Latvia's foreign trade up by more than a quarter in 2021

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In 2021, Latvia's foreign trade turnover reached EUR 35.92 billion – an increase of EUR 7.46 billion or 26.2 % on 2020's figure, according to provisional figures published by the Central Statistical Bureau (CSB) February 9.

The exports value constituted EUR 16.49 billion (a growth of EUR 3.19 billion or 24 %), whereas the imports value comprised EUR 19.43 billion (a rise of EUR 4.27 billion or 28.2 %), and these are both new annual records for exports and imports.

In December 2021 the foreign trade turnover of Latvia amounted to EUR 3.26 billion, which at current prices was 25.9 % larger than a year ago, of which the exports value of goods was 35.2 % higher, but imports value of goods – 18.3 % higher.

In December Latvia exported goods in the amount of EUR 1.58 billion, but imported – in the amount of EUR 1.68 billion. Compared to December 2020, the foreign trade balance improved as exports in total foreign trade amount increased from 45.2 % to 48.5 %. 

"It should be taken into account that statistics on foreign trade in goods are reflected in current prices and calculated on the basis of the value of goods in euro and not their physical quantity," the CSB noted.

Calendar and seasonally adjusted data show that, compared to December 2020, in December 2021 the exports value at current prices went up by 29.5  %, but the imports value – by 16.8 %. Compared to the previous month, the exports value went up by 2.8 %, but the imports value – went down by 3.3 %.

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Latvia's main exports partners in December were Lithuania (22 % of total exports), Estonia (11 %), the Russian Federation (6.6 %) and Germany (5.9 %). The main import partners were Lithuania (19.3 % of total imports), Germany (10.7 %), Poland (9.6 %) and Estonia (9.3 %).

In December 2021, compared to December 2020, share of the European Union countries in total exports value increased by 9.1 percentage point, but in imports by 9.9 percentage points.

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