Exports doing fairly well despite coronacrisis

Provisional data released by the Central Statistical Bureau January 11 show that in November 2020 the foreign trade turnover of Latvia amounted to EUR 2.58 billion, which at current prices was 6.5 % larger than a year ago, of which the exports value of goods was 9.1 % higher, but imports value of goods – 4.1 % higher. 

In November, Latvia exported goods in the amount of EUR 1.25 billion, but imported in the amount of EUR 1.33 billion. Compared to November 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 47.4 % to 48.5 %.

During the first eleven months of last year foreign trade turnover of Latvia at current prices reached EUR 25.68 billion – EUR 781.9 million or 3 % less than in the corresponding period of the previous year. The exports value constituted EUR 12.03 billion (a growth of EUR 88.2 million or 0.7 %), whereas the imports value comprised EUR 13.65 billion (a drop of EUR 870.1 million or 6 %).

Calendar and seasonally adjusted data show that, compared to November 2019, in November 2020 the exports value at current prices went up by 9.4 % and the imports value – by 1.9 %, whereas, compared to the previous month, the exports value went up by 0.2 % ,but the imports value – down by 0.3 %.

In November, the main export partners of Latvia in trade with EU countries were Lithuania (16.2 % of total exports), Estonia (11.7 %), Germany (6.8 %) and Denmark (5 %), whereas the main import partners were Lithuania (17.8 % of total imports), Germany (10.4 %), Poland (10.3 %) and Estonia (8.1 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in November accounted for 9.4 %, whereas in imports – for 5.5 %.

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