Foreign trade down 16.5% on year in Latvia

Provisional data of the Central Statistical Bureau (CSB) published January 10 show that in November 2023 the foreign trade turnover of Latvia amounted to EUR 3.53 billion, which at current prices was 16.5 % less than a year ago.

The export value of goods was 18.9 % lower, but import value of goods – 14.3 % lower. In November Latvia exported goods of EUR 1.6 billion, but imported – in the amount of EUR 1.93 billion.

Compared to November 2022, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.7 % to 45.3 %. Please note that 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.

During the eleven months of 2023 foreign trade turnover of Latvia at current prices reached EUR 38.68 billion – EUR 5.07 billion or 11.6 % less than in the corresponding period of 2022. The exports value constituted EUR 17.37 billion (a drop of EUR 2.24 billion or 11.4 %), whereas the imports value comprised EUR 21.3 billion (a fall of EUR 2.83 billion or 11.7 %).

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Calendar and seasonally adjusted data show that over the year (in November 2023 compared to November 2022) value of exports reduced by 19 % and of imports by 12.7 % whereas, compared to the previous month, the exports value went down by 1.8 % ,but the imports value – went up by 10.2 %.

The main exports partners in November were Lithuania (17.9 % of total exports), Estonia (11.9 %), Germany (6.7 %) and Russian Federation (6.4 %), whereas the main import partners were Lithuania (20.6 % of total imports), Poland (11.5 %), Germany (10.4 %) and Estonia (8.3 %).

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In November 2023, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 130 partner countries and deficit trade balance with 42 countries.

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In January-November 2023, 400 enterprises exported goods to the Russian Federation, 218 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in the corresponding period of 2022 comprised 821 and 370, respectively. The number of exporters and importers includes all enterprises that have carried out export and import transactions in accordance with the methodology of foreign trade in goods, regardless of the value of transaction and type of transaction – both direct sales of goods and transactions involving the return of goods, as well as replacement for goods not being returned, processing of goods etc. The total number includes enterprises regardless of the number of transactions during this period (for example, if an enterprise has carried out transactions in several months, it is included in the total number of the period only once).

In January-November 2023, 308 enterprises imported goods from the Russian Federation, 232 – from Belarus. The number of enterprises importing goods from these countries in the eleven months of 2022 comprised 1 262 enterprises from the Russian Federation and 582 – from Belarus.

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