Strong foreign trade figures posted in July

Take note – story published 2 years ago

Provisional data from the Central Statistical Bureau (CSB) show that in July 2021 the foreign trade turnover of Latvia amounted to EUR 3.06 billion, which at current prices was 27 % larger than a year ago.

The exports value of goods was 25.5 % higher, but imports value of goods – 28.1 % higher. In July Latvia exported goods worth EUR 1.33 billion, but imported in the amount of EUR 1.73 billion.

Compared to July 2020, the foreign trade balance worsened slightly as exports in total foreign trade decreased from 44 % to 43.5 %.

During the seven months of this year foreign trade turnover of Latvia at current prices reached EUR 19.11 billion – EUR 3.64 billion or 23.6 % more than in the corresponding period of 2020. The exports value constituted EUR 8.69 billion (a growth of EUR 1.52 billion or 21.2 %), whereas the imports value comprised EUR 10.42 billion (a rise of EUR 2.12 billion or 25.6 %).

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Calendar and seasonally adjusted data show that, compared to July 2020, in July 2021 the exports value at current prices went up by 27.1 %, but the imports value – by 31.6 %, whereas, compared to the previous month, the exports value went up by 0.4 %, but the imports value – went down by 2.5 %.

In July, the main export partners of Latvia in trade with EU countries were Lithuania (18.3 % of total exports), Estonia (11.3 %), Germany (7.4 %) and Sweden (4.8 %), whereas the main import partners were Lithuania (17.2 % of total imports), Germany (9.8 %), Estonia (9.2 %) and Poland (8.8 %).

The United Kingdom was the main export partner in trade with third countries; its share in total Latvian exports in July accounted for 9.5 %, but it failed to make the top ten for imports. The main import partner among third countries was the Russian Federation with 13.7 % of total imports.

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