Of that total, the export value of goods was 36.5 % higher, and the import value of goods 42.5 % higher.
In May Latvia exported goods in the amount of EUR 1.7 billion, but imported – in the amount of EUR 2.33 billion. Compared to May 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 43.2 % to 42.2 %. 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 five months of this year foreign trade turnover of Latvia at current prices reached EUR 18.03 billion – EUR 4.95 billion or 37.8 % more than in the corresponding period of 2021. The exports value constituted EUR 7.96 billion (a growth of EUR 1.94 billion or 32.3 %), whereas the imports value comprised EUR 10.07 billion (a rise of EUR 3 billion or 42.5 %).
Calendar and seasonally adjusted data show that, compared to May 2021, in May 2022 the exports value at current prices went up by 29.8 %, but the imports value – by 37.9 %, whereas, compared to the previous month, the exports value went up by 1 %, but the imports value – went down by 2.8 %.
Main changes in exports in May 2022, compared to May 2021:
- exports of wood and articles of wood, wood charcoal up by EUR 138.7 million or 55.5 %;
- exports of mineral products up by EUR 91.5 million or 2.5 times;
- exports of vegetable products up by EUR 40.9 million or 54.6 %;
- exports of prepared foodstuffs up by EUR 31.9 million or 37 %;
- exports of base metals and articles of base metals down by EUR 8.8 million or 6.8 %.
Main changes in imports in May 2022, compared to May 2021:
- imports of mineral products up by EUR 256.3 million or 2.7 times;
- imports of vehicles and associated transport equipment up by EUR 111.8 million or 49 %;
- imports of prepared foodstuffs up by EUR 56.3 million or 52.3 %;
- imports of machinery and mechanical appliances; electrical equipment up by EUR 55.5 million or 17.8 %;
- imports of wood and articles of wood, wood charcoal up by EUR 43.6 million or 49.4 %.
The main export partners in May were Lithuania (18.9 % of total exports), Estonia (12.5 %), Germany (7.9 %) and Sweden (6.8 %), whereas the main import partners were Lithuania (24.4 % of total imports), Germany (9.6 %), Poland (9.2 %) and Estonia (8.7 %).
In May 2022, compared to May 2021, share of the European Union countries in total exports value increased by 6.1 percentage point, but in total imports value – by 3.6 percentage points.
In May 2022, compared to April 2022, exports value to Ukraine increased by EUR 2.3 million or 19.5 %. It was mainly affected by the rise of EUR 3.2 million in exports of mineral products.
Perhaps surprisingly, exports to Belarus went up by EUR 2 million or 13.7 %, and to Russia by EUR 6.6 million or 10.2 %. Rise in exports to Russian Federation was mainly affected by the growth in exports of prepared foodstuffs by EUR 7.3 million.
In May 2022, compared to the previous month, imports value from Ukraine increased by EUR 1.2 million or 6 %. Imports from Belarus rose by EUR 17.7 million or 46 %, which was mainly affected by growth of wood and articles of wood; wood charcoal by EUR 13.4 million or 56.2 %. In turn, imports from the Russian Federation went down by EUR 65.4 million or 37.8 %.
In May 2022 the foreign trade balance was positive with 103 partner countries, as exports value of goods exceeded imports value of goods. It was negative with 51 countries.
