Analytics, Foreign trade , Latvia, Statistics

In October Latvia exported goods in the amount of EUR 1.31 bn, but imported – in the amount of EUR 1.39 bn. Compared to October 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 46.9% to 48.6%.

During the ten months of this year foreign trade turnover of Latvia at current prices reached EUR 23.08 bn – EUR 963.3 mln or 4% less than in the corresponding period of the previous year. The exports value constituted EUR 10.77 bn (a drop of EUR 27.8 mln or 0.3%), whereas the imports value comprised EUR 12.31 bln (a fall of EUR 935.5 mln or 7.1%).

Calendar and seasonally adjusted data show that, compared to October 2019, in October 2020 the exports value at current prices went up by 9.8% and the imports value – by 4%, whereas, compared to the previous month, the exports value went down by 0.6% ,but the imports value – by 0.4%.

Main changes in exports in October 2020, compared to October 2019:

• exports of vegetable products up by EUR 45.8 mln or 35.7 %,
• exports of machinery and mechanical appliances; electrical equipment up by EUR 35 mln or 17.5%,
• exports of wood and articles of wood up by EUR 19.9 mln or 10.8%, 
• exports of products of the chemical and allied industries down by EUR 13.8 mln or 13.1%,
• exports of prepared foodstuffs down by EUR 8.7 mln or 6.6%,

Main changes in imports in October 2020, compared to October 2019:

• imports of machinery and mechanical appliances; electrical equipment up by EUR 24.3 mln or 8.2%,
• imports of vegetable products up by EUR 18 mln or 31.8%,
• imports of wood and articles of wood up by EUR 8.8 mln or 18%, 
• imports of mineral products down by EUR 33.6 mln or 26%,
• imports of vehicles and associated transport equipment down by EUR 13.5 mln or 11.6%.
• 
  

In October, the main export partners of Latvia in trade with EU countries were Lithuania (15.8% of total exports), Estonia (10.9%), Germany (6.3%) and Sweden (4.8%), whereas the main import partners were Lithuania (17.9% of total imports), Germany (10.6%), Poland (10.2%) and Estonia (8.6%). Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 9.3%, whereas in imports – for 6.4%.

In October 2020, compared to October 2019, share of the European Union countries in total exports value fell by 0.8 percentage points, but in imports value – by 1.4 percentage points. Share of CIS countries in exports fell by 0.9 percentage points, but in imports – by 0.4 percentage points.