Growth continues in Latvia's foreign trade figures

The strong growth trend continued in Latvia's foreign trade figures in September according to latest figures released November 9, though imports increasingly outweigh exports.

Provisional data of the Central Statistical Bureau  show that in September 2018 the foreign trade turnover of Latvia amounted to EUR 2.42 billion, which at current prices was 5.1 % more than in September 2017. 

The export value of goods was 1.0 % lower, but the import value of goods was 10.3 % higher.

In September, Latvia exported goods in the amount of EUR 1.03 billion, but imported in the amount of EUR 1.38 billion. As a result, compared to September 2017, the foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.4 % to 42.8 %.

Over the first nine months of this year, the foreign trade turnover of Latvia at current prices reached EUR 20.49 billion – EUR 1.75 billion or 9.3 % more than in the corresponding period of 2017. The exports value constituted EUR 9.05 billion (an increase of EUR 695.0 million or 8.3 %), whereas the imports value – EUR 11.44 billion (an upturn of EUR 1.06 million or 10.2 %).

Calendar and seasonally adjusted data show that, compared to September 2017, in September 2018 the exports value at current prices went up by 4.5 % and the imports value by 17.6 %, whereas, compared to the previous month, the exports value decreased by 3.4 %, but the imports value increased by 2.3 %.

In September, the main export partners of Latvia in trade with EU countries were Lithuania (15.6 % of total exports), Estonia (10.7 %), Germany (7.4 %) and Sweden (7.1 %), whereas the main import partners were Lithuania (17.2 % of total imports), Germany (9.4 %), Poland (8.2 %) and Estonia (6.8 %).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in September accounted for 9.1 %, but in imports – for 12.4 %.

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Economy
Economy