Latvia's foreign trade leaped more than 30% in March

Take note – story published 1 year ago

Provisional data published May 11 by the Central Statistical Bureau (CSB) show that in March 2022 the foreign trade turnover of Latvia amounted to EUR 3.95 billion. 

At current prices that represents 37.3 % growth compared to a year ago, of which the exports value of goods was 31.4 % higher, but imports value of goods – 42.5 % higher. 

In March, Latvia exported goods in the amount of EUR 1.75 billion, but imported – in the amount of EUR 2.2 billion. Compared to March 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.4 % to 44.4 %. 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.

During the first quarter of this year foreign trade turnover of Latvia at current prices reached EUR 10.09 billion – EUR 2.65 billion or 35.6 % more than in the corresponding period of 2021. The exports value constituted EUR 4.59 billion (a growth of EUR 1.06 billion or 30.2 %), whereas the imports value comprised EUR 5.5 billion (a rise of EUR 1.59 billion or 40.5 %).

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Calendar and seasonally adjusted data show that, compared to March 2021, in March 2022 the exports value at current prices went up by 28.4 %, but the imports value – by 43.2 %, whereas, compared to the previous month, the exports value went up by 3.8 %, but the imports value – by 9 %.

Latvia's main exports partners in March were Lithuania (21.8 % of total exports), Estonia (13.1 %), Germany (7.5 %) and Sweden (5.7 %), whereas the main import partners were Lithuania (24.6 % of total imports), Poland (10.5 %), Estonia (10.2 %) and Germany (10 %).

In March 2022, compared to the previous month, imports value from Ukraine decreased by EUR 5.7 million or 31.8 %. It was mainly affected by the decline in imports of base metals and articles of base metals by EUR 2.3 million. In turn, imports from the Russian Federation and Belarus rose by EUR 29 million or 20.9 % and EUR 15.3 million or 53.7 %, respectively. Growth in imports value from the Russian Federation was mostly affected by the increase in imports of vegetable products by EUR 23.7 million, but from Belarus – of wood and articles of wood; wood charcoal by EUR 10.8 million.

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