Foreign trade figures worsened in early 2024

The figures show that in February 2024 Latvia had foreign trade turnover worth EUR 3.27 billion (at current prices 3.8 % lower than a year ago), of which the value of exported goods reduced by 5.3 % and of imported goods by 2.4 %. In February Latvia exported goods to the tune of EUR 1.52 billion, but imported goods worth EUR 1.76 billion.

Compared to February 2023, the foreign trade balance has worsened as the proportion of exports in total foreign trade decreased from 47.1 % to 46.3 %. The statistics for foreign trade are calculated based on the goods' value in euros, not the physical amount or quantity of goods.

During the first two months of this year foreign trade turnover of Latvia at current prices reached EUR 6.51 billion – EUR 435.3 million or 6.3 % less than in the corresponding period of 2023. The export value constituted EUR 3.15 billion (a drop of EUR 104 million or 3.2 %), whereas the import value comprised EUR 3.35 billion (a fall of EUR 331.3 million or 9 %).

Calendar and seasonally adjusted data show that, compared to February 2023, in February 2024 the exports value at current prices went down by 10.4 %, but the imports value – by 3.1 %, whereas, compared to the previous month, the exports value went down by 9.4 %, but the imports value – went up by 7.8 %.

The main exports partners in February were Lithuania (17 % of total exports), Estonia (13 %), Germany (6.7 %) and the Russian Federation (6.3 %), while Lithuania (19 % of total Latvian imports), Germany (12 %), Poland (11 %) and Estonia (6.9 %) were the main import partners.

In February 2024, compared to February 2023, share of the European Union countries in total exports value increased by 1.2 percentage points, but in total imports value fell by 5 percentage points. Share of CIS countries in exports rose by 0.4 percentage points, but in imports – by 0.1 percentage point.

Russia, Ukraine and Belarus in focus

In February 2024, compared to February 2023, exports to Russia decreased by 2 % and comprised EUR 95.8 million, which was mainly affected by a fall in exports of prepared foodstuffs by EUR 12.3 million or 28.8 %. During this period, imports from Russia went down by 5.4 % and comprised EUR 52.6 million, which was mainly affected by the drop in imports of products of the chemical and allied industries by EUR 2.4 million or 71.3 %.

Exports to Ukraine decreased by 15.3 % and comprised EUR 19.8 million, which was mainly affected by reduction in exports of mineral products by EUR 5.1 million or 80.6 %. Imports from Ukraine fell by 13.2 % and comprised EUR 19.7 million, which was mainly affected by the fall in imports of products of animal or vegetable fats and oils by EUR 2.7 million or 88.2 %.

Exports to Belarus rose by 20.9 % and comprised EUR 17.4 million, promoted by the growth in exports of optical instruments and apparatus (of EUR 3.6 million). Imports from Belarus rose by 3 % and comprised EUR 15.5 million and it was mostly affected by the increase in imports of products of animal or vegetable fats and oils by EUR 3.1 million or 84.4 %.

Foreign trade with Belarus, Russia and Ukraine February 2024 (current prices)