Analytics, Foreign trade , Latvia, Statistics

In October, Latvia exported goods in the amount of EUR 1.21 bn, but imported in the amount of EUR 1.35 bn. 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 bn – EUR 77.7 mln or 0.3% less than in the corresponding period of 2018. The exports value constituted EUR 10.62 bn (an increase of EUR 62.5 mln or 0.6%), whereas the imports value – EUR 13.06 bn (a drop of EUR 140.2 mln or 1.1%).

Calendar and seasonally adjusted data show that, compared to October 2018, in October 2019 the exports value at current prices went down by 0.9% and the imports value by 12.8%, whereas, compared to the previous month, the exports value went up by 1%, but the imports value reduced by 4.4%.

Main changes in exports in October 2019, compared to October 2018:

• exports of vegetable products up by EUR 50.9 mln or 69.4%,
• exports of prepared foodstuffs up by EUR 15.8 mln or 13.7%,
• exports of textiles and textile articles up by EUR 9.9 mln or 31.5%,
• exports of wood and articles of wood down by EUR 25.8 mln or 12.4%,
• exports of mineral products down by EUR 21.6 mln or 30.2%,
• exports of basic metals and articles of basic metals down by EUR 18.7 mln or 17.7%.
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Main changes in imports in October 2019, compared to October 2018:

• imports of prepared foodstuffs up by EUR 15.4 mln or 12.9%
• imports of vehicles and associated transport equipment down by EUR 91.4 mln or 45%, 
• imports of mineral products down by EUR 57.1 mln or 30.6%,
• imports of machinery and mechanical appliances; electrical equipment down by EUR 44 mln or 13.3%,
• imports of basic metals and articles of basic metals down by EUR 20.3 mln or 15.6%.
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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%). Main partner in trade with third countries was Russia, share of which in total exports of Latvia in October comprised 11.2%, but in imports – 6.8%.

In October 2019, compared to October 2018, share of the European Union countries in total exports value fell by 1.3 percentage points, but in imports value – grew by 8.3 percentage points. Rise in share of CIS countries comprised 1.9 percentage points in exports and drop of 2.6 percentage points in imports.

Foreign trade of Latvia by country group in October 2019
(at current prices)

In October 2019 foreign trade balance of Latvia was positive with 132 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 43 countries.

Balance of foreign trade of Latvia
(difference between value of goods exports and imports, million euros)

The rise in the exports of cereals in October 2019, as compared to October 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 16.4 mln or 51.7%. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 6.6 mln or 44.4%.

Main commodities in exports of Latvia in October 2019
(at current prices)

The rise in the imports of alcoholic and non-alcoholic beverages in October 2019, as compared to October 2018, was facilitated by an increase in the imports of sparkling wine by EUR 2.6 mln or 49.3%. In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas in the gaseous state by EUR 26.2 mln or 50.4%.

Main commodities in imports of Latvia in October 2019
(at current prices)