Foreign trade figures jumped in February in Latvia

Data published April 11 by the Central Statistical Bureau show that in February 2022 the foreign trade turnover of Latvia amounted to EUR 3.19 billion.

This at current prices was 36.1% larger than a year ago, of which the exports value of goods was 29.2% higher, but imports value of goods – 42.6% higher. 

In February Latvia exported goods in the amount of EUR 1.47 billion, but imported – in the amount of EUR 1.72 billion. Compared to February 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.4 % to 46 %. 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 euros and not their physical quantity.

During the two months of this year foreign trade turnover of Latvia at current prices reached EUR 6.14 billion – EUR 1.58 billion or 34.5 % more than in the corresponding period of 2021. The exports value constituted EUR 2.84 billion (a growth of EUR 644.5 million or 29.4 %), whereas the imports value comprised EUR 3.3 billion (a rise of EUR 931.1 million or 39.3 %).

Calendar and seasonally adjusted data show that, compared to February 2021, in February 2022 the exports value at current prices went up by 28.3 %, but the imports value – by 41.7 %, whereas, compared to the previous month, the exports value went up by 3.6 %, but the imports value – by 6.6 %.

The main exports partners in February were Lithuania (18.3 % of total exports), Estonia (11.6 %), Germany (7.6 %) and Poland (5.5 %), whereas the main imports partners were Lithuania (17.2 % of total imports), Germany (9.9 %), Poland (9.1 %) and Russian Federation (8 %).

In February 2022 foreign trade balance of Latvia was positive with 112 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 43 countries.

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