Big swings in Latvia's trade figures with Russia and Belarus

Provisional data released by the Central Statistical Bureau September 9 show a big annual upswing in Latvia's trade figures.

In July 2022 the foreign trade turnover of Latvia amounted to EUR 3.83 billion, which at current prices was 24.6 % larger than a year ago, of which the exports value of goods was 20.1 % higher, but imports value of goods – 28.1 % higher. 

In July Latvia exported goods in the amount of EUR 1.6 billion, but imported EUR 2.24 billion. Compared to July 2021, the foreign trade balance has worsened as exports in total foreign trade amount decreased from 43.2 % to 41.6 %.

During the seven months of this year foreign trade turnover of Latvia at current prices reached EUR 25.63 billion – EUR 6.5 billion or 34 % more than in the corresponding period of 2021. The exports value constituted EUR 11.21 billion (a growth of EUR 2.58 billion or 29.9 %), whereas the imports value comprised EUR 14.42 billion (a rise of EUR 3.91 billion or 37.3 %).

 

Calendar and seasonally adjusted data show that, compared to July 2021, in July 2022 the exports value at current prices went up by 25.2 %, but the imports value – by 31.2 %, whereas, compared to the previous month, the exports value went down by 0.9 %, but the imports value went up by 10 %.

The main exports partners in July were Lithuania (20.1 % of total exports), Estonia (11.4 %), Germany (7.2 %) and Sweden (6.5 %), whereas the main imports partners were Lithuania (28.8 % of total imports), Estonia (11.6 %), Germany (9.8 %) and Poland (9.3 %).

In July 2022, compared to July 2021, share of the European Union countries in total exports value increased by 4 percentage points, but in total imports value – by 10.4 percentage points. Share of CIS countries in exports fell by 1 percentage point, but in imports – by 9.1 percentage point.

In July 2022, compared to June 2022, exports value to Ukraine increased by EUR 11.4 million or 42.2 %. It was mainly affected by the rise of EUR 10.2 million or 84.2 % in exports of mineral products. Exports to the Russian Federation went down by EUR 32.6 million or 24.4 %, and to Belarus they went down by EUR 4.1 million or 27.6 %.

During the same period imports from the Russian Federation rose by EUR 37.9 million or 32.6 %, which was mainly affected by growth in imports of mineral products by EUR 61.4 million. In turn, imports from Belarus went down by EUR 7.3 million or 43.9 %. Reduction in imports value from Belarus was mostly affected by the drop in imports of wood and articles of wood by EUR 3.2 million or 99.7 %.

 

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