Foreign trade figures show strong growth

Provisional data published by the Central Statistical Bureau (CSB) July 11 show that in May 2022 the foreign trade turnover of Latvia amounted to EUR 4.04 billion, which at current prices was 39.9 % larger than a year ago.

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:

Main changes in imports in May 2022, compared to May 2021:

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.

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