Latvia cuts imports from Russia, Belarus by almost a third in 2024

MOSCOW. Feb 12 (Interfax) - The total value of goods imported into Latvia from Russia and Belarus last year fell 30.2% year-on-year or by 235.23 million euros and amounted to 544.682 million euros, according to data from the Latvian Central Statistical Bureau.

Goods imported from Russia totaled 395.635 million euros, down 34.8%, while imports from Belarus amounted to 149.047 million euros, down 14%.

Latvian exports to these two countries totaled 1.171 billion euros, down 10.1% or by 131.638 million euros compared to the previous year. Shipments to Russia fell 9.1% to 1.028 billion euros, while exports to Belarus declined 16.9% to 142.491 million euros.

Goods from Russia and Belarus accounted for 2.5% of Latvia's total imports in 2024 compared to 3.3% in 2023, and 6.3% of total exports compared to 6.8% in 2023.

As previously reported, the Latvian parliament approved amendments to the agricultural law in February last year, banning imports of agricultural products from Russia and Belarus. The restrictions apply to peas, wheat, wheat-rye mixtures, rye, barley, oats, corn, rice, grain sorghum, buckwheat and other cereals, as well as soybeans, peanuts, copra, flax, rapeseed, sunflower seeds, straw, grain husks, fodder beets, root crops, hay, alfalfa, clover and other feed products. Imports of products used in animal feed, including dog and cat food, are also banned.

In 2024, Latvia exported goods worth 18.681 billion euros, down 1.9% compared to 2023, while imports amounted to 21.681 billion euros, down 7.4%.