Latvia's Ministry of Finance published an assessment showing that merchandise exports rose 10.9% from a year earlier to EUR 1.75 billion in August, supported by several manufacturing categories. Imports increased faster, rising 16.2% to EUR 2.09 billion and widening the monthly trade deficit to EUR 342.6 million. In the first eight months of 2026, exports grew 7.9% to EUR 14.01 billion, while imports rose 9.2% to EUR 16.76 billion. Mineral products made the largest contribution to August's export growth, increasing 61.5%, although a concurrent 50.2% rise in mineral imports indicates that cross-border trade and re-exports had a substantial effect. Growth also extended to machinery and electrical equipment, base metals, chemicals, pharmaceuticals and plastics. Manufacturing output rose 7.6% year over year in August, its seventh consecutive monthly increase, while exports to the European Union grew 11.6% and accounted for 69.2% of total exports. The ministry assessed the export outlook for the remainder of 2026 as cautiously positive, citing the broad growth base and stronger manufacturing. Risks remain from energy price and re-export volatility, conditions in Latvia's main European Union markets, and geopolitical and transport disruptions affecting fuel, logistics and energy-intensive production costs.
Latvia's Ministry of Finance reports broad export growth as faster imports widen trade deficit
Latvia's merchandise exports rose 10.9% to EUR 1.75 billion in August, with growth across mineral products and several manufacturing categories. Imports climbed 16.2% to EUR 2.09 billion, widening the trade deficit to EUR 342.6 million. The Ministry of Finance sees a cautiously positive export outlook but flags energy, re-export, geopolitical and transport risks.