The Ministry of Economics has issued a verdict on the prospects for the growth of Latvian exports 0 7

The ministry notes that in February, export volumes to European Union (EU) countries increased by 1.8%, but there was also a decline in exports to third countries, including CIS countries.

Despite the gradual recovery of demand in the EU market and the development of the manufacturing industry still contributing to export growth, since the end of February 2026, downside risks have significantly increased. The military conflict in the Middle East has caused a sharp rise in energy prices and disruptions in supply chains, so the pace of export recovery will largely depend on the further development of the conflict and its impact on global trade flows and energy prices.

The increase in exports in February to EU countries was due to a sharp increase in grain exports to Spain, a rise in mineral product exports to Poland and Slovakia, as well as an increase in exports of vehicles and pharmaceuticals to Lithuania, the Ministry of Economics notes.

The ministry indicates that in February, exports to CIS countries, including Kazakhstan and Belarus, decreased by 2.8%. At the same time, the value of exports of beverages and pharmaceuticals to Russia increased.

Additionally, the ministry notes that export volumes to countries outside the EU and CIS decreased by 25.9%. This was mainly influenced by a decline in the value of grain and mineral product exports to certain African countries, as well as a decrease in exports to Ukraine (unclassified goods) and a reduction in exports of timber and optical equipment to the USA.

In annual terms, the value of goods imports increased by 7.5% in February. Imports from CIS countries significantly decreased by 60.5%, while imports from EU countries, as well as from China and the USA, increased.

The ministry emphasizes that the growth of imports in February was due to an increase in imports of mineral products, electrical goods and equipment, as well as pharmaceuticals. At the same time, the value of imports of plastics and plastic products, vehicles, as well as timber and wood products decreased.