Latvian foreign trade figures show bounce-back

Provisional data of the Central Statistical Bureau published June 9 show that in April 2022 the foreign trade turnover of Latvia amounted to EUR 3.78 billion, which at current prices was 36.9 % larger than a year ago.

The export value of goods was 30.2 % higher, but the import value of goods – 42.5 % higher.

 In April Latvia exported goods in the amount of EUR 1.62 billion but imported – in the amount of EUR 2.16 billion. Compared to April 2021, the foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.1 % to 42.9 %. It should be taken into account that the data on foreign trade in goods is reflected in actual prices and are calculated on the basis of the value of goods in euros and not their physical quantity.

During four months of this year, foreign trade turnover of Latvia at current prices reached EUR 13.94 billion – EUR 3.74 billion or 36.7 % more than in the corresponding period of 2021. The export value constituted EUR 6.25 billion (a growth of EUR 1.48 billion or 31 %), whereas the import value comprised EUR 7.69 billion (a rise of EUR 2.26 billion or 41.7 %).

The main exports partners in April were Lithuania (20.1 % of total exports), Estonia (13 %), Germany (8 %) and the United Kingdom (7.5 %), whereas the main import partners were Lithuania (25.7 % of total imports), Poland (9.8 %), Germany (9.1 %) and Estonia (8 %).

In April 2022, compared to March 2022, exports value to Ukraine increased by EUR 7.1 million or 2.5 times. It was mainly affected by the rise of EUR 3.8 million in exports of products of the chemical and allied industries. Exports to Belarus went up by EUR 0.7 million or 5.3 %. In turn exports value to the Russian Federation fell by EUR 26.1 million or 29%, which was mainly affected by the decrease in exports of prepared foodstuffs and machinery and mechanical appliances, electrical equipment.

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