Foreign trade gap widened in January

The export value of goods was 8.9 % higher than a year ago, while the import value of goods was 14.5 % higher. In January Latvia exported goods worth EUR 1.63 billion, but imported goods worth EUR 1.85 billion.

Compared to January 2022, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.1 % to 46.9 %.

"It should be taken into account that the data on foreign trade in goods are reflected in actual prices and are calculated on the basis of the value of goods in euro and not their physical quantity," said the CSB.

Calendar and seasonally adjusted data show that, compared to January 2022, in January 2023 the exports value at current prices went up by 5.9 %, but the imports value – by 13.6 %, whereas, compared to the previous month, the exports value went up by 1.5 %, but the imports value – went down by 5.5 %.

The main exports partners in January were Lithuania (17.5 % of total exports), Estonia (13.1 %), Germany (7 %) and Finland (5.9 %), whereas the main import partners were Lithuania (25.6 % of total imports), Germany (10.9 %), Poland (10 %) and Estonia (7.9 %).

In January 2023 foreign trade balance of Latvia was positive with 117 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 41 countries.

The CSB provided some additional data outlining the current state of trade relations with Russia, Belarus and Ukraine, which provides valuable information given ongoing sanctions regimes against aggressor states Russia and Belarus.

Foreign trade of Latvia with Belarus, Russian Federation and Ukraine in January 2023 (current prices)