)
- Pharmaceuticals: -$433.5 million (Up by 29.6%)
- Paper, paper items: -$259.7 million (Up by 15.8%)
- Iron, steel: -$245.9 million (Up by 18%)
- Fertilizers: -$217.1 million (Up by 19.4%)
- Fruits, nuts: -$190.9 million (Up by 28.8%)
Latvia has highly negative net exports and therefore deep international trade deficits under the vehicles and machinery including computers product categories.
These cashflow deficiencies clearly indicate Latvia’s competitive disadvantages in the international market for related products, but also represent key opportunities for Latvia to improve its position in the global economy through focused innovations.
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 26.7% of its overall Gross Domestic Product for 2025 ($83.3 billion valued in Purchasing Power Parity US dollars). That 26.7% for exports to overall GDP in PPP for 2025 compares to 25.6% for 2024, These percentages suggest an increasing 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 6.698% in 2025, down from an average 6.927% 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 May 8, 2026
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 8, 2026
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 8, 2026
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 8, 2026
International Trade Centre, Trade Map. Accessed on May 8, 2026
Investopedia, Net Exports Definition. Accessed on May 8, 2026
Wikipedia, Latvia. Accessed on May 8, 2026
Wikipedia, List of Companies of Latvia. Accessed on May 8, 2026
Wikipedia, Purchasing power parity. Accessed on May 8, 2026