Latvia: Merchandise imports by the reporting economy (current US$)

Key figures

What the numbers say

In 2023, Latvia's merchandise imports by the reporting economy (current US$) fell 7.2% on 2022 (from US$29.47 billion to US$27.34 billion).

Across the 30 yearly changes before that (1993 to 2022), the average change was +14.4% and a typical year strayed about 18.6% from that (the standard deviation). This year's change was 1.2 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 43.2% in 1995 and the biggest yearly fall was 39.4% in 2009. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2014 to 2023 the straight-line trend is upward, about US$1.46 billion a year. A straight line explains 74% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2023, Latvia had the 73rd highest value of the 205 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Latvia in the 2023 ranking

• Qatar — 69th of 205: US$30.54 billion
• Guatemala — 70th of 205: US$30.32 billion
• Dominican Republic — 71st of 205: US$28.62 billion
• Luxembourg — 73rd of 205: US$26.22 billion
• Congo, Dem. Rep. — 74th of 205: US$25.49 billion
• Jordan — 75th of 205: US$25.43 billion

What this measures

Merchandise imports by the reporting economy are the total merchandise imports by the reporting economy from the rest of the world, as reported in the IMF's Direction of trade database. Data are in current U.S. dollars.

Regional and income-group figures are computed by the World Bank as a sum.

All 33 values

Merchandise imports by the reporting economy (current US$) in nearby economies

• Albania — US$8.69 billion (2023)
• Armenia — US$12.46 billion (2023)
• Austria — US$226.25 billion (2023)
• Azerbaijan — US$17.28 billion (2023)
• Belarus — US$57.11 billion (2023)
• Belgium — US$555.3 billion (2023)
• Bosnia and Herzegovina — US$15.34 billion (2023)
• Bulgaria — US$53.42 billion (2023)
• Croatia — US$43.25 billion (2023)

More private sector & trade data for Latvia

• Merchandise imports (current US$) — US$26.28 billion (2025)
• Commercial service imports (current US$) — US$7.26 billion (2025)
• Merchandise exports (current US$) — US$22.12 billion (2025)
• Commercial service exports (current US$) — US$9.31 billion (2025)
• Merchandise imports from low- and middle-income economies outside region (% of total merchandise imports) — 5.58% (2023)
• Merchandise imports from low- and middle-income economies in East Asia & Pacific (% of total merchandise imports) — 4.64% (2023)
• Merchandise imports by the reporting economy, residual (% of total merchandise imports) — 0.00497% (2023)
• Agricultural raw materials imports (% of merchandise imports)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Latvia's merchandise imports by the reporting economy (current US$)?

US$27.34 billion in 2023, according to the World Bank (World Development Indicators).

How has it changed since 1989?

It is up 911.37 million% from US$3,000 in 1989 (60.21% a year on average, compounded). The highest value was US$29.47 billion in 2022 and the lowest US$3,000 in 1989.

How does Latvia rank?

73rd highest of 205 economies with data for 2023.

Is the latest change in merchandise imports by the reporting economy (current US$) unusual for Latvia?

In 2023, Latvia's merchandise imports by the reporting economy (current US$) fell 7.2% on 2022 (from US$29.47 billion to US$27.34 billion). Across the 30 yearly changes before that (1993 to 2022), the average change was +14.4% and a typical year strayed about 18.6% from that (the standard deviation). This year's change was 1.2 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator TM.VAL.MRCH.WL.CD, licensed CC BY 4.0. Original source: Staff estimates, World Bank (WB); Direction of Trade database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.