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Big leap in Latvia's foreign trade figures on year

Provisional data published by the Central Statistical Bureau (CSB) July 12 show that in May 2021 the foreign trade turnover of Latvia amounted to EUR 2.85 billion, which at current prices was 45.5 % more than a year ago.

Of that total the export value of goods rose by 36.2 %, while the imports value of goods rose by 53.7 %. 

In May 2021 Latvia exported goods worth EUR 1.25 billion but imported goods worth EUR 1.61 billion. Compared to May 2020, the foreign trade balance deteriorated as exports in total foreign trade declined from 46.7 % to 43.7 %.

During the first five months of this year foreign trade turnover of Latvia at current prices reached EUR 12.99 billion – EUR 2.09 billion or 19.2 % more than in the corresponding period of 2020.

Calendar and seasonally adjusted data show that, compared to May 2020, in May 2021 the exports value at current prices went up by 34.7 % and the imports value by 46.8 %. Compared to the previous month, the exports value went up by 3.8 % but the imports value – by 3.3 %.

"In May 2021, compared to the corresponding period of the previous year, an increase was observed in all major groups of goods. This is due to the fact that in May 2020, compared to May 2019, there was a significant decrease in exports (by 15.8 %) and imports (by 28.2 %) caused by epidemiological crisis resulting from coronavirus (Covid-19)," the CSB explained.

Latvia's main export partners in May 2021 were Lithuania, Estonia, Germany and the Russian Federation, while the main import partners were Lithuania, Germany, the Russian Federation and Poland.

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