Positive foreign trade balance in Latvia in January

Central Statistical Bureau (CSB) provisional data published March 11 show that in January 2024 Latvia had a foreign trade turnover of EUR 3.24 billion (at current prices 8.6 % lower than a year ago).

The value of exported goods reduced by 1.1 % and of imported goods by 15.3 %. In January Latvia exported goods in the amount of EUR 1.64 billion, but imported in the amount of EUR 1.6 billion, and this is the lowest import value since April 2021. The reduction in imports value in January this year, compared to January last year, was mostly affected by the drop in imports of mineral products.

In January 2024 the largest share in the total exports was made up of wood and articles of wood; wood charcoal (EUR 245.5 million or 15 % of total exports) and mineral fuels, mineral oils and products of their distillation (EUR 181.2 million or 11.1 %).

Compared to January 2023, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 46.8 % to 50.6 %. 

Starting with the data on 2024, exports of Latvia includes data on enterprises that exported goods from Latvia to third countries through other EU member states by filling in export customs declarations for the export of goods to third countries.

In January 2024 the value of these transactions comprised EUR 2.91 million or 0.2 % of total exports.

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Calendar and seasonally adjusted data show that over the year (in January 2024 compared to January 2023) value of exports reduced by 0.8 % and of imports by 14.4 % while over the month value of exports increased by 8.7 %, but of imports reduced by 5.3 %.

In January 2024 foreign trade balance of Latvia was positive with 126 partner countries, as exports value of goods exceeded imports value of goods and deficit trade balance with 43 countries.

In January 2024, compared to January 2023, exports to Russia increased by 3.3 % and comprised EUR 87.8 million. In turn, exports to Belarus went down by 45.5 % and comprised EUR 9.7 million, but to Ukraine – by 40.6 % and comprised EUR 21.2 million. During this period, imports from Russia went down by 7.4 % and comprised EUR 56 million, from Belarus – by 3.2 % and comprised EUR 14.6 million. In turn, imports from Ukraine rose by 17.6 % and comprised EUR 24.5 million.

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