After a growth lasting for 26 month, in March foreign trade turnover of Latvia experienced a drop

Provisional data of the Central Statistical Bureau (CSB) show that in March 2023 the foreign trade turnover of Latvia amounted to EUR 3.96 billion, which at current prices was 4.6 % less than a year ago, of which the exports value of goods was 2.1 % lower, but imports value of goods – 6.6 % lower. Last time foreign trade turnover fell in January 2021, compared to the same month a year ago. In March Latvia exported goods in the amount of EUR 1.83 billion, but imported – in the amount of EUR 2.13 billion.

Compared to March 2022, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 45 % to 46.1 %. 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 euro and not their physical quantity.

During the first quarter of this year foreign trade turnover of Latvia at current prices reached EUR 10.8 billion – EUR 224.2 million or 2.1 % more than in the corresponding period of 2022. The exports value constituted EUR 5.03 billion (a growth of EUR 140.6 million or 2.9 %), whereas the imports value comprised EUR 5.77 billion (a rise of EUR 83.6 million or 1.5 %).

Data on September and December 2022 have been revised.

Calendar and seasonally adjusted data show that, compared to March 2022, in March 2023 the exports value at current prices reduced by 1.2 %, but the imports value – by 5.8 %. Compared to a month ago, both exports and imports values increased by 1 %.

Main changes in exports in March 2023, compared to March 2022:

• exports of machinery and mechanical appliances; electrical equipment up by EUR 52.4 million or 21.8 %;
• exports of prepared foodstuffs up by EUR 46.1 million or 40.5 %;
• exports of mineral products down by EUR 57.8 million or 21.8 %;
• exports of wood and articles of wood; wood charcoal down by EUR 40.6 million or 11.8 %;
• exports of base metals and articles of base metals down by EUR 32.8 million or 23.2 %.

Main changes in imports in March 2023, compared to March 2022:

• imports of vehicles and associated transport equipment up by EUR 52.9 million or 29.7 %;
• imports of prepared foodstuffs up by EUR 45.1 million or 30.3 %;
• imports of mineral products down by EUR 215 million or 47.8 %;
• imports of base metals and articles of base metals down by EUR 39.1 million or 22.8 %;
• imports of wood and articles of wood; wood charcoal down by EUR 34.8 million or 35.3 %.

The main exports partners in March were Lithuania (19.5 % of total exports), Estonia (10.9 %), Germany (6.8 %) and Sweden (6.5 %), whereas the main import partners were Lithuania (21.7 % of total imports), Germany (12.1 %), Poland (11.2 %) and Estonia (7.9 %).

The rise in exports of alcoholic and non-alcoholic beverages in March 2023, as compared to March 2022, was mostly affected by an increase in exports of whiskey by EUR 15.2 million. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of natural gas by EUR 44.5 million or 31.1 %.

Main commodities in exports of Latvia in March 2023

(at current prices)

The rise in imports of alcoholic and non-alcoholic beverages in March 2023, as compared to March 2022, was mostly facilitated by an increase in imports of spirits, liqueurs by EUR 8 million or 38.3 %. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas by EUR 148.7 million or 61.7 %.

Rise in imports of miscellaneous chemical products in March 2023, as compared to a month before, was mostly facilitated by an increase in imports of fungicides, herbicides, anti-sprouting products and plant-growth regulators by EUR 31 million.

Main commodities in imports of Latvia in March 2023

(at current prices)

In March 2023 foreign trade balance of Latvia was positive with 123 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 46 countries.

In March 2023, compared to March 2022, share of the European Union countries in total exports value increased by 1 percentage point, but in total imports value rose by 1.7 percentage points. Share of CIS countries in exports rose by 1.9 percentage points, but in imports – fell by 5.4 percentage points.

Foreign trade of Latvia in March 2023 by country group

(at current prices)

In March 2023, compared to February 2023, rise in exports to Ukraine was mainly affected by the growth in exports of mineral products by EUR 2.9 million, to the Russian Federation – by growth in exports of machinery and mechanical appliances; electrical equipment by EUR 9 million. In turn, drop in exports to Belarus was mainly affected by the fall in exports of products of the chemical and allied industries by EUR 1 million.

In March 2023, compared to a month before, imports growth from Ukraine was mainly affected by the rise in imports of products of the chemical and allied industries by EUR 1.7 million, from Russian Federation – by increase in imports of mineral products by EUR 5.3 million, but from Belarus – by rise in imports of animal or vegetable fats and oils by EUR 2.8 million.

Foreign trade of Latvia with Belarus, Russian Federation and Ukraine in March 2023

(at current prices)

CSB informs that 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 euro.

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