Latvia's foreign trade balance worsened in November

Provisional data of the Central Statistical Bureau (CSB) published January 10 show that in November 2022 the foreign trade turnover of Latvia amounted to EUR 4.2 billion, which at current prices was 27.2 % larger than a year ago.

The exports value of goods was 20% higher, but imports value of goods – 34.2 % higher. In November Latvia exported goods in the amount of EUR 1.95 billion but imported – in the amount of EUR 2.25 billion.

Compared to November 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 49.2 % to 46.4 %. 

During the eleven months of 2022 foreign trade turnover of Latvia at current prices reached EUR 43.54 billion – EUR 10.83 billion or 33.1 % more than in the corresponding period of 2021. The exports value constituted EUR 19.43 billion (a growth of EUR 4.54 billion or 30.5 %), whereas the imports value comprised EUR 24.11 billion (a rise of EUR 6.29 billion or 35.3 %).

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Calendar and seasonally adjusted data show that, compared to November 2021, in November 2022 the exports value at current prices went up by 18.8 %, but the imports value – by 34 %, whereas, compared to the previous month, the exports value went up by 4.8 %, but the imports value – went down by 2.1 %.

The main exports partners in November were Lithuania (16.1 % of total exports), Estonia (12.5 %), Russian Federation (6.6 %) and Germany (6.1 %), whereas the main import partners were Lithuania (28.7 % of total imports), Germany (10.2 %), Poland (9.3 %) and Estonia (8.6 %).

In November 2022, compared to October, exports value to Ukraine increased by EUR 3.8 million or 10.6 % but imports value from Ukraine increased by EUR 597.2 thousand or 1.8 %.

In November 2022, 207 enterprises exported goods to the Russian Federation, 89 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in January 2022 comprised 369 and 153, respectively.

In November 2022, 163 enterprises imported goods from the Russian Federation, 100 – from Belarus. The number of enterprises importing goods from these countries in January 2022 comprised 556 enterprises from the Russian Federation and 283 – from Belarus.

In November 2022, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 117 partner countries. It was negative in trade with 50 countries.

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