Latvia's exports and imports reached record levels in 2022

Last year Latvia exported EUR 21.27 billion worth of goods, EUR 4.82 billion or 29.3 % more than in 2021, and imported EUR 26.5 billion, EUR 6.98 billion or 35.8 % more. Both are the highest exports and imports value yet recorded. 

The foreign trade turnover of Latvia at current prices reached EUR 47.77 billion – EUR 11.8 billion or 32.8 % more than in 2021.

"It should be taken into account that the data on foreign trade in goods are reflected in actual prices and are calculated on the basis of the value of goods in euros and not their physical quantity," cautioned the CSB.

Last year, main commodities in exports of Latvia were wood, wood products and charcoal; mineral fuels, mineral oils and products of their distillation; electrical machinery and equipment. Wood, wood products and charcoal were mostly exported to the United Kingdom (22.6 %), Sweden (9.8 %) and Germany (8 %), mineral fuels, mineral oils and products of their distillation – to Lithuania (39.2 %), Finland (20.3 %) and Estonia (16.4 %), electrical machinery and equipment – to Lithuania (27 %), Estonia (14.6 %) and Germany (4.6 %).

In 2022 goods were exported from Latvia to 199 countries worldwide. The five largest export partners were Lithuania, Estonia, Germany, the Russian Federation and Sweden. Their share comprised 48.1 % of total exports value. The main exports to Lithuania were mineral products, to Estonia and Russian Federation – agricultural and food products, but to Sweden – wood and wood products.

In 2022 exports of Latvian origin goods to EU countries comprised 45.3 % of the total value of goods exported to EU countries. Latvian origin goods were mostly exported to Sweden (EUR 956.5 million), Lithuania (EUR 933 million) and Germany (EUR 893.4 million). Main Latvian origin commodities in exports to EU countries were wood and articles of wood, charcoal; dairy produce, birds’ eggs, natural honey; articles of iron or steel.

Imports

Last year the main commodities in imports of Latvia were mineral fuels, mineral oils and products of their distillation; electrical machinery and equipment; machinery and mechanical appliances. Mineral fuels, mineral oils and products of their distillation were mostly imported from Lithuania (55.9 %), Russian Federation (19.2 %), Estonia (18.5 %); electrical machinery and equipment – from Lithuania and China (13.9 %), Poland (10 %), machinery and mechanical appliances – from Germany (16.9 %), Lithuania (13,7 %), Poland (9.5 %).

In 2022 goods were imported to Latvia from 168 countries worldwide. Five largest imports partners were Lithuania, Estonia, Germany, Poland and Russian Federation. Their share comprised 60. 3 % of total imports value. The main imports from Lithuania, Russian Federation and Estonia were mineral products, , from Germany – transport equipment and associated transport equipment , but from Poland – agricultural and food products.

Russia and Ukraine 

Exports to Ukraine in 2022, compared to 2021, has risen 2.2 times and it was mostly affected by the rise of EUR 106.6 million in exports of mineral products. Exports to the Russian Federation fell by 0.4 %, to Belarus – by 2 %, which was mainly affected by the drop of EUR 78.1 million and EUR 12.5 million, respectively, in exports of machinery and mechanical appliances; electrical equipment.

Imports from Ukraine increased last year by 27.1 % and it was mostly affected by the rise of EUR 34.4 million in imports of products of the chemical and allied industries. From the Russian Federation imports increased by 3.3 %, which was affected by growth of EUR 421.8 million in imports of mineral products. Reduction in imports of 35.7 % from Belarus was affected by the drop in imports of wood and articles of wood by EUR 158.2 million.

In 2022, 831 enterprise exported goods to the Russian Federation, 383 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in 2021 comprised 1 013 and 490, respectively.

In 2022, 1 268 enterprises imported goods from the Russian Federation, 588 – from Belarus. The number of enterprises importing goods from these countries in 2021 comprised 1 793 enterprises from the Russian Federation and 889 – from Belarus.

Rapid rise in trade with countries bordering Russia

In 2022, compared to 2021, there was a significant rise in foreign trade in goods with certain CIS countries. Exports to Kazakhstan has increased by EUR 70.4 million or 2.5 times, to Kyrgyzstan – by EUR 17 million or 3.5 times, to Armenia – by EUR 15 million or 2.8 times. It was affected by the rise in exports of machinery and mechanical appliances; electrical equipment.

While some of this may be accounted for by companies seeking new markets, it is worth noting that concerns have been raised in some quarters that sudden, big rises in exports to countries bordering Russia may signal attempts to circumvent international sanctions with third countries acting as intermediaries.

In 2022, compared to 2021, imports from Kazakhstan grew by EUR 56.8 million or 8.9 times, from Kyrgyzstan – by EUR 6.7 million or 11.4 times, from Azerbaijan – by EUR 2.1 million or 2.7 times. Rise in imports from Kazakhstan was mostly affected by vegetable products, from Kyrgyzstan – by mineral products, but from Azerbaijan – by base metals and articles of base metals.

In 2022, compared to 2021, the number of exporting and importing enterprises with the mentioned CIS countries has also grown. In particular, the rise was observed in the number of enterprises in trade with Kazakhstan – in exports by 115 enterprises, in imports – by 63 enterprises.

In 2022 exports to CIS countries reached EUR 1.67 billion – EUR 114.4 million or 7.4 % more than in 2021, but imports from CIS countries comprised EUR 2.23 billion – a drop of EUR 37.6 million or 1.7 %.

Foreign trade of Latvia with Belarus, Russian Federation and Ukraine in 2022