Analytics, Banks, Financial Services, Foreign trade , Latvia
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 20:36
Latvia's export and import see biggest drop in past ten years - Swedbank
"The second quarter of this year started our gloomily in export. Covid-19, the restrictive measures, uncertainty took over the trade partner countries. Disruptions of supply chains, drop in demand left a negative impact on foreign trade. Latvia's small, open economy also felt that," the economist said.
The Central Statistical Bureau data suggest that export value of goods in April dropped 13.9% from the respective period last year. Buceniece said that such a steep drop had not been registered since October 2009.
"Assessment of Latvian manufacturers about export orders in May remain as pessimistic as in April. It is closely related with the situation in our export markets. The good news is that in the main market, the EU, the situation is gradually improving, even though this is happening slowly," the economist said.
Also the import value dropped 27.4% in April, which is the biggest drop since the end of 2009.
"Decline in import value reflects reduction of re-export, consequences of drop of internal demand - consumption and investments. In June, it seems that the biggest problems are over, Of course, if there is no serious second wave of the virus. The recovery will not be steep - weakness in foreign trade and other indicators will still be present for a while," said Buceniece.
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