Record foreign trade figures in August for Latvia

Take note – story published 1 year and 8 months ago

Provisional data published by the Central Statistical Bureau on October 11 show that in August 2022 the foreign trade turnover of Latvia amounted to EUR 4.4 billion, which at current prices was 29.2 % larger than a year ago.

The export value of goods was 32.7 % higher, while the import value of goods was 26.7 % higher. In August Latvia exported goods worth EUR 1.92 billion, but imported goods worth EUR 2.48 billion. These are the highest export and import values recorded so far.

Compared to August 2021, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 42.4 % to 43.6 %. 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 eight months of this year foreign trade turnover of Latvia at current prices reached EUR 30.15 billion – EUR 7.62 billion or 33.8 % more than in the corresponding period of 2021. The exports value constituted EUR 13.22 billion (a growth of EUR 3.15 billion or 31.2 %), whereas the imports value comprised EUR 16.93 billion (a rise of EUR 4.47 billion or 35.9 %).

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Calendar and seasonally adjusted data show that, compared to August 2021, in August 2022 the exports value at current prices went up by 30.3 %, but the imports value – by 23.9 %, whereas, compared to the previous month, the exports value went up by 9.1 %, but the imports value – by 3.7 %.

The main exports partners in August were Lithuania (20.9 % of total exports), Estonia (11 %), Germany (6.8 %) and Finland (6.3 %), whereas the main imports partners were Lithuania (25.4 % of total imports), Estonia (13.4 %), Russian Federation (9 %) and Poland and Germany (8.8 %).

In August 2022, compared to July 2022, exports to Ukraine decreased by EUR 3.9 million or 10.2 %. It was mainly affected by the drop of EUR 6.1 million or 27.5 % in exports of mineral products. Exports to Russian Federation reduced by EUR 5.5 million or 5.4 %, which was mainly affected by the fall in exports of products of the chemical and allied industries by EUR 7 million or 35.6 %. Exports to Belarus went up by EUR 2.5 million or 23.7 %.

In August 2022, compared to the previous month, imports from Ukraine increased by EUR 8.1 million or 37.2 %. It was affected by the rise in imports of vegetable products by EUR 5.6 million or 7.5 times. Imports from the Russian Federation rose by EUR 68.5 million or 44.4 %, which was mainly affected by growth of mineral products by EUR 68.2 million or 58.9 %. Imports from Belarus increased by EUR 2.6 million or 28 %.

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