Analytics, Foreign trade , Latvia, Statistics

During the eight months of this year foreign trade turnover of Latvia at current prices reached EUR 17.64 bn – EUR 1.3 bn or 6.8% less than in the corresponding period of the previous year. The exports value constituted EUR 8.18 bn (a drop of EUR 271.8 mln or 3.2%), whereas the imports value comprised EUR 9.46 bn (a fall of EUR 1.02 bn or 9.8%).

Calendar and seasonally adjusted data show that, compared to August 2019, in August 2020 the exports value at current prices went up by 0.5%, but the imports value – down by 3%, whereas, compared to the previous month, the exports value went up by 3.7% ,but the imports value – down by 1.5%.

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

• exports of machinery and mechanical appliances; electrical equipment up by EUR 17.6 mln or 9.8%,
• exports of wood and articles of wood down by EUR 12.5 mln or 6.9%, 
• exports of vehicles and associated transport equipment down by EUR 11.2 mln or 19.7%,
• exports of mineral products down by EUR 10.8 mln or 21%,
• exports of base metals and articles of base metals down by EUR 5.5 mln or 6.4%.

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

• imports of machinery and mechanical appliances; electrical equipment up by EUR 29.4 mln or 11.8%,
• imports of mineral products down by EUR 57.9 mln or 37.2%,
• imports of vehicles and associated transport equipment down by EUR 27.8 mln or 27.7%,
• imports of plastics and articles thereof down by EUR 6.3 mln or 8.2%,
• imports of textiles and textile articles down by EUR 5.5 mln or 10%.
• 
  
• In August, the main export partners of Latvia in trade with EU countries were Lithuania (17.5% of total exports), Estonia (12%), Germany (8.8%) and Sweden (5.2%), whereas the main import partners were Lithuania (20.3% of total imports), Poland (10.2%), Germany (9.8%) and Estonia (8.9%). Russia was the main partner in trade with third countries; its share in total Latvian exports in August accounted for 8.3%, whereas in imports – for 6.1%.

 

In August 2020, compared to August 2019, share of the European Union countries in total exports value increased by 1.2 percentage points, but in imports value – fell by 0.2 percentage points. Share of CIS countries in exports fell by 1.2 percentage points, but in imports – by 1.6 percentage points.

  

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

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

In August 2020 foreign trade balance of Latvia was positive with 114 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, mln euros)

 

Rise of exports of miscellaneous grains, seeds and fruit; industrial or medicinal plants in August 2020, compared to August 2019, was mostly affected by increase of exports of rape and colza seeds by EUR 14.3 mln or 60.2%. Exports of cereals fell as exports of wheat and meslin reduced by EUR 14.5 mln or 20.7%. In turn, compared to July 2020, exports of wheat and meslin increased significantly (by EUR 54 mln), which mostly was exported to Saudi Arabia (EUR 12.9 mln), Algeria (EUR 10.7 mln) and Israel (EUR 10.2 mln).