In May 2025, Latvia experienced a widening of its trade deficit, increasing to EUR 300.8 million from EUR 222.7 million in May of the previous year. This change was primarily driven by a faster rise in imports compared to exports. Specifically, imports increased by 5.6%, reaching EUR 1,891.8 million. This rise was largely attributed to higher purchases of electrical machinery and equipment (up by 6.9%), vehicles other than railway or tramway rolling stock and their parts and accessories (which saw a 16.5% increase), machinery and mechanical appliances (up by 18.6%), and pharmaceutical products (which surged by 24.6%). Import growth was recorded from both the EU (an increase of 8%) and other countries (a rise of 3.7%), although there was a significant decline in imports from CIS countries, dropping by 43.6%.
Parallelly, exports grew modestly by 1.4% to reach EUR 1,591.0 million. This growth was bolstered mainly by increased sales of mineral fuels, mineral oils, and products thereof (up by 17.2%), vehicles other than railway or tramway rolling stock and their parts and accessories (up by 14.4%), and pharmaceutical products (which grew by 16.8%). There was a notable increase in exports to other countries, which rose by 21.9%, whereas exports to the EU decreased by 2.6%, and those to CIS countries fell by 14.9%.
