Latvia's foreign trade figures dipped in August

Central Statistical Bureau (CSB) provisional data published October 10 show that in August 2024 Latvia had foreign trade turnover of EUR 3.24 billion  – at current prices that is 5.7 % lower than a year ago.

The value of exported goods was down by 2.1 % and of imported goods by 8.5 %. In August Latvia exported goods worth EUR 1.45 billion, but imported goods worth EUR 1.79 billion.

Compared to August 2023, the foreign trade balance improved slightly as exports in total foreign trade amount increased from 43.2 % to 44.8 %. 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 eight months of this year Latvian foreign trade turnover at current prices reached EUR 26.57 billion, which is EUR 1.64 billion or 5.8 % less than in the corresponding period of 2023. The total value of exports comprised EUR 12.19 billion (down by EUR 430.8 million or 3.4 %) and of imports EUR 14.38 billion (down by EUR 1 205.8 million or 7.7 %).

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Calendar and seasonally adjusted data show that, compared to August 2023, in August 2024 the exports value at current prices went up by 0.4 %, but the imports value went down by 5.3 %.

Compared to the previous month, the exports value went down by 2.9 % ,but the imports value – by 4.6 %.

In August, Lithuania (18.7 % of total exports), Estonia (11.7 %), Germany (7.3 %) and the Russian Federation (6 %) were the main export partners of Latvia while Lithuania (22.7 % of total Latvian imports), Germany (11.3 %), Poland (10.9 %) and Estonia (8.6 %) were the main import partners.

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