RIGA, Feb. 11 (Xinhua) -- Latvia's exports in 2024 totaled 18.681 billion euros (19.428 billion U.S. dollars), marking a 1.9 percent decline compared to 2023, according to data from the Central Statistical Bureau released on Tuesday. Imports fell by 7.4 percent to 21.681 billion euros.
As a result, Latvia's total foreign trade turnover at current prices stood at 40.362 billion euros, down 4.9 percent from the previous year.
Latvian exports could start growing again in 2025, Swedbank economist Ralfs Kalnins told the news agency LETA. He explained that in 2024, economic conditions in key partner countries remained weak, leading to declines in several important Latvian export categories, including machinery and equipment, metals, and mineral products.
However, Swedbank's latest forecasts suggest a more optimistic outlook. While Latvia may not immediately feel the impact of economic recovery in partner countries, overall, exports could begin to rebound in 2025, Kalnins noted. (1 euro = 1.04 U.S. dollars)
