Analytics, Foreign trade , Latvia, Statistics

In November, Latvia exported goods in the amount of EUR 1.14 bn, but imported in the amount of EUR 1.25 bn. Compared to November 2018, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 47.2% to 47.6%.

Over the eleven months of this year, the foreign trade turnover of Latvia at current prices reached EUR 26.08 bn – EUR 239.4 mln or 0.9% less than in the corresponding period of 2018. The exports value constituted EUR 11.76 bn (a decrease of EUR 10.7 mln or 0.1%), whereas the imports value – EUR 14.32 bn (a drop of EUR 228.7 mln or 1.6%).

Calendar and seasonally adjusted data show that, compared to November 2018, in November 2019 the exports value at current prices went down by 3.2% and the imports value by 5.1%, whereas, compared to the previous month, the exports value went up by 0.2% and the imports value – by 1.1%.

Main changes in exports in November 2019, compared to November 2018:

• exports of vegetable products up by EUR 31.8 mln or 46.6%,
• exports of machinery and mechanical appliances; electrical equipment down by EUR 41.4 mln or 17.6%,
• exports of wood and articles of wood down by EUR 30.7 mln or 15.2%,
• exports of vehicles and associated transport equipment down by EUR 22.6 mln or 28%, 
• exports of mineral products down by EUR 16.6 mln or 24.6%.

Main changes in imports in November 2019, compared to November 2018:

• imports of prepared foodstuffs up by EUR 6.7 mln or 5.5%,
• imports of mineral products down by EUR 42.7 mln or 30.6%,
• imports of machinery and mechanical appliances; electrical equipment down by EUR 24.8 mln or 8.2%,
• imports of basic metals and articles of basic metals down by EUR 17.9 mln or 15.8%,
• imports of vehicles and associated transport equipment down by EUR 13.6 mln or 10.8%. 
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In November, the main export partners of Latvia in trade with EU countries were Lithuania (16.4% of total exports), Estonia (11.4%), Germany (7.5%) and Sweden (6.2%), whereas the main import partners were Lithuania (18.5% of total imports), Germany (10.6%), Poland (9.3%) and Estonia (8.2%). Russia was the main partner in trade with third countries; its share in total Latvian exports in November accounted for 11.4%, whereas in imports – for 6.8%.

In November 2019, compared to November 2018, share of the European Union countries in total exports value fell by 0.1 percentage point, but in imports value – grew by 1.5 percentage points. Rise in share of CIS countries comprised 1.3 percentage points in exports and drop of 1 percentage point in imports.

Foreign trade of Latvia by country group in November 2019
(at current prices)

In November 2019 foreign trade balance of Latvia was positive with 127 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 47 countries.

Rise of exports of oil seeds, oleaginous fruits in November 2019, as compared to November 2018, was affected by the increase in exports of rape and colza seeds of EUR 23.4 mln or 2.8 times. In turn, reduction in exports of machinery and mechanical appliances; electrical equipment was mostly influenced by decrease of exports of turbojets by EUR 20.8 mln.

Main commodities in exports of Latvia in November 2019
(at current prices)

Rise of imports of electrical machinery and equipment in November 2019, as compared to November 2018, was mostly affected by the increase in imports of electronic integrated circuits of EUR 2.8 mln or 36.7%. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of diesel oil by EUR 15.7 mln or 27.2%.

Main commodities in imports of Latvia in November 2019
(at current prices)