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Foreign trade turnover of Latvia down 21.4 % in April

Provisional data of the Central Statistical Bureau (CSB) published on June 9 show that in April 2020, the foreign trade turnover of Latvia amounted to EUR 1.92 billion, which at current prices was 21.4 % less than a year ago.

The exports value of goods dropped by 13.9 %, but imports value of goods – by 27.4 %.

In April Latvia exported goods in the amount of EUR 927.7 million, but imported – in the amount of EUR 992.4 million. Compared to April 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 44.1 % to 48.3 %.

During first four months of this year foreign trade turnover of Latvia at current prices reached EUR 8.82 billion – EUR 478.7 million or 5.1 % less than in the corresponding period of the previous year. The exports value constituted EUR 4.17 billion (a drop of EUR 35.2 million or 0.8 %), whereas the imports value comprised EUR 4.65 billion (a fall of EUR 443.5 million or 8.7 %).

Calendar and seasonally adjusted data show that, compared to April 2019, in April 2020 the exports value at current prices went down by 14.1 % and the imports value by 27.1 %, whereas, compared to the previous month, the exports value went down by 13.7 % ,but the imports value – by 19.2 %.

In April 2020, compared to March, epidemiological crisis caused by coronavirus COVID-19 had affected trade with specific goods. Imports of protective oral-nasal masks has risen from EUR 1.2 million to EUR 11.3 million. They mainly were imported from China (88.9 % or EUR 10 million).

In turn, both exports and imports of medicines have decreased. Exports fell by EUR 5.4 million or 13.9 %, but imports – by EUR 9.6 million or 18.3 %.

In April, the main export partners of Latvia in trade with EU countries were Lithuania (15.1 % of total exports), Estonia (12.2 %), Sweden (7.3 %) and Germany (7.2 %), whereas the main import partners were Lithuania (18.2 % of total imports), Poland (11.3 %), Germany (9.9 %) and Estonia (7.9 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in April accounted for 8.6 %, whereas in imports – for 7 %.

In April 2020, foreign trade balance of Latvia was positive with 112 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 44 countries.

Balance of foreign trade of Latvia
(difference between value of goods exports and imports, million euros)

Balance of foreign trade of Latvia

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.

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