In December foreign trade turnover of Latvia was 25.3 % larger than a year ago

Provisional data of the Central Statistical Bureau (CSB) show that in December 2022 the foreign trade turnover of Latvia amounted to EUR 4.09 billion, which at current prices was 25.3 % larger than a year ago, of which the exports value of goods was 9.6 % higher, but imports value of goods – 39.8 % higher. In December Latvia exported goods in the amount of EUR 1.72 billion, but imported – in the amount of EUR 2.37 billion.

Compared to December 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.1 % to 42 %. It should be taken into account that the data on foreign trade in goods are reflected in actual prices and are calculated on the basis of the value of goods in euros and not their physical quantity.

In 2022, the foreign trade turnover of Latvia at current prices reached EUR 47.77 billion – EUR 11.8 billion or 32.8 % more than in 2021. The exports value constituted EUR 21.27 billion (a growth of EUR 4.82 billion or 29.3 %), whereas the imports value comprised EUR 26.5 billion (a rise of EUR 6.98 billion or 35.8 %).

Calendar and seasonally adjusted data show that, compared to December 2021, in December 2022 the exports value at current prices went up by 8.2 %, but the imports value – by 39.2 %, whereas, compared to the previous month, the exports value went down by 6.2 %, but the imports value – by 1.4 %.

Main changes in exports in December 2022, compared to December 2021:

• exports of mineral products up by EUR 71 million or 38.1 %;
• exports of vegetable products up by EUR 42.9 million or 37.5 %;
• exports of machinery and mechanical appliances; electrical equipment up by EUR 31.8 million or 12.8 %;
• exports of prepared foodstuffs up by EUR 30.9 million or 26.5 %;
• exports of base metals and articles of base metals down by EUR 55.4 million or 38.1 %.

Main changes in imports in December 2022, compared to December 2021:

• imports of vehicles and associated transport equipment up by EUR 337.2 million or 3.5 times;
• imports of mineral products up by EUR 232.8 million or 2.1 time;
• imports of prepared foodstuffs up by EUR 46.3 million or 35.1 %;
• imports of live animals and animal products up by EUR 23.6 million or 41.6 %;
• imports of products of the chemical and allied industries down by EUR 30.5 million or 14.3 %.

The main exports partners in December were Lithuania (18.1 % of total exports), Estonia (12.7 %), Russian Federation (6.1 %) and Germany (5.5 %), whereas the main import partners were Lithuania (19.4 % of total imports), Canada (11.9 %), Estonia (9.1 %) and Germany (8.8 %).

In December 2022, compared to December 2021, share of the European Union countries in total exports value decreased by 2.4 percentage points, but in total imports value – by 9.3 percentage points. Share of CIS countries in exports fell by 0.4 percentage points, but in imports – by 0.7 percentage points.

Foreign trade of Latvia in December 2022 by country group

(at current prices)

In December 2022, compared to November, exports value to Ukraine increased by EUR 0.8 million or 2.1 %. It was mainly affected by the rise of EUR 1.8 million or 11.2 % in exports of mineral products. Exports to Russian Federation went down by EUR 24.6 million or 19 %, but to Belarus – by EUR 0.4 million or 2.1 %. Drop in exports to the Russian Federation and Belarus was mainly affected by the fall in exports of prepared foodstuffs by EUR 19.8 million or 33.1 % and EUR 1.3 million or 56.2 %, respectively.

In December 2022, compared to the previous month, imports value from Ukraine decreased by EUR 9 million or 26.2 %. It was affected by the reduction of EUR 7.8 million or 58.5 % in imports of products of the chemical and allied industries. Imports from Belarus decreased by EUR 0.1 million or 0.7 %, which was mainly affected by drop in imports of animal or vegetable fats and oils by EUR 1.3 million or 13.1 %. Imports from the Russian Federation rose by EUR 119.9 million, which was mainly affected by an increase in imports of natural gas by EUR 108.8 million.

The rise in natural gas imports is due to the fact that natural gas previously imported from the Russian Federation in December 2022 was released for free circulation. According to the methodology of foreign trade in goods, non-EU goods that are previously imported and stored in a customs warehouse are included in foreign trade only at the moment when they are released for free circulation.

In December 2022, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 114 partner countries. It was negative in trade with 46 countries.

The rise in exports of cereals in December 2022, as compared to December 2021, was mostly facilitated by an increase in exports of wheat and meslin by EUR 42.8 million or 74.7 %, but growth in exports of mineral fuels, mineral oils and products of their distillation – by rise in exports of natural gas by EUR 37.2 million.

Main commodities in exports of Latvia in December 2022

(at current prices)

The rise in imports in commodity group “aircraft, spacecraft, and parts thereof” in December 2022, as compared to December 2021, was affected by purchase of aircrafts of EUR 279.5 million. In turn, reduction in imports of wood and articles of wood; wood charcoal was affected by decrease in imports of sawn wood by EUR 13.6 million or 67.8 %.

Main commodities in imports of Latvia in December 2022

(at current prices)

According to the methodology, goods in foreign trade are counted taking into account the physical movement of goods. Although the commercial import of electricity from the Russian Federation has been stopped, to account for the import and export of electricity CSB uses the transmission system operator’s monthly information on the transmission of the physical flow of electricity across the border of Latvia, including transported through Latvia, expressed in MWh. The monthly average price specified by the electricity exchange “Nord Pool AS” is used for calculating the value of the physical flow of electricity in euros.

On February 17, together with the publication of data, an additional release will follow on principal goods and main partners in foreign trade of Latvia in 2022. More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in the Official statistics portal section “Foreign trade” and exports and imports data analysis tool.

Media requests:
Communication Section
E-mail: media@csp.gov.lv
Phone: +371 27880666

More information on data:
Ieva Jansone
Foreign Trade Statistics Section
E-mail: Ieva.Jansone@csp.gov.lv
Phone: +371 67366721