Analytics, Foreign trade , Latvia, Statistics

In June Latvia exported goods in the amount of EUR 978.6 mln, but imported – in the amount of EUR 1.16 bn. Compared to June 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 44.8% to 45.8%.

During the first half of this year foreign trade turnover of Latvia at current prices reached EUR 12.92 bn – EUR 1.14 bn or 8.1% less than in the corresponding period of the previous year. The exports value constituted EUR 6.05 bn (a drop of EUR 230.4 mln or 3.7%), whereas the imports value comprised EUR 6.87 bn (a fall of EUR 905.9 mln or 11.7%).

Calendar and seasonally adjusted data show that, compared to June 2019, in June 2020 the exports value at current prices went down by 3.5% and the imports value by 9%, whereas, compared to the previous month, the exports value went up by 8.6% ,but the imports value – by 11.2%.

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

• exports of machinery and mechanical appliances; electrical equipment up by EUR 26.8 mln or 16.3%,
• exports of products of the chemical and allied industries up by EUR 14.1 mln or 18.7%,
• exports of vehicles and associated transport equipment down by EUR 14 mln or 21.1%,
• exports of vegetable products down by EUR 13.2 mln or 21.1%, 
• exports of wood and articles of wood down by EUR 13 mln or 7.3%.

Main changes in imports in June 2020, compared to June 2019:

• imports of machinery and mechanical appliances; electrical equipment up by EUR 27.1 mln or 11.2%,
• imports of textiles and textile articles up by EUR 13.2 mln or 33.5%,
• imports of mineral products down by EUR 68.1 mln or 45.5%,
• imports of vehicles and associated transport equipment down by EUR 47.4 mln or 36.4%,
• imports of prepared foodstuffs down by EUR 6.1 mln or 5.2%.

In June 2020 imports of protective oral-nasal masks increased by EUR 1.2 mln or 12.3 % as compared to May. They mainly were imported from China (74.5 % or EUR 8.1 mln). Since epidemiological crisis caused by coronavirus Covid-19 had started, demand for these goods still remains high. As compared to June 2019, imports has risen by EUR 10.4 mln.

In June, the main export partners of Latvia in trade with EU countries were Lithuania (17.9% of total exports), Estonia (11.9%), Sweden and Germany (6.6%), whereas the main import partners were Lithuania (17.4% of total imports), Poland (9.9%), Germany (9.5%) and Estonia (8.4%). Russia was the main partner in trade with third countries; its share in total Latvian exports in June accounted for 8.6%, whereas in imports – for 6.5%.

In June 2020, compared to June 2019, share of the European Union countries in total exports value increased by 0.2 percentage points, but in imports value – fell by 1.2 percentage points. Share of CIS countries in exports didn't change (12.7 % of total exports value), but in imports – decreased by 1.6 percentage points.

Foreign trade of Latvia in June 2020 by country group
(at current prices)

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

In June 2020 foreign trade balance of Latvia was positive with 121 partner country, as exports value of goods exceeded imports value of goods. It was negative in trade with 42 countries.

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

The rise in exports of pharmaceutical products in June 2020, as compared to June 2019, was mostly facilitated by an increase in exports of medicines by EUR 3.6 mln or 10.9%. 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 6.3 mln or 38.3%.

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

The rise in imports of electrical machinery and equipment in June 2020, as compared to June 2019, was facilitated by an increase in imports of mobile telephones by EUR 10.2 mln or 35.8%. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas by EUR 24.1 mln or 67.7%.

Main commodities in imports of Latvia in June 2020
(at current prices)