Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Monday, 15.07.2024, 21:00

In October foreign trade turnover of Latvia was 3.9% larger than a year ago

Ieva Jansone Foreign Trade Statistics Section, 10.12.2020.Print version
Provisional data of the Central Statistical Bureau show that in October 2020 the foreign trade turnover of Latvia amounted to EUR 2.7 bn, which at current prices was 3.9% larger than a year ago, of which the exports value of goods was 7.7% higher, but imports value of goods – 0.6% higher.

In October Latvia exported goods in the amount of EUR 1.31 bn, but imported – in the amount of EUR 1.39 bn. Compared to October 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 46.9% to 48.6%.

During the ten months of this year foreign trade turnover of Latvia at current prices reached EUR 23.08 bn – EUR 963.3 mln or 4% less than in the corresponding period of the previous year. The exports value constituted EUR 10.77 bn (a drop of EUR 27.8 mln or 0.3%), whereas the imports value comprised EUR 12.31 bln (a fall of EUR 935.5 mln or 7.1%).

Calendar and seasonally adjusted data show that, compared to October 2019, in October 2020 the exports value at current prices went up by 9.8% and the imports value – by 4%, whereas, compared to the previous month, the exports value went down by 0.6% ,but the imports value – by 0.4%.

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

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

In October, the main export partners of Latvia in trade with EU countries were Lithuania (15.8% of total exports), Estonia (10.9%), Germany (6.3%) and Sweden (4.8%), whereas the main import partners were Lithuania (17.9% of total imports), Germany (10.6%), Poland (10.2%) and Estonia (8.6%). Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 9.3%, whereas in imports – for 6.4%.

In October 2020, compared to October 2019, share of the European Union countries in total exports value fell by 0.8 percentage points, but in imports value – by 1.4 percentage points. Share of CIS countries in exports fell by 0.9 percentage points, but in imports – by 0.4 percentage points.

In October 2020 foreign trade balance of Latvia was positive with 122 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 October 2020, compared to October 2019, was mostly affected by increase of exports of rape and colza seeds by EUR 27.6 mln or 4.7 times. In turn, in October 2020, compared to October 2019, reduction in exports of vehicles and associated transport equipment was mostly affected by drop in exports of passenger cars by EUR 10.5 mln or 40.2%. 

The rise in imports of wood and articles of wood; wood charcoal in October 2020, as compared to October 2019, was facilitated by an increase in imports of sawn wood by EUR 4.8 million or 40.6 %. 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 12.2 million or 47.3 %.

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