In June Latvian foreign trade turnover was 8.3 % lower than a year ago

Central Statistical Bureau (CSB) provisional data show that in June 2023 Latvia had foreign trade turnover of EUR 3.4 billion (at current prices 8.3 % lower than a year ago), of which value of exported goods reduced by 13 % and of imported goods by 4.4 %. In June Latvia exported EUR 1.46 billion and imported EUR 1.94 billion of goods.

As exports in the total foreign trade reduced from 45.4 % in June 2022 to 43 % in June 2023, foreign trade deficit widened. Please note that the statistics for foreign trade in goods is shown in actual prices and calculated based on the goods value in euro, not the physical amount or quantity.

In H1 2023 Latvian foreign trade turnover at current prices reached EUR 21.39 billion, which is EUR 963.9 million or 4.3 % fewer than in the corresponding period of 2022. The total value of exports was EUR 9.62 billion (down by EUR 456.1 million or 4.5 %) and of imports EUR 11.76 billion (down by EUR 507.8 million or 4.1 %).

Data on August, December 2022 and March 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in June 2023 compared to June 2022) value of exports reduced by 16.2 % and of imports by 6.2 % while over the month (in June 2023 compared to May 2023) value of exports decreased by 6 % and of imports by 3.8 %.

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

• exports of prepared foodstuffs up by EUR 38.1 million or 30.4 %;
• exports of mineral products down by EUR 105.9 million or 55.7 %;
• exports of wood and articles of wood; wood charcoal down by EUR 65.5 million or 22.9 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 32.2 million or 11.4 %;
• exports of vegetable products down by EUR 15.9 million or 16.8 %.

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

• imports of prepared foodstuffs up by EUR 44.1 million or 28.9 %,
• imports of vehicles and associated transport equipment up by EUR 32.1 million or 17.9 %;
• imports of vegetable products up by EUR 30.6 million or 43.1 %;
• imports of mineral products down by EUR 111.3 million or 31.1 %;
• imports of wood and articles of wood; charcoal down by EUR 39.5 million or 43.9 %.

In June, Lithuania (18.7 % of total exports), Estonia (11.2 %), Germany (7.3 %) and Russia (6.5 %) were the main export partners of Latvia while Lithuania (20.4 % of total Latvian imports), Germany (11.5 %), Poland (10.4 %) and Estonia (9 %) were the main import partners.

Exports of beverages, spirits and vinegar was boosted by growing exports of whiskey (rise of EUR 9.7 million in June 2023, compared to June 2022). Whereas reduction in exports of mineral fuels, mineral oils and products of their distillation was caused by the decrease in electricity exports (of EUR 50.9 million or 81.5 %).

Main commodities in Latvian exports in June 2023

(at current prices)

Imports of beverages, spirits and vinegar was boosted by growing import of beer made from malt (rise of EUR 4.5 million or 62.5 % in June 2023, compared to June 2022). Whereas reduction in imports of wood and articles of wood; wood charcoal was caused by decrease in imports of sawn wood (of EUR 14.7 million or 59 %).

Main commodities in Latvian imports in June 2023

(at current prices)

In June 2023 Latvia had surplus trade balance (meaning that value of exports was greater than the value of imports) with 119 countries and deficit trade balance with 46 countries.

In June 2023, compared to June 2022, share of the European Union countries in the total value of exports increased by 0.8 percentage points and in the total value of imports by 1.8 percentage points. Share of CIS countries reduced by 0.2 percentage points in exports and by 2.9 percentage points in imports.

Latvian foreign trade by country group, June 2023

(at current prices)

In June 2023, compared to June 2022, exports to Ukraine was cut back by the decrease in exports of mineral products (of EUR 9.5 million or 78.1 %) and exports to Russia by the drop in exports of machinery and mechanical appliances as well as electrical machinery and equipment (of EUR 48.1 million or 87.5 %). Whereas exports to Belarus was promoted by the growth in exports of products of the chemical and allied industries (of EUR 1.6 million or 31.1 %).

In June 2023, compared to June 2022, reduction in imports from Ukraine was mainly caused by the decrease in imports of products of the chemical and allied industries (of EUR 3.3 million or 43.4 %), imports from Russia by the drop in imports of mineral products (of EUR 31.6 million or 58.2 %), and from Belarus by imports of wood and articles of wood; wood charcoal (of EUR 3.2 million).

Latvian foreign trade with Belarus, Russia and Ukraine in June 2023

(at current prices)

CSB informs that the methodology used in foreign trade statistics provides that goods are counted based on the physical movement thereof. Although commercial import of electricity from Russia was banned, import and export of electricity is registered by using the transmission system operator’s monthly information on the transmission of the physical flow of electricity (expressed in MWh) across the border of Latvia, including of that transported through the country. Value of the physical flow of electricity in euro is calculated from the average monthly price specified by the electricity exchange Nord Pool AS.

More information on Latvian foreign trade by month and quarter as well as by country group and commodity group is available in the official statistics portal section Foreign trade as well as 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