Latvian foreign trade proved more resilient than pessimistic forecasts suggested for 2026, with total trade turnover climbing 8.6 percent year-on-year to reach 30,78 miljardi eiro during the first eight months, according to data compiled by Centrālās statistikas pārvaldes (CSP). The destabilizing geopolitical situation impacted Latvia’s foreign trade less than anticipated in pessimistic projections for 2026.
During this eight-month period, the total export value reached 14,01 miljardi eiro, marking a 7.9 percent increase, while import value rose 9.2 percent to 16,76 miljardi eiro. However, the CSP urges consideration that preču ārējās tirdzniecības dati tiek aprēķināti, ņemot vērā preču vērtību eiro, nevis to fizisko daudzumu
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Trade Performance in August 2026
In August 2026, Latvia’s foreign trade turnover reached 3,84 miljardi eiro, representing a 13.7 percent increase compared to August of the previous year. Preču eksporta vērtība grew by 10.9 percent, while import value increased by 16.2 percent. Specifically, Latvia exported goods worth 1,75 miljardu eiro and imported goods totaling 2,09 miljardiem eiro during August.
Baltic neighbors remained vital trading partners. In August, Lithuania took the top spot for exports at 18.6 percent of the total export volume, followed by Estonia at 10.9 percent and Germany at 6.6 percent. Import partners were led by Lithuania with 22.8 percent of the total import volume, followed by Germany at 11.4 percent, Poland at 10.7 percent, and Estonia at 9.4 percent.
Shifts in Key International Markets
Trade fluctuations varied across different countries during August 2026 compared to August 2025. Exports to Ukraine grew by 4 percent to reach 27,6 miljoni eiro, driven mainly by increases in machinery, mechanical appliances, and electrical equipment. Conversely, imports from Ukraine fell by 15.2 percent to 15,3 miljoni eiro due to a drop in chemical industry products.
Exports to the United States decreased by 8.4 percent to 29,1 miljoni eiro, primarily impacted by a decline in optical devices and apparatus. Imports from the US dropped more steeply by 44.5 percent to 19,5 miljoni eiro, mostly affected by declines in machinery, mechanical appliances, and electrical equipment.
Broader Global Trade Context
Global trade conditions during the summer of 2026 surpassed spring forecasts, according to Finance Ministry experts. Finanšu ministrijas eksperti noted that Pasaules Tirdzniecības organizācija nesen paaugstināja 2026. gada pasaules preču tirdzniecības apjoma pieaugumu no 1,9% līdz 3,9%
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This dynamic is driven by companies adapting supply logistics to the real situation, alongside growing demand for semiconductors, servers, and other goods tied to modern technology and artificial intelligence development.
