Latvia's September foreign trade figures show big annual drop

Central Statistical Bureau (CSB) provisional data published on November 10 show that in September 2023 Latvia had foreign trade turnover of EUR 3.56 billion (at current prices 23.3 % lower than a year ago),

Of that figure, the value of exported goods reduced by 29.2 % and of imported goods by 18.3 %.

In September Latvia exported goods in the amount of EUR 1.52 billion, but imported – in the amount of EUR 2.04 billion.

Compared to September 2022, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.3 % to 42.7 %. Please note that the statistics for foreign trade in goods is shown in actual prices and calculated based on the value of the goods in euro, not the physical amount or quantity.

During the nine months of this year Latvian foreign trade turnover at current prices reached EUR 31.55 billion, which is EUR 3.71 billion or 10.5 % fewer than in the corresponding period of 2022. The exports value constituted EUR 14.11 billion (a drop of EUR 1.67 billion or 10.6 %), whereas the imports value comprised EUR 17.44 billion (a fall of EUR 2.04 billion or 10.5 %).

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In September main exports partners were Lithuania (17.6 % of total exports ), Estonia (10.5 %), Germany (8.2 %) and United Kingdom (5.7 %), whereas the main imports partners were Lithuania (20.2 % of total imports), Germany (10.3 %), Poland (9.7 %) and Canada (8.8 %).

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In September 2023 foreign trade balance of Latvia was positive with 113 partner countries, as exports value of goods exceeded imports value of goods. and deficit trade balance with 46 countries.

In January-September 2023, 297 enterprises imported goods from the Russian Federation, 224 – from Belarus. The number of enterprises importing goods from these countries in the nine months of 2022 comprised 1 232 enterprises from the Russian Federation and 571 – from Belarus.

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