An Eastern European country located in the Baltic Region , Latvia imported US$24.3 billion worth of goods from around the globe in 2021, up by 51.3% since 2017 and expanding by 40.3% from 2020 to 2021.

Based on the average exchange rate for 2021, Latvia uses the euro which appreciated by 5% against the US dollar since 2017 and increased by 3.9% from 2020 to 2021. The stronger EU currency made Latvia’s imports paid for in weaker stronger euros relatively less expensive for Latvian buyers based on euros.

Latvia’s biggest imports by dollar value include processed petroleum oils, petroleum gases, phone devices including smartphones, cars, and computers including optical readers.

From a continental perspective, 88% of Latvia’s total imports by value in 2021 were purchased from fellow European countries. Trade partners in Asia satisfied 7.8% of Latvia’s import purchases while 3.9% worth originated from North America.

Tinier percentages came from Latin America (0.13%) excluding Mexico but including the Caribbean, Oceania (0.11%) led by Australia and New Zealand, and Africa (0.06%).

Given Latvia ‘s population of 1.9 million people, its total $24.3 billion in 2021 imports translates to roughly $12,800 in yearly product demand from every person in Latvia.

Latvia’s Top 10 Imports

The following product groups represent the highest dollar value in Latvia’s import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into Latvia.

1. Electrical machinery, equipment: US$2.5 billion (10.2% of total imports)
2. Mineral fuels including oil: $2.3 billion (9.7%)
3. Machinery including computers: $2.3 billion (9.5%)
4. Vehicles: $1.6 billion (6.6%)
5. Wood: $1.2 billion (4.8%)
6. Iron, steel: $1.1 billion (4.6%)
7. Plastics, plastic articles: $1.1 billion (4.6%)
8. Pharmaceuticals: $951.5 million (3.9%)
9. Beverages, spirits, vinegar: $888.9 million (3.7%)
10. Aircraft, spacecraft: $765.2 million (3.1%)

Latvia’s top 10 imports accounted for about three-fifths (60.7%) of the overall value of its product purchases from other countries.

The aircraft and spacecraft category represents the fastest growing Latvian import group, up 130.6% from 2020 to 2021.

Close behind in second place were imported mineral fuels including oil via a 117.6% expansion, trailed by iron and steel as a materials then imported wood (up 75.3%) and plastic plus items made from plastic thanks to a 50.1% increase.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the adjacent virtual folder tabs is at the more granular 4-digit level.

Latvia’s Main Electronics Imports

In 2021, Latvian importers spent the most on the following 10 subcategories of electrical products including consumer electronics.

1. Phone devices including smartphones: US$719.4 million (down -10.8% from 2020)
2. TV receivers/monitors/projectors: $306 million (up 16.8%)
3. Integrated circuits/microassemblies: $273.8 million (up 93.8%)
4. Lower-voltage switches, fuses: $154.9 million (up 24.2%)
5. Insulated wire/cable: $98.6 million (up 10.5%)
6. Electric water heaters, hair dryers: $77.9 million (up 30.4%)
7. Electrical converters/power units: $68.2 million (up 2%)
8. Electrical machinery: $63.8 million (up 127.6%)
9. Unrecorded sound media: $59.7 million (down -13.8%)
10. Microphones/headphones/amplifiers: $52.9 million (down -38.8%)

Among these import subcategories, Latvian purchases of electrical machinery (up 127.6%), integrated circuits or microassemblies (up 93.8%) then electric water heaters and hair dryers (up 30.4%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gain within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Latvian businesses and consumers.

Latvia’s Main Mineral Fuels Imports Including Oil

In 2021, Latvian importers spent the most on the following 10 subcategories of mineral fuels including oil.

1. Processed petroleum oils: US$943.6 million (up 40.4% from 2020)
2. Petroleum gases: $799.9 million (up 310.7%)
3. Electrical energy: $505.4 million (up 210.2%)
4. Petroleum oil residues: $47.2 million (up 172.3%)
5. Asphalt/petroleum bitumen mixes: $19.8 million (up 48.6%)
6. Petroleum jelly, mineral waxes: $9.5 million (up 62.4%)
7. Peat: $8.5 million (up 48.6%)
8. Coal, solid fuels made from coal: $3.2 million (up 4.1%)
9. Coal tar oils (high temperature distillation): $3 million (up 157%)
10. Crude oil: $395,000 (up 170.5%)

Among these import subcategories, Latvian purchases of petroleum gases (up 310.7%), electrical energy (up 210.2%) then petroleum oil residues (up 172.3%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuels including oil among Latvian businesses and consumers.

Latvia’s Top Main Machinery Imports Including Computers

In 2021, Latvian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$421.5 million (up 35.9% from 2020)
2. Harvest/threshing machinery: $91.5 million (up 82.1%)
3. Refrigerators, freezers: $82.3 million (up 29.8%)
4. Heavy machinery (bulldozers, excavators, road rollers): $77.2 million (up 71.1%)
5. Air conditioners: $72.5 million (up 18.9%)
6. Centrifuges, filters and purifiers: $70.2 million (up 29.7%)
7. Miscellaneous machinery: $68.4 million (up 15.4%)
8. Taps, valves, similar appliances: $66.5 million (up 21.4%)
9. Machinery parts: $61.6 million (up 44.1%)
10. Liquid pumps and elevators: $58.7 million (up 48.4%)

Among these import subcategories, Latvian purchases of harvest or threshing machinery (up 82.1%), heavy machinery such as bulldozers, excavators and road rollers (up 71.1%) then liquid pumps and elevators (up 48.4%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Latvian businesses and consumers.

Latvia’s Main Vehicles Imports Plus Related Products

In 2021, Latvian importers spent the most on the following 10 subcategories of vehicles.

1. Cars: US$680.1 million (up 19.3% from 2020)
2. Automobile parts/accessories: $290.3 million (up 19.5%)
3. Tractors: $190.6 million (up 81.6%)
4. Trucks: $107.6 million (up 53.5%)
5. Trailers: $76.7 million (up 52.7%)
6. Public-transport vehicles: $40.6 million (down -32.4%)
7. Motorcycles: $23.7 million (up 49.1%)
8. Bicycles, other non-motorized cycles: $10.3 million (up 25.6%)
9. Motorcycle parts/accessories: $9.2 million (up 31.1%)
10. Armored vehicles, tanks: $6.7 million (down -50.1%)

Among these import subcategories, Latvian purchases of tractors (up 81.6%), trucks (up 53.5%) then trailers (up 52.7%) grew at the fastest pace from 2020 to 2021.

These amounts and percentages within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Latvian businesses and consumers.
 

See also and Latvia’s Top 10 Exports, Russia’s Top 10 Exports, Russia’s Top 10 Imports, Russia Top Trading Partners

Research Sources:
Central Intelligence Agency, The World Factbook Europe: Latvia. Accessed on April 2, 2022

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 2, 2022

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 2, 2022

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 2, 2022

International Trade Centre, Trade Map. Accessed on April 2, 2022

Investopedia, Net Exports Definition. Accessed on April 2, 2022

Wikipedia, Latvia. Accessed on April 2, 2022

Wikipedia, List of Companies of Latvia. Accessed on April 2, 2022

Wikipedia, Purchasing power parity. Accessed on April 2, 2022