FX.co ★ Latvia Trade Balance Widens Slightly

Latvia experienced a trade deficit of EUR 272.2 million in March 2025, indicating a slight increase compared to the EUR 251.9 million shortfall recorded during the same period the previous year. The year-over-year import growth was 8.1%, reaching EUR 1.702 billion, driven notably by a substantial rise in foreign sales of mineral fuels, mineral oils, and related products of distillation (up by 60.7%), as well as pharmaceutical products (up by 22.5%). Meanwhile, exports in electrical machinery saw a moderate increase of 3.4%. Remarkably, exports to the United States surged by 25% to EUR 62.3 million, as companies accelerated sales due to potential tariff threats from the White House. Correspondingly, imports rose by 8.1% to EUR 1.974 billion, primarily driven by significant purchases of vehicles (up by 41.9%) and mineral fuels (up by 37.5%). Notably, imports from the United States significantly declined by 30.4% to EUR 23.8 million, attributed mainly to a reduction in vehicle imports.