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Strong growth on year for Latvian foreign trade in February

Provisional data released by the Central Statistical Bureau (CSB) April 12 show that in February 2021 the foreign trade turnover of Latvia amounted to EUR 2.33 billion, which at current prices was 4.6 % larger than a year ago,.

The export value of goods was 7.5 % higher, while the import value of goods was 2 % higher. 

In February Latvia exported goods in the amount of EUR 1.14 billion, but imported to the tune of EUR 1.19 billion. Compared to February 2020, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 47.6 % to 48.9 %.

During the first two months of this year foreign trade turnover at current prices reached EUR 4.54 billion – EUR 45 million or 1 % more than in the corresponding period of 2020, which it is worth remembering was before the coronavirus pandemic really took hold.

Exports value constituted EUR 2.21 billion (a growth of EUR 69.3 million or 3.2 %), whereas imports comprised EUR 2.33 billion (a drop of EUR 24.3 million or 1 %).

 

In February, the main export partners of Latvia in trade with EU countries were Lithuania (16.7 % of total exports), Estonia (10.8 %), Germany (7.1 %) and Sweden (5.7 %), whereas the main import partners were Lithuania (17.7 % of total imports), Germany (11.9 %), Poland (9.8 %) and Estonia (8.8 %). The Russian Federation was the main export partner in trade with third countries; its share in total Latvian exports in February accounted for 8.1 %, whereas in imports – for 5.4 %.

As regards another third country, former EU member state the United Kingdom, February repeated January's figures showing a marked post-Brexit trade slump. Compared to February 2020, in February 2021 imports of goods from the United Kingdom fell by EUR 13.4 million or 56 %.

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