Latvian trade data for May reveals shifting economic ties, marked by a decline in exports to Russia and Ukraine alongside a complex fluctuation in trade volumes with Belarus. Latvian exports to Russia totaled 70.7 million euros in May, while imports from Russia reached 4.4 million euros. Meanwhile, exports to Belarus rose to 16.2 million euros, a 30.2% increase compared to May 2025, even as imports from Belarus saw a significant annual decline.
Trade Trends With Russia and Ukraine
The reduction in trade with Russia was largely driven by a sharp drop in the chemical industry sector. Exports to Russia fell by 51.1%, or 7.7 million euros, due to decreased activity in related sectors. Imports from Russia also contracted, falling by 1.8 million euros, primarily due to a reduction in animal or vegetable fats and oils.
Trade with Ukraine followed a downward trajectory as well. Latvian exports to Ukraine dropped 23.4% to 30.3 million euros compared to May 2025. This was fueled by a 91.1% collapse in the export of vehicles and their equipment, amounting to a 10.2 million euro loss. Imports from Ukraine also fell by 13.1% to 18.3 million euros, heavily impacted by a 79.4% decrease in chemical industry and related sector imports.
Did You Know? The decline in trade with Ukraine was particularly acute in the automotive sector, which saw a reduction of 10.2 million euros in exports from Latvia compared to May 2025.
Shifting Dynamics With Belarus
While annual trade with Belarus shows a mixed picture, monthly comparisons suggest recent volatility. Latvian exports to Belarus grew by 30.2% to 16.2 million euros, bolstered by a 3.6 million euro increase in the export of optical instruments and equipment. Conversely, annual imports from Belarus fell 59.2% to 2.8 million euros, largely due to a 3.7 million euro drop in animal or vegetable fats and oils.
When looking at the month-over-month data, however, the trend reverses. Imports from Belarus increased by 52.9% between April and May. This short-term growth was driven by an uptick in chemical, related sectors, and food industry products, each contributing 0.5 million euros to the total.
Future Trade Outlook
Frequently Asked Questions
What was the primary driver for the decrease in exports to Russia?
The reduction was mainly influenced by a 51.1% decrease in the export of chemical industry products and related sectors, totaling 7.7 million euros.
How did trade with Belarus change month-over-month?
Imports from Belarus increased by 52.9% in May compared to April, driven by growth in the chemical, related sectors, and food industry products.
What significantly impacted the drop in exports to Ukraine?
The drop was largely caused by a 91.1% decrease in the export of vehicles and their equipment, which amounted to 10.2 million euros.
How do you think these sector-specific trade shifts will influence the broader regional economy in the coming months?
Keep reading