The value of exported goods reduced by 12.5 % and of imported goods by 21.9 %. In October Latvia exported goods worth EUR 1.63 billion, and imported goods worth EUR 1.87 billion.
Compared to October 2022, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 43.8 % to 46.6 %. 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 first ten months of this year Latvian foreign trade turnover at current prices reached EUR 35.08 billion, which is EUR 4.44 billion or 11.2 % below the corresponding period of 2022. The exports value constituted EUR 15.76 billion (a drop of EUR 1.88 billion or 10.7 %), whereas the imports value comprised EUR 19.32 billion (a fall of EUR 2.56 billion or 11.7 %).
In October, Lithuania (16.6 % of total exports), Estonia (11.3 %), Germany (7.2 %) and the Russian Federation (6.8 %) were the main export partners of Latvia whereas the main import partners were Lithuania (24 % of total imports), Poland (11.4 %), Germany (11.4 %) and Estonia (8.7 %).
In October 2023 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 40 countries.
In January-October 2023, 390 enterprises exported goods to the warmongering Russian Federation and 206 to its assistant in the attack on Ukraine, Belarus. In January-October 2023, 299 enterprises imported goods from the Russian Federation and 227 from Belarus.
The data continues to suggest that other goods may be reaching Russia via intermediary countries in central Asia which have seen a spectacular growth in trade.
In January-October 2023, compared to the same period of 2022, exports to Kyrgyzstan increased by EUR 33.7 million or 300%, to Kazakhstan by EUR 19.1 million or 22.6 %, to Uzbekistan – by EUR 13.8 million or 24.2 %.
In January-October 2023, compared to the same ten months of 2022, imports from Uzbekistan grew by EUR 20.7 million or 300% times, from Kazakhstan – by EUR 17.9 million or 35.3 %, andfrom Azerbaijan by EUR 2.4 million or 76.8 %.
In January-October 2023, compared to the same period of 2022, the number of exporting and importing enterprises has also increased with certain CIS countries. In particular, the rise was observed in the number of exporting enterprises in trade with Kyrgyzstan – by 102 enterprises, but the largest rise in imports was for Uzbekistan – by 22 enterprises.
