Foreign trade turnover of Latvia up 7.7 % on year

Provisional data of the Central Statistical Bureau published November 10 show that in September 2020 the foreign trade turnover of Latvia amounted to EUR 2.7 billion, which at current prices was 7.7% more than a year ago.

Exports value of goods was 13 % higher, but imports value of goods – 3.5% higher.

 In September Latvia exported goods in the amount of EUR 1.28 billion, but imported – in the amount of EUR 1.43 billion. Compared to September 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 45 % to 47.2 %.

During the nine months of this year foreign trade turnover of Latvia at current prices reached EUR 20.36 billion – EUR 1.09 billion or 5.1 % less than in the corresponding period of the previous year. The exports value constituted EUR 9.46 billion (a drop of EUR 123.8 million or 1.3 %), whereas the imports value comprised EUR 10.9 billion (a fall of EUR 962.5 million or 8.1 %).

Calendar and seasonally adjusted data show that, compared to September 2019, in September 2020 the exports value at current prices went up by 9.7 % and the imports value – by 1.1 %, whereas, compared to the previous month, the exports value went up by 6.4 % ,but the imports value – by 5.1 %.

In September, the main export partners of Latvia in trade with EU countries were Lithuania (15.7 % of total exports), Estonia (9.5 %), Germany (7.4 %) and Sweden (4.8 %), whereas the main import partners were Lithuania (18.3 % of total imports), Poland (10.1 %), Germany (9.6 %) and Estonia (8.3 %). Russia was the main export partner in trade with third countries; its share in total Latvian exports in September accounted for 9.1 %, whereas the main import partner was Canada – for 5.8 % of total imports.

In September 2020, compared to September 2019, share of the European Union countries in total exports value fell by 1.2 percentage points, but in imports value – grew by 0.5 percentage points. Share of CIS countries in exports fell by 1.2 percentage points, but in imports – by 1.1 percentage point.

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

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to September 2019

million EUR

% of

total

changes as %, compared to September 2019

Total

 1 275.1

100

13.0

 1 427.9

100

3.5

European Union countries*

803.0

63.0

10.8

 1 053.7

73.8

4.2

euro area countries

614.4

48.2

11.8

780.4

54.7

2.2

CIS countries

165.0

12.9

3.4

123.3

8.6

-8.1

other countries

307.1

24.1

25.5

250.9

17.6

6.8

*The United Kingdom is not included in the European Union.

In September 2020 foreign trade balance of Latvia was positive with 121 partner country, as exports value of goods exceeded imports value of goods. It was negative in trade with 47 countries.

Main commodities in exports of Latvia in September 2020
(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

September 2019

August 2020

average of previous 12 months

Total

 1 275 149

100

13.0

18.7

20.5

wood and articles of wood; wood charcoal

 166 444

13.1

0.04

-1.3

-4.5

electrical machinery and equipment

 161 717

12.7

39.6

22.6

29.8

cereals

 122 991

9.6

75.1

2.1 time

2.9 times

machinery and mechanical appliances

 82 052

6.4

32.2

23.9

25.3

beverages, spirits and vinegar

 59 840

4.7

-9.4

13.5

18.3

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

 48 222

3.8

-19.4

19.7

-0.7

miscellaneous grains, seeds and fruit; industrial or medicinal plants

 42 452

3.3

2.3 times

6.3

2.8 times

iron and steel

 40 128

3.1

45.9

65.5

30.0

mineral fuels, mineral oils and products of their distillation

 39 826

3.1

-9.0

14.4

0.3

articles of iron or steel

 37 951

3.0

-13.5

8.0

2.9

 

Main commodities in imports of Latvia in September 2020
(at current prices)

 

 

 

thousand EUR

% of

total

Changes as %, compared to

September 2019

August 2020

average of previous 12 months

Total

 1 427 851

100

3.5

15.9

15.0

electrical machinery and equipment

 178 488

12.5

24.6

9.5

19.6

machinery and mechanical appliances

 130 776

9.2

6.0

13.2

8.1

mineral fuels, mineral oils and products of their distillation

 96 691

6.8

-28.6

4.9

11.5

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

 89 011

6.2

-16.1

27.2

-0.8

aircraft, spacecraft and parts thereof

 84 681

5.9

6.9

64.3 times

3.2 times

beverages, spirits and vinegar

 65 403

4.6

7.0

16.3

40.6

pharmaceutical products

 57 995

4.1

15.8

9.2

7.4

wood and articles of wood; wood charcoal

 54 361

3.8

17.4

13.1

19.0

plastics and articles thereof

 53 546

3.8

-3.2

8.4

2.0

iron and steel

 37 647

2.6

-7.5

-2.7

-13.9

The full report is available at CSB website.

 

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