Trade turnover for June declined in Latvia

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Unsurprisingly, given the context of the COVID-19 pandemic, Latvia's foreign trade figures in June were down on the same month a year before.

Provisional data released Auust 11 by the Central Statistical Bureau (CSB) show that in June 2020 the foreign trade turnover of Latvia amounted to EUR 2.1 billion, which at current prices was 3.5 % less than a year ago.

The export value of goods dropped by 1.4 %, but the import value of goods – by 5.2 %. In June Latvia exported goods in the amount of EUR 978.6 million, but imported – in the amount of EUR 1.16 billion. Compared to June 2019, the foreign trade balance has improved slightly as exports in total foreign trade amount increased from 44.8 % to 45.8 %.

During the first half of this year foreign trade turnover of Latvia at current prices reached EUR 12.92 billion – EUR 1.14 billion or 8.1 % less than in the corresponding period of the previous year. The exports value constituted EUR 6.05 billion (a drop of EUR 230.4 million or 3.7 %), whereas the imports value comprised EUR 6.87 billion (a fall of EUR 905.9 million or 11.7 %).

Calendar and seasonally adjusted data show that, compared to June 2019, in June 2020 the exports value at current prices went down by 3.5 % and the imports value by 9 %, whereas, compared to the previous month, the exports value went up by 8.6 % ,but the imports value – by 11.2 %.

In June 2020 imports of protective oral-nasal masks increased by EUR 1.2 million or 12.3 % as compared to May. They mainly were imported from China (74.5 % or EUR 8.1 million). Since epidemiological crisis caused by coronavirus Covid-19 had started, demand for these goods still remains high. As compared to June 2019, imports has risen by EUR 10.4 million.

In June, the main export partners of Latvia in trade with EU countries were Lithuania (17.9 % of total exports), Estonia (11.9 %), Sweden and Germany (6.6 %), whereas the main import partners were Lithuania (17.4 % of total imports), Poland (9.9 %), Germany (9.5 %) and Estonia (8.4 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in June accounted for 8.6 %, whereas in imports – for 6.5 %.

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