Latvia Trade Balance
External balance on goods and services NE.RSB.GNFS.CD
Latvia's trade balance was $-1.8B in 2025, ranked 121st globally. This represents a 156.0% decrease from 2024. Data from World Bank, covering 1995–2025.
Overview
Latvia's trade balance stood at $-1.8B in 2025, a decline of +$1.1B from 2024. Based on recent trends, this figure is projected to reach $-1.8B by 2025. Latvia ranked 121st globally.
Latvia’s trade balance has remained in deficit for the entire 31‑year series, standing at –1,782,900,352.62 in 2025, which places the country 121st globally among 190 economies. The deficit widened sharply after the 2007 trough of –5,915,881,548.35, contracted to a positive balance of 479,097,584.49 in 2020, and then reverted to negative territory, reflecting the volatility of export‑import flows in a small open economy. Compared with peer nations of similar rank, Latvia’s 2025 deficit is slightly larger than Mali’s –1,743,782,939.00 but smaller than Cameroon’s –1,859,085,095.98, indicating a relative position in the lower‑middle range of trade deficits. The early‑year deficit of –274,522,247.58 in 1995 shows that the current shortfall is substantially higher than the post‑independence baseline. Continued diversification of export markets and improvements in domestic productivity will be crucial to narrowing the gap and potentially turning the balance positive in the coming years.
Data & projection
| Year | Trade Balance | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $-2.3B | - | - |
| 2026* trend | $-2.1B | - | - |
| 2025* trend | $-1.8B | - | - |
| 2025 | $-1.8B | −$1.1B | #121 |
| 2024 | $-696.4M | +$870.9M | #68 |
| 2023 | $-1.6B | +$291.0M | #62 |
| 2022 | $-1.9B | −$646.3M | #69 |
| 2021 | $-1.2B | −$1.7B | #61 |
| 2020 | $479.1M | +$551.2M | #120 |
| 2019 | $-72.1M | +$92.3M | #102 |
| 2018 | $-164.4M | −$36.8M | #98 |
| 2017 | $-127.6M | −$270.3M | #96 |
| 2016 | $142.7M | +$455.9M | #118 |
| 2015 | $-313.2M | +$564.2M | #99 |
| 2014 | $-877.4M | +$441.8M | #77 |
| 2013 | $-1.3B | +$185.3M | #73 |
| 2012 | $-1.5B | +$124.9M | #71 |
| 2011 | $-1.6B | −$1.1B | #57 |
Detected Pattern
Analysis
Latvia matched the Export Boom Cycle pattern in 2017. Historically, 71% of countries showing this pattern (546 out of 768) saw trade balance improve within 24 months. View full analysis →
Frequently Asked Questions
Latvia's trade balance was $-1.8B in 2025. Ranked 121st globally. This represents a 156.0% decrease from the previous year.
Latvia's trade balance peaked at $479.1M in 2020.
The lowest trade balance in Latvia was $-5.9B in 2007.
Latvia ranks 121st globally in trade balance as of 2025.
The World Bank indicator code is NE.RSB.GNFS.CD. Data sourced from World Bank.
Latvia's trade balance is projected to reach $-1.8B by 2025 based on trend extrapolation.
The trade balance of Latvia in 2025 was $-1.8B. This ranks 121st in the world.
Cite this page
@misc{historysaid_latvia_trade-balance,
title = {Latvia Trade Balance},
url = {https://historysaid.com/latvia/trade-balance/},
publisher = {HistorySaid},
year = {2026}
}