The Latvian Ministry of Finance published an assessment of April 2026 external trade data showing a marked improvement in Latvia's trade flows, with goods exports rising 13.9% year on year to EUR 1.94 billion and imports up 11.4% to EUR 2.19 billion. Total trade turnover increased 12.6%, the export share rose to 47%, and compared with March exports increased 5% while imports fell 2.4%, improving the trade balance. The ministry assessed, however, that the stronger export reading was heavily influenced by volatile mineral product re-exports and price effects. Mineral product exports rose 83.5% from a year earlier and 54.2% from March, largely because of re-exports of mineral fuel, especially motor gasoline. Several industrial export groups also increased, including machinery and electrical equipment, food industry products, transport equipment, and wood and wood products, which returned to positive growth for the first time since October 2025, while dairy products and eggs fell 1% as exports of unsweetened milk and cream dropped 37.4%. On the import side, mineral products rose 72.5%, driven by natural gas and diesel. Lithuania, Estonia, Germany and Sweden remained the main export markets, while imports were concentrated in Lithuania, Germany, Poland and Estonia. Trade with the United States grew sharply, with exports up 56.9% and imports doubling, both dominated by mineral products. The ministry said growth continues but rests on unstable factors. It cited the World Trade Organization's baseline forecast of 1.9% growth in global goods trade in 2026, softer economic sentiment in Latvia and the European Union, tariff tensions, energy price volatility, Middle East supply chain disruptions and weak EU demand as constraints on medium-term export growth. Export growth could slow in the summer months, while imports are likely to remain sensitive to energy price movements and related indirect effects.

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