Foreign trade turnover of Latvia down 4.3% in August

Provisional data from the Central Statistical Bureau published October 12 show that in August 2020 the foreign trade turnover of Latvia amounted to EUR 2.31 billion, which at current prices was 4.3% less than a year ago.

Exports value of goods dropped by 3.7%, but imports value of goods – by 4.8%. 

In August Latvia exported goods in the amount of EUR 1.07 billion, but imported – in the amount of EUR 1.23 billion. Compared to August 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 46.3 % to 46.6 %.

During the eight months of this year foreign trade turnover of Latvia at current prices reached EUR 17.64 billion – EUR 1.3 billion or 6.8 % less than in the corresponding period of the previous year. The exports value constituted EUR 8.18 billion (a drop of EUR 271.8 million or 3.2 %), whereas the imports value comprised EUR 9.46 billion (a fall of EUR 1.02 billion or 9.8 %).

Calendar and seasonally adjusted data show that, compared to August 2019, in August 2020 the exports value at current prices went up by 0.5 %, but the imports value – down by 3 %, whereas, compared to the previous month, the exports value went up by 3.7 % ,but the imports value – down by 1.5 %.

In August, the main export partners of Latvia in trade with EU countries were Lithuania (17.5 % of total exports), Estonia (12 %), Germany (8.8 %) and Sweden (5.2 %), whereas the main import partners were Lithuania (20.3 % of total imports), Poland (10.2 %), Germany (9.8 %) and Estonia (8.9 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in August accounted for 8.3 %, whereas in imports – for 6.1 %.

In August 2020, compared to August 2019, share of the European Union countries in total exports value increased by 1.2 percentage points, but in imports value – fell by 0.2 percentage points. Share of CIS countries in exports fell by 1.2 percentage points, but in imports – by 1.6 percentage points.

Foreign trade of Latvia in August 2020 by country group
(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to August 2019

million EUR

% of

total

changes as %, compared to August 2019

Total

1 074.6

100

-3.7

1 232.4

100

-4.8

European Union countries*

717.1

66.7

-1.9

941.5

76.4

-5.0

euro area countries

551.2

51.3

-0.6

709.2

57.6

-6.6

CIS countries

135.0

12.6

-12.4

121.1

9.8

-17.9

other countries

222.5

20.7

-3.8

169.8

13.8

8.9

Full report can be read at CSB website.

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