Lithuania at the forefront of Latvia's exports and imports in May

Central Statistical Bureau (CSB) provisional data published July 10 show that in May 2024 Latvia had foreign trade turnover of EUR 3.29 billion – at current prices it was 8.4 % lower than a year ago.

The value of exported goods reduced by 1.3 % and of imported goods by 13.8 %. The exported goods were valued at EUR 1.52 billion and imported goods at EUR 1.77 billion.

As exports in the total foreign trade rose from 42.9 % in May 2023 to 46.3 % in May 2024, the foreign trade deficit narrowed. The statistics for foreign trade in goods are presented at actual prices and calculated based on the goods value in euro, not the physical amount or quantity of goods.

In the first five months of this year Latvian foreign trade turnover at current prices reached EUR 16.47 billion, which is EUR 1.63 billion or 9 % less than in the corresponding period of 2023. The total value of exports was EUR 7.74 billion (down by EUR 479.5 million or 5.8 %) and of imports EUR 8.73 billion (down by EUR 1 149.3 million or 11.6 %).

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Calendar and seasonally adjusted data show that over the year (in May 2024 compared to May 2023) the value of exports at current prices reduced by 5.4 % and of imports by 15.7 % while over the month (in May 2024 compared to April 2024) the value of exports increased by 4.8 % while the value of imports decreased by 3 %.

"In May 2024, compared to the corresponding period a year ago, a reduction may be observed in imports of all main commodity groups:," said the CSB.

In May, Lithuania (19.3 % of total exports), Estonia (12.5 %), Germany (6.7 %) and Sweden (5.9 %) were the main export partners of Latvia while Lithuania (19.8 % of total Latvian imports), Germany (10.9 %), Poland (10.7 %) and Estonia (8.6 %) were the main import partners.

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In May 2024 Latvia had surplus trade balance (meaning that value of exports was greater than the value of imports) with 112 countries and deficit trade balance with 53 countries.

Russia, Ukraine and Belarus

In May 2024, compared to May 2023, exports to Russia fell by 5 % and totalled EUR 84.7 million. The decline was mainly driven by the reduction in exports of machinery and mechanical appliances (of EUR 5.5 million or 64.6 %). Imports from Russia went down by 33.4 % and totalled EUR 31.6 million. The reduction was mainly caused by the drop in imports of vegetable products (of EUR 13.5 million or 97.6 %).

Exports to Ukraine went down by 35 % and totalled EUR 17.9 million. The reduction was mainly because of the reduced exports of mineral products (of EUR 2.5 million or 61.8 %). Imports from Ukraine went up by 13.6 % and totalled EUR 26.3 million. The rise was boosted by increased imports of products of the chemical or allied industries (of EUR 2.7 million or 65.6 %).

Exports to Belarus fell by 7.8 % and totalled EUR 13.6 million. The decline was mainly caused by the reduction in exports of textiles and textile articles (of EUR 2.3 million or 70.4 %). Imports from Belarus grew by 8.1 % and totalled EUR 16.4 million. The rise was encouraged by increased imports of plastics and articles thereof; rubber and articles thereof (of EUR 1 million or 59.1 %).

Latvian trade with Belarus, Russia, Ukraine in May 2024 (current prices)
 
Exports
Imports
Thousand EUR
% of
total
Change, %
compared to
Thousand EUR
% of
total
Change, %
compared to 
May
2023
April
2024
May
2023
April
2024
Total
1 520 064
100
-1.3
3.4
1 765 557
100
-13.8
-1.6
Belarus
13 608
0.9
-7.8
24.2
16 431
0.9
8.1
30.2
Russia
84 724
5.6
-5.0
21.4
31 630
1.8
-33.4
-16.7
Ukraine
17 884
1.2
-35.0
-13.7
26 317
1.5
13.6
0.7
 
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