8.8% leap in Latvia's foreign trade last year

Provisional data released February 12 by the Central Statistical Bureau show that in 2018, the foreign trade turnover of Latvia at current prices reached EUR 27.8 billion – EUR 2.25 billion or 8.8 % more than in 2017.

The exports value comprised EUR 12.34 billion (an increase of EUR 833.9 million or 7.2 %), whereas the imports value – EUR 15.46 billion (an upturn of EUR 1.42 billion or 10.1 %).

In December 2018 the foreign trade turnover of Latvia amounted to EUR 2.15 billion, which at current prices was 0.4 % less than in December 2017, of which the exports value of goods was 1.3 % lower, but imports value of goods was 0.3 % higher. In December, Latvia exported goods in the amount of EUR 943.7 million but imported – in the amount of EUR 1.2 billion. Compared to December 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 44.4 % to 44 %.

Latvia trade

However, calendar and seasonally adjusted data show that, compared to December 2017, in December 2018 the exports value at current prices went up by 3.6 % and the imports value by 6.2 %, whereas, compared to the previous month, the exports value decreased by 0.7 %, but the imports value increased by 3.4 %.

In December, the main export partners of Latvia in trade with EU countries were Lithuania (16 % of total exports), Estonia (12.2 %), Sweden (7 %) and Denmark (5.7 %), whereas the main import partners were Lithuania (16 % of total imports), Germany (10.9 %), Poland (9 %) and Estonia (7.8 %).

Russia was the main partner in trade with third countries; its share in total Latvian exports in December accounted for 10.6 %, whereas in imports – for 8.4 %.

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