The United Arab Emirates is one of the Republic of Latvia's leading trading partners in the Middle East. Economic relations between the two countries continue to strengthen, supported by high-level exchanges and a shared commitment to expanding bilateral cooperation across priority sectors.
Bilateral trade has recorded strong growth in recent years. Total trade increased from approximately USD 63.4 million in 2022 to USD 127.4 million in 2023, before reaching approximately USD 132 million in 2024. Non-oil trade between the two countries totaled approximately USD 103 million in 2024 and continued its upward trajectory, reaching around USD 66.7 million during the first nine months of 2025. The UAE's principal exports to Latvia include mineral products and chemical goods, while Latvia's main exports to the UAE comprise machinery, electrical equipment, and optical instruments, including medical devices.
UAE investment in Latvia also expanded significantly, rising to approximately USD 122 million in the first quarter of 2025, compared with approximately USD 51 million at the end of 2024. By mid-2025, the UAE's cumulative foreign direct investment stock in Latvia had reached approximately USD 125 million. The two countries have also adopted a comprehensive economic cooperation program covering six priority areas: trade and investment, innovation and advanced technology, transport and logistics, agriculture, food security, and education and science.
