Latvia's trade deficit narrowed to EUR 171.3 million in January 2026, from EUR 218.9 million in the corresponding month of the previous year. Exports declined by 6.6% year-on-year to EUR 1,575.1 million, weighed down by lower sales of wood and articles of wood; wood charcoal (-2.9%), mineral fuels, mineral oils and products of their distillation (-17.1%), machinery and mechanical appliances (-5.1%), and cereals (-41.1%). Exports dropped the most to CIS countries (-16.5%) and other countries (-38.1%). However, exports rose to EU countries (6.2%). Meanwhile, imports slumped 8.3% from a year earlier to EUR 1,746.4 million, primarily due to decreased purchases of electrical machinery and equipment (-5.6%), mineral fuels, mineral oils, and products of their distillation (-16.7%), vehicles and parts (-3.0%), plastics and articles thereof (-12.4%), and iron and steel (-49.6%). Arrivals declined from CIS countries (-64.4%) and EU countries (-8.8%), while it rose for other countries (6.5%).