Analytics, Baltic Export, Baltic States – CIS, Covid-19, Foreign trade , Latvia

In April Latvia exported goods in the amount of EUR 927.7 million, but imported – in the amount of EUR 992.4 million. Compared to April 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 44.1% to 48.3%.

During first four months of this year foreign trade turnover of Latvia at current prices reached EUR 8.82 billion – EUR 478.7 million or 5.1% less than in the corresponding period of the previous year. The exports value constituted EUR 4.17 billion (a drop of EUR 35.2 million or 0.8%), whereas the imports value comprised EUR 4.65 billion (a fall of EUR 443.5 million or 8.7%).

Calendar and seasonally adjusted data show that, compared to April 2019, in April 2020 the exports value at current prices went down by 14.1% and the imports value by 27.1%, whereas, compared to the previous month, the exports value went down by 13.7% ,but the imports value – by 19.2%.

Main changes in exports in April 2020, compared to April 2019:

• exports of vehicles and associated transport equipment down by EUR 42.1 million or 59.8%,
• exports of wood and articles of wood down by EUR 33.1 million or 15.9%,
• exports of mineral products down by EUR 22.6 million or 37.6%, 
• exports of vegetable products down by EUR 10.6 million or 15.7%, 
• exports of base metals and articles of base metals down by EUR 7.1 million or 7.1%.
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• Main changes in imports in April 2020, compared to April 2019:

• imports of vehicles and associated transport equipment down by EUR 136.3 million or 74.2%,
• imports of mineral products down by EUR 43 million or 41.9%,
• imports of machinery and mechanical appliances; electrical equipment down by EUR 37.4 million or 14.1%,
• imports of products of the chemical and allied industries down by EUR 36.1 million or 21.7%,
• imports of base metals and articles of base metals down by EUR 35.9 million or 28.4%.
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• In April 2020, compared to March, epidemiological crisis caused by coronavirus Covid-19 had affected trade with certain specific goods. Imports of protective oral-nasal masks has risen from EUR 1.2 million to EUR 11.3 million. They mainly were imported from China (88.9% or EUR 10 million).
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• In turn, both exports and imports of medicines have decreased. Exports fell by EUR 5.4 million or 13.9%, but imports – by EUR 9.6 million or 18.3%.
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• In April, the main export partners of Latvia in trade with EU countries were Lithuania (15.1% of total exports), Estonia (12.2%), Sweden (7.3%) and Germany (7.2%), whereas the main import partners were Lithuania (18.2% of total imports), Poland (11.3%), Germany (9.9%) and Estonia (7.9%). Russia was the main partner in trade with third countries; its share in total Latvian exports in April accounted for 8.6%, whereas in imports – for 7%.

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• In April 2020, compared to April 2019, share of the European Union countries in total exports value increased by 0.6 percentage points, but in imports value – by 1.9 percentage points. Share of CIS countries both in exports and in imports rose by 0.9 percentage points.
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• Foreign trade of Latvia in April 2020 by country group (at current prices)

*The United Kingdom is not included in the European Union.

In April 2020, foreign trade balance of Latvia was positive with 112 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 44 countries.

Balance of foreign trade of Latvia (difference between value of goods exports and imports, million euros

The rise in exports of articles of iron or steel in April 2020, as compared to April 2019, was mostly facilitated by an increase in exports of metal structures by EUR 1 million or 9.1%. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 10.5 million or 74.4%.

Main commodities in exports of Latvia in April 2020 (at current prices)