The export value of goods was 6.5 % higher, but the import value of goods was 9.3 % higher. In July Latvia exported EUR 1.46 billion and imported EUR 1.97 billion of goods.
Compared to July 2023, the foreign trade balance worsened as exports in total foreign trade amount decreased from 43.2 % to 42.6 %. The statistics for foreign trade in goods is shown in actual prices and calculated based on the goods' value in euros, not the physical amount or quantity.
During the first seven months of this year Latvian foreign trade turnover at current prices reached EUR 23.26 billion, which is EUR 1.52 billion or 6.1 % less than in the corresponding period of 2023. The total value of exports comprised EUR 10.7 billion (down by EUR 442.4 million or 4 %) and of imports EUR 12.56 billion (down by EUR 1,075.6 million or 7.9 %).
However, calendar and seasonal adjustments to the data show that, compared to July 2023, in July 2024 the exports value at current prices went down by 1 %, but the imports value – by 0.5 %, whereas, compared to the previous month, the exports value went up by 2 %, but the imports value – down by 0.9 %.
In July, Lithuania (19.2 % of total exports), Estonia (12.1 %), Germany (6.8 %) and the Russian Federation (6 %) were the main export partners of Latvia while Lithuania (22.7 % of total Latvian imports), Germany (11.2 %), Poland (10.7 %) and Estonia (8.2 %) were the main import partners.
In July 2024 Latvia had surplus trade balance (meaning that value of exports was greater than the value of imports) with 119 countries and deficit trade balance with 47 countries.
