"The latest foreign trade data is positively surprising. In July of this year, the value of export of goods reached 1,462 million euros, which was 6.5% more than in July of last year. Since April 2023, there has been stagnation in the export of goods, so the latest data lead to optimism in the future development of the export of goods," said the Ministry.
"At the same time, it should be noted that this growth rate, which was in July, is unlikely to be maintained in the following months and the value of exports in the following months will be at last year's level," it added.
"A more detailed analysis of the export of goods shows that the increase in the export of goods in July was determined by last year's low base, as well as the increase in re-exports in the groups of food and mineral products. The flow of re-exports is relatively volatile and dependent on imports," the Ministry explained.
"In addition, the added value and revenues from re-exports are lower compared to the exports of goods of domestic origin, and therefore it is not desirable to develop exports solely on re-export volumes. Therefore, it is positive that a significant increase in exports was also recorded for wood and wood products, as well as metal and their product product groups, which are one of the largest product export groups and important sub-sectors in Latvian industry."
