Latvia's foreign trade in 2019 was worth EUR 28.52 billion

Provisional data released by the Central Statistical Bureau February 10 show that in December 2019 the foreign trade turnover of Latvia amounted to EUR 2.4 billion, which at current prices was 8.2 % larger than a year ago.

The export value of goods was 3.9 % higher, but the import value of goods was 11.6 % higher, resulting in a widening trade gap as exports in total foreign trade amount decreased from 44 % to 42.3 %.

In 2019 as a whole, the foreign trade turnover of Latvia at current prices reached EUR 28.52 billion – EUR 14.7 million or 0.1 % less than in 2018. The exports value constituted EUR 12.8 billion (an increase of EUR 52 million or 0.4 %), whereas the imports value – EUR 15.73 billion (a drop of EUR 66.7 million or 0.4 %).

Calendar and seasonally adjusted data show that, compared to December 2018, in December 2019 the exports value at current prices went up by 2.7 % and the imports value by 7.4 %, whereas, compared to the previous month, the exports value went up by 4.1 % and the imports value – by 11.6 %.

In December, the main export partners of Latvia in trade with EU countries were Lithuania (16.4 % of total exports), Estonia (11.4 %), Germany (6.1 %) and Sweden (5.6 %), whereas the main import partners were Lithuania (16.2 % of total imports), Germany (10.9 %), Poland (8 %) and Estonia (7.1 %).

In exports Russia was the main partner in trade with third countries; its share in total Latvian exports in December accounted for 10.1 %, whereas Canada was the main partner in imports – 12.6 % of total imports, as a result of the deal which airBaltic has to buy planes from Airbus' Canadian operation (formerly Bombardier).

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