March foreign trade figures dropped after steady growth

Take note – story published 1 year ago

Provisional data of the Central Statistical Bureau (CSB) published on May 10 show that in March 2023 the foreign trade turnover of Latvia amounted to EUR 3.96 billion, which at current prices was 4.6 % less than a year ago, of which the exports value of goods was 2.1 % lower, but imports value of goods – 6.6 % lower.

 The last time foreign trade turnover fell was in January 2021, compared to the same month a year ago. In March Latvia exported goods in the amount of EUR 1.83 billion, but imported – in the amount of EUR 2.13 billion.

Compared to March 2022, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 45 % to 46.1 %. It should be taken into account that the data on foreign trade in goods are reflected in actual prices and are calculated on the basis of the value of goods in euro and not their physical quantity.

During the first quarter of this year, foreign trade turnover of Latvia at current prices reached EUR 10.8 billion – EUR 224.2 million or 2.1 % more than in the corresponding period of 2022. The exports value constituted EUR 5.03 billion (a growth of EUR 140.6 million or 2.9 %), whereas the imports value comprised EUR 5.77 billion (a rise of EUR 83.6 million or 1.5 %).

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The main exports partners in March were Lithuania (19.5 % of total exports), Estonia (10.9 %), Germany (6.8 %) and Sweden (6.5 %), whereas the main import partners were Lithuania (21.7 % of total imports), Germany (12.1 %), Poland (11.2 %) and Estonia (7.9 %).

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In March 2023 foreign trade balance of Latvia was positive with 123 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 46 countries.

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