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Exports In 2023, Latvia exported $597M in Packaged Medicaments, making it the 43rd largest exporter of Packaged Medicaments in the world. At the same year, Packaged Medicaments was the 5th most exported product in Latvia. The main destination of Packaged Medicaments exports from Latvia are: Lithuania ($165M), Russia ($97M), Estonia ($38.9M), Uzbekistan ($36.6M), and Germany ($36.4M).

The fastest growing export markets for Packaged Medicaments of Latvia between 2022 and 2023 were Lithuania ($25.7M), Mexico ($13.2M), and Ukraine ($5.41M).

Imports In 2023, Latvia imported $834M in Packaged Medicaments, becoming the 60th largest importer of Packaged Medicaments in the world. At the same year, Packaged Medicaments was the 3rd most imported product in Latvia. Latvia imports Packaged Medicaments primarily from: Lithuania ($210M), Germany ($65.8M), Netherlands ($64.7M), Poland ($60.4M), and Switzerland ($57.4M).

The fastest growing import markets in Packaged Medicaments for Latvia between 2022 and 2023 were Lithuania ($23.8M), France ($21.1M), and Slovenia ($11.9M).

Latest Trends

Dec 2024

Subnational Monthly Trade

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Y-AXIS SCALE

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

The following visualization shows the latest trends on Packaged Medicaments. Countries are shown based on data availability.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$597M
IMPORTS (2023)$834M
NET TRADE (2023)-$237M

In 2023, Latvia exported $597M in Packaged Medicaments. The main destinations of Latvia exports on Packaged Medicaments were Lithuania ($165M), Russia ($97M), Estonia ($38.9M), Uzbekistan ($36.6M), and Germany ($36.4M).

In 2023, Latvia imported $834M in Packaged Medicaments, mainly from Lithuania ($210M), Germany ($65.8M), Netherlands ($64.7M), Poland ($60.4M), and Switzerland ($57.4M).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Packaged Medicaments EXPORT MARKETS FOR Latvia WERE (2022 - 2023):
Lithuania$25.7M (18.4%)
Mexico$13.2M (1%)
Ukraine$5.41M (40.7%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Packaged Medicaments BY Latvia WERE (2022 - 2023):
Russia-$15.2M (-13.6%)
Uzbekistan-$12.5M (-25.5%)
Slovenia-$4.89M (-90.5%)

Change in Exports by Market (2022 - 2023)

Market Concentration

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Type
In 2023, Latvia's main exporting competitors in Packaged Medicaments were:
In 2023, Latvia's main importing competitors in Packaged Medicaments were:

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Trade Value of Packaged Medicaments by Exporters

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALRussia+ $47.8M
TOP IMPORT POTENTIALGermany+ $35.5M

Packaged Medicaments’s highest export potential is Russia. With an export gap of $47.8M.   Packaged Medicaments’s highest import potential is Germany with an import gap of $35.5M.

See methodology.

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