Latvia and Paraguay
Latvia and Paraguay have had relations since 1992 and a political consultation mechanism agreed in 2017. Cooperation also develops in international organisations and European dialogue with Mercosur, with Paraguayan representation from Berlin and an honorary Latvian consulate in Asunción.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Paraguay recognised restored Latvian independence on 1 April 1992 and diplomatic relations began on 3 June.
What merchandise trade shows
In 2025, goods trade between Latvia and Paraguay totalled 2.7 million current USD.
Documented trade sectors
Within the selected chapters, electrical and electronic equipment stands out in shipments from Latvia to Paraguay, at 0.495 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 2.69 M USD | 2025 · Comtrade |
| Goods: Latvia to Paraguay | 1.28 M USD | 2025 · Comtrade |
| Goods: Paraguay to Latvia | 1.41 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Latvia to Paraguay | ||
| Export share: Paraguay to Latvia | ||
| Investment stock: Latvia in Paraguay | ||
| Investment stock: Paraguay in Latvia |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter PRY. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Latvia to Paraguay
- 2025 · UN Comtrade · Goods; full calendar year; reporter PRY. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Paraguay to Latvia
- 2025 · UN Comtrade · Goods; full calendar year; reporter PRY. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Latvia | Paraguay |
|---|---|---|
| Nominal GDP | 48.62 billion USD2025 · WB | 49.28 billion USD2025 · WB |
| GDP per capita | 26,311.97 USD2025 · WB | 7,026.62 USD2025 · WB |
| GDP growth | 2.14 %2025 · WB | 6.64 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 3.75 %Annual average · 2025 · WB | 4.04 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 6.57 %ILO est.2025 · WB | 4.8 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -4 %IMF est.2025 · IMF | -1.7 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 46.9 %IMF est.2025 · IMF | 38.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -3.38 %2025 · WB | -3.18 %2025 · WB |
| Population | 1,847,785World Bank est.2025 · WB | 7,013,0782025 · WB |
| Area | 64,590 km²2023 · WB | 406,752 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDLatvia: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personLatvia: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Latvia: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Latvia: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionLatvia: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Latvia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Paraguay: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Latvia: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Paraguay: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPLatvia: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleLatvia: 2025 · World Bank · WB est. · The source indicates an extrapolated population; this is not a census count.Paraguay: 2025 · World Bank · Official World Bank series. Observation year, not download date.
- Area
- Total area in km²; territorial coverage of the sourceLatvia: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Paraguay: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Latvia to Paraguay
| Product or sector | Value / share |
|---|---|
| Electrical and electronic equipment | 0.495 M USD2025 · Source |
| Pharmaceutical products | 0.301 M USD2025 · Source |
| Machinery and mechanical appliances | 0.236 M USD2025 · Source |
| Mineral fuels and oils | 0.0101 M USD2025 · Source |
| Vehicles and components | 0.00466 M USD2025 · Source |
Paraguay to Latvia
| Product or sector | Value / share |
|---|---|
How trade has changed
Millions of current USD · full calendar years
View chart figures
| Period | Total | Latvia to Paraguay | Paraguay to Latvia |
|---|---|---|---|
| 2021 | 0.416 | 0.351 | 0.0651 |
| 2022 | 28.2 | 27.9 | 0.35 |
| 2023 | 0.832 | 0.58 | 0.252 |
| 2024 | 1.5 | 1.1 | 0.449 |
| 2025 | 2.7 | 1.3 | 1.4 |
Connections between people
Latvia has had an honorary consul in Asunción since 2018, a function distinct from a resident embassy. The September 2026 profile records Ramón Fernando Acosta Díaz’s accreditation as Paraguayan ambassador to Latvia on 24 August, resident in Berlin. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Latvia living in Paraguay | ||
| Residents from Paraguay living in Latvia | ||
| Study and training: Latvia in Paraguay | ||
| Study and training: Paraguay in Latvia | ||
| Academic stays: Latvia in Paraguay | ||
| Academic stays: Paraguay in Latvia | ||
| Travel: Latvia to Paraguay | ||
| Travel: Paraguay to Latvia |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Bilateral context
Paraguay recognised restored Latvian independence on 1 April 1992 and diplomatic relations began on 3 June. During Edgars Rinkēvičs’ visit to Paraguay from 12 to 14 December 2017, the ministries signed a political consultation memorandum on the 13th. [1]
The scale of both economies
Nominal GDP for Latvia is 48.6 billion USD (2025), compared with 49.3 for Paraguay (2025). The reference populations are 1.85 and 7.01 million, respectively. In the same year, the economy of Latvia was 0.987 times that of Paraguay in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
That year, the foreign ministers also met at the United Nations Human Rights Council in Geneva. Latvia has had an honorary consul in Asunción since 2018, a function distinct from a resident embassy. The September 2026 profile records Ramón Fernando Acosta Díaz’s accreditation as Paraguayan ambassador to Latvia on 24 August, resident in Berlin. The EU–Paraguay cooperation agreement of 1992 and dialogue with Mercosur are additional frameworks; they do not themselves constitute an exclusively Latvian-Paraguayan trade treaty. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Latvia and Paraguay) totalled 2.7 million current USD. Shipments from the first to the second were 1.3 million; those in the opposite direction, 1.4 million. The difference between the two flows was 0.135 million, in favour of Paraguay. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
Five years of trade trends
The consistent series shows 0.416 million USD in 2021 and 2.7 million in 2025. The change between the two endpoints was +545.2 % in current dollars. The highest annual value in the period was recorded in 2022, at 28.2 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [2]
Documented trade sectors
Within the selected chapters, electrical and electronic equipment stands out in shipments from Latvia to Paraguay, at 0.495 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [3]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — LVA-PRY
www.mfa.gov.lv · Institutional source · Accessed: 2026-10-08
- UN Comtrade annual data; reused verified primary payload, not re-downloaded
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.