Latvia: Trade (% of GDP)

Key figures

What the numbers say

In 2025, Latvia's trade (% of GDP) fell 1.59 percentage points on 2024 (from 131.31% to 129.72%).

Across the 29 yearly changes before that (1996 to 2024), the average change was +1.9 percentage points and a typical year strayed about 9.97 percentage points from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 23.1 percentage points in 2022 and the biggest yearly fall was 24.25 percentage points in 2023. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 there is no clear straight-line trend: a straight line explains 15% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

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

How it compares

In 2025, Latvia had the 28th highest value of the 137 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 2025 ranking

• Cambodia — 25th of 137: 136.09%
• North Macedonia — 26th of 137: 133.04%
• Mongolia — 27th of 137: 130.71%
• Denmark — 29th of 137: 129.22%
• Somalia, Fed. Rep. — 30th of 137: 128.06%
• Czechia — 31st of 137: 128.04%

What this measures

Trade is the sum of exports and imports of goods and services. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

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

All 31 values

Trade (% of GDP) in nearby economies

• Albania — 79.53% (2025)
• Armenia — 101.71% (2025)
• Austria — 107.02% (2025)
• Azerbaijan — 79.83% (2025)
• Belarus — 112.11% (2025)
• Belgium — 152.92% (2025)
• Bosnia and Herzegovina — 95.12% (2025)
• Bulgaria — 102.51% (2025)
• Croatia — 100.99% (2025)
• Cyprus — 189.5% (2025)
• Czechia — 128.04% (2025)
• Denmark — 129.22% (2025)
• Estonia

More economic policy & debt data for Latvia

• Adjusted savings, education expenditure (% of GNI) — 3.81% (2021)
• Adjusted savings, mineral depletion (current US$) — US$0 (2021)
• Net financial flows, IBRD (NFL, current US$) — −US$88.67 million (2016)
• GDP (current LCU) — 43.03 billion (2025)
• GDP, linked series (current LCU) — 43.03 billion (2025)
• GDP (constant 2015 US$) — US$31.21 billion (2025)
• GDP (constant LCU) — 32.21 billion (2025)
• GDP, PPP (current international $) — 85.25 billion (2025)
• GDP, PPP (constant 2021 international $) — 71.7 billion (2025)
• GDP per capita (current LCU) — 23,285 (2025)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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Questions people ask

What is Latvia's trade (% of GDP)?

129.72% in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1995?

It is up 53.47 percentage points from 76.25% in 1995. The highest value was 159.89% in 2022 and the lowest 76.25% in 1995.

How does Latvia rank?

28th highest of 137 economies with data for 2025.

Is the latest change in trade (% of GDP) unusual for Latvia?

In 2025, Latvia's trade (% of GDP) fell 1.59 percentage points on 2024 (from 131.31% to 129.72%). Across the 29 yearly changes before that (1996 to 2024), the average change was +1.9 percentage points and a typical year strayed about 9.97 percentage points from that (the standard deviation). This year's change was 0.3 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NE.TRD.GNFS.ZS, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development (OECD); Staff estimates, World Bank (WB) 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.

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