Latvia's foreign trade figures were down in 2023

Central Statistical Bureau (CSB) provisional data published February 9 show that in 2023 as a whole, the foreign trade turnover of Latvia at current prices reached EUR 42.14 billion – EUR 5.69 billion or 11.9 % less than in 2022.

The exports value constituted EUR 18.94 billion (a drop of EUR 2.39 billion or 11.2 %), whereas the imports value comprised EUR 23.2 billion (a fall of EUR 3.3 billion or 12.5 %).

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In December 2023 Latvia recorded foreign trade turnover of EUR 3.36 billion (at current prices 17.7 % lower than a year ago), of which value of exported goods reduced by 13.4 % and of imported goods by 20.9 %.

During the month Latvia exported goods in the amount of EUR 1.49 billion, but imported in the amount of EUR 1.87 billion.

Compared to December 2022, the foreign trade balance improved slightly as exports in total foreign trade amount increased from 42.1 % to 44.4 %. The statistics for foreign trade in goods is shown in actual prices and calculated based on the goods value in euro, not the physical amount or quantity.

Calendar and seasonally adjusted data show that over the year (in December 2023 compared to December 2022) value of exports reduced by 7.4 % and of imports by 13.9 % while over the month (in December 2023 compared to November 2023) value of exports increased by 7.6 %, but of imports reduced by 3.8 %.

The main exports partners in December were Lithuania (18.3 % of total exports), Estonia (13.9 %), Germany (5.7 %) and Russian Federation (5.2 %) whereas the main imports partners were Lithuania (18.2 % of total imports), Germany (10 %), Poland (9.4 %) and Czechia (8.5 %).

In December 2023, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 120 partner countries and deficit trade balance with 47 countries.

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