Foreign trade figures suffer due to coronavirus

Provisional data released by the Central Statistical Bureau (CSB) July 10 show that in May 2020 the foreign trade turnover of Latvia amounted to EUR 1.93 billion, which at current prices was 24.1 % less than a year ago.

The fall was "due to the epidemiological crisis caused by COVID-19" the CSB said.

Of the overall figure the export value of goods dropped by 16.8 %, but the import value of goods by 29.6 %. 

Latvia foreign trade May 2020

In May Latvia exported goods in the amount of EUR 906.1 billion, but imported EUR 1.03 billion. Compared to May 2019 the, foreign trade balance has improved slightly as exports in the total foreign trade amount increased from 42.8 % to 46.9 %.

During first five months of this year foreign trade turnover of Latvia at current prices reached EUR 10.76 billion – EUR 1.08 billion or 9.1 % less than in the corresponding period of the previous year.

In May, the main export partners of Latvia in trade with EU countries were Lithuania (17 % of total exports), Estonia (12.1 %), Germany (7.6 %) and Sweden (7.1 %), whereas the main import partners were Lithuania (19.1 % of total imports), Poland (10.3 %), Germany (9.4 %) and Estonia (8.6 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in May accounted for 6.7 %, whereas in imports – for 6.5 %.

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