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Foreign trade turnover in July down 3.5% in Latvia

Provisional data of the Central Statistical Bureau published September 9 show that in July 2020 the foreign trade turnover of Latvia amounted to EUR 2.38 billion.

At current prices it was 3.5 % less than a year ago. Exports value of goods dropped by 0.3 %, but imports value of goods – by 5.9 %. In July Latvia exported goods in the amount of EUR 1.05 billion, but imported – in the amount of EUR 1.33 billion. Compared to July 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 42.7 % to 44.1 %.

During the seven months of this year foreign trade turnover of Latvia at current prices reached EUR 15.31 billion – EUR 1.21 billion or 7.3 % less than in the corresponding period of the previous year. The exports value constituted EUR 7.1 billion (a drop of EUR 233.9 million or 3.2 %), whereas the imports value comprised EUR 8.21 billion (a fall of EUR 979.9 million or 10.7 %).

Calendar and seasonally adjusted data show that, compared to July 2019, in July 2020 the exports value at current prices went down by 1.3 % and the imports value by 4.6 %, whereas, compared to the previous month, the exports value went up by 4.4 % ,but the imports value – by 7.1 %.

In July, the main export partners of Latvia in trade with EU countries were Lithuania (18.6 % of total exports), Estonia (13.4 %), Germany (7 %) and Sweden (5.2 %), whereas the main import partners were Lithuania (17.8 % of total imports), Germany (11 %), Poland (10 %) and Estonia (8.9 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in July accounted for 8.5 %, whereas in imports – for 7.5 %.

Full report available on CSB website.

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