The export value of goods decreased by 0.7%, while the value of imports by 8.4%, as per CSB operational data.
In March, Latvia exported goods worth EUR 1.1 billion, imported for EUR 1.32 billion. Compared to March 2019, the foreign trade balance improved slightly, with exports increasing from 43.4% to 45.4% in total foreign trade.
In the first quarter of 2020, Latvia's foreign trade turnover at actual prices amounted to EUR 6.87 billion, which is 20.3 million or 0.3% more than in the corresponding period of 2019. The value of exports amounted to EUR 3.23 billion (an increase of EUR 18.1 million or 3.5% and EUR 3.64 billion for imports (a decrease of EUR 89.8 million or 2.4%).
Calendar and seasonally adjusted data show that, compared to March 2019, in March 2020 the exports value at current prices went down by 3 % and the imports value by 12.3 %, whereas, compared to the previous month, the exports value went down by 3.2 % and the imports value by 3 %.
In March, the main export partners of Latvia in trade with EU countries were Lithuania (15.4 % of total exports), Estonia (12.3 %), Germany (7.1 %) and Sweden (6.6 %), whereas the main import partners were Lithuania (17.4 % of total imports), Germany (12.1 %), Poland (11.3 %) and Estonia (7.7 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in March accounted for 8.4 %, whereas in imports – for 5.6 %.
In March 2020, compared to March 2019, share of the European Union countries in total exports value fell by 0.4 percentage points, but in imports value – grew by 6.9 percentage points. Share of CIS countries in exports rose by 0.9 percentage points and 0.1 percentage point in imports.
In March 2020 foreign trade balance of Latvia was positive with 118 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 45 countries.
More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in the “Foreign trade” section of the CSB database.