Latvia's trade gap narrowed in October

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Provisional data released by the Central Statistical Bureau (CSB) on December 10 show that in October 2019 the country's trade gap - the difference between exports and imports - narrowed appreciably.

Foreign trade turnover amounted to EUR 2.56 billion, which at current prices was 7 % less than a year ago, of which the export value of goods was 0.5 % higher, but import value of goods was 12.8 % lower. In October, Latvia exported goods and services worth EUR 1.21 billion, while imported goods and services were worth EUR 1.35 billion.

Compared to October 2018, foreign trade balance has improved as exports in total foreign trade amount increased from 43.8 % to 47.3 %.

Over the ten months of this year, the foreign trade turnover of Latvia at current prices reached EUR 23.68 billion – EUR 77.7 million or 0.3 % less than in the corresponding period of 2018. The exports value constituted EUR 10.62 billion (an increase of EUR 62.5 million or 0.6 %), whereas the imports value – EUR 13.06 billion (a drop of EUR 140.2 million or 1.1 %).

In October, the main export partners of Latvia in trade with EU countries were Lithuania (16.4 % of total exports), Estonia (12.2 %), Germany (6.7 %) and Sweden (5.9 %), whereas the main import partners were Lithuania (19.5 % of total imports), Germany (10.9 %), Poland (9.6 %) and Estonia (8.2 %). 

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