Electrical machinery, equipment: US$2.5 billion (10.2% of total imports) Latvia’s top 10 imports accounted for about three-fifths (60.7%) of the overall value of its product purchases from other countries. The aircraft and spacecraft category represents the fastest growing Latvian import group, up 130.6% from 2020 to 2021.
An Eastern European country located in the Baltic Region , Latvia imported US$24.3 billion worth of goods from around the globe in 2021, up by 51.3% since 2017 and expanding by 40.3% from 2020 to 2021.
Based on the average exchange rate for 2021, Latvia uses the euro which appreciated by 5% against the US dollar since 2017 and increased by 3.9% from 2020 to 2021. The stronger EU currency made Latvia’s imports paid for in weaker stronger euros relatively less expensive for Latvian buyers based on euros.
Among these import subcategories, Latvian purchases of electrical machinery (up 127.6%), integrated circuits or microassemblies (up 93.8%) then electric water heaters and hair dryers (up 30.4%) grew at the fastest pace from 2020 to 2021.