Latvia's foreign trade figures continue downward trend

Provisional data of the Central Statistical Bureau (CSB) published June 11 show that in April 2024 the foreign trade turnover of Latvia amounted to EUR 3.26 billion, which at current prices was 7.8 % less than a year ago.

The exports value of goods was 5.1 % lower, but imports value of goods – 9.9 % lower. In April Latvia exported goods in the amount of EUR 1.47 billion, but imported – in the amount of EUR 1.79 billion.

Compared to April 2023, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 43.8 % to 45 %. 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 four months of this year, Latvian foreign trade turnover at current prices reached EUR 13.11 billion, which is EUR 1.4 billion or 9.6 % fewer than in the corresponding period of 2023. The total value of exports comprised EUR 6.17 billion (down by EUR 509.2 million or 7.6 %) and of imports EUR 6.94 billion (down by EUR 887.7 million or 11.3 %).

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Calendar and seasonally adjusted data show that, compared to April 2023, in April 2024 the exports value at current prices went down by 12.4 %, but the imports value – by 18.3 %, while over the month (in April 2024 compared to March 2024) value of exports decreased by 5.5 % and of imports by 0.2 %.

The main exports partners in April were Lithuania (18.5 % of total exports), Estonia (12.8 %), Germany (6.8 %) and Sweden (6 %), whereas the main import partners were Lithuania (19.9 % of total imports), Poland (12.1 %), Germany (11.3 %) and Estonia (7.8 %).

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In April 2024 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 53 countries.

In April 2024, compared to April 2023, exports to Russia decreased by 19.5 % and comprised EUR 69.8 million, it was mostly affected by the drop in exports of machinery and mechanical appliances by EUR 5.6 million or 82.9 %. During this period, imports from Russia fell by 23.4 % and comprised EUR 38 million. The fall was mainly affected by the reduction in imports of mineral products by EUR 10.2 million or 50.3 %.

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