In July Latvian foreign trade turnover was 17.7 % lower than a year ago

Central Statistical Bureau (CSB) provisional data show that in July 2023 Latvia had foreign trade turnover of EUR 3.15 billion (at current prices 17.7 % lower than a year ago), of which value of exported goods reduced by 15 % and of imported goods by 19.6 %. In July Latvia exported EUR 1.36 billion and imported EUR 1.79 billion of goods.

As exports in the total foreign trade rose from 41.9 % in July 2022 to 43.3 % in July 2023, foreign trade balance improved. 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.

During the seven months of this year Latvian foreign trade turnover at current prices reached EUR 24.57 billion, which is EUR 1.61 billion or 6.2 % fewer than in the corresponding period of 2022. The total value of exports was EUR 11.01 billion (down by EUR 672.5 million or 5.8 %) and of imports EUR 13.56 billion (down by EUR 937.6 million or 6.5 %).

Data on August, September 2022 and April 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in July 2023 compared to July 2022) value of exports reduced by 12.4 % and of imports by 18 % while over the month (in July 2023 compared to June 2023) value of exports increased by 2.9 %, but of imports reduced by 4.3 %.

In July 2023, compared to the corresponding period of the previous year, exports decrease was observed in all main commodity groups:

• exports of mineral products down by EUR 109.8 million or 59.4 %;
• exports of wood and articles of wood; wood charcoal down by EUR 80.8 million or 28.3 %;
• exports of base metals and articles of base metals down by EUR 26 million or 21.8 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 15.8 million or 6.9 %;
• exports of vehicles and associated transport equipment down by EUR 11.7 million or 12.2 %.

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

• imports of vegetable products up by EUR 22.2 million or 32.3 %;
• imports of prepared foodstuffs up by EUR 18.7 million or 12.3 %;
• imports of mineral products down by EUR 379.5 million or 64.1 %;
• imports of base metals and articles of base metals down by EUR 24.6 million or 16.5 %;
• imports of wood and articles of wood; wood charcoal down by EUR 21.9 million or 35.9 %.

In July, Lithuania (18.6 % of total exports), Estonia (11.2 %), Germany (7 %) and the Russian Federation (6.2 %) were the main export partners of Latvia while Lithuania (21.2 % of total Latvian imports), Germany (12.4 %), Poland (10.8 %) and Estonia (9.8 %) were the main import partners.

Exports of beverages, spirits and vinegar was boosted by growing exports of whiskey (rise of EUR 4.7 million or 56% in July 2023, compared to July 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 44.5 million or 77.8 %).

Main commodities in Latvian exports in July 2023

(at current prices)

Imports of pharmaceutical products was boosted by growing import of immunological products put up in measured doses or in forms or packings for retail sale (rise of EUR 4.6 million or 95.5 % in July 2023, compared to July 2022). 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 and electricity by EUR 165.5 million and EUR 116.4 million, respectively.

Main commodities in Latvian imports in July 2023

(at current prices)

In July 2023 Latvia had surplus trade balance (meaning that value of exports was greater than the value of imports) with 114 countries and deficit trade balance with 49 countries.

In July 2023, compared to July 2022, share of the European Union countries in total exports value decreased by 1.8 percentage points, but in total imports value – by 2.3 percentage points. Share of CIS countries in exports rose by 0.5 percentage points, but in imports – fell by 4.5 percentage points.

Latvian foreign trade by country group, July 2023

(at current prices)

In July 2023, compared to July 2022, exports to Ukraine was promoted by the increase in exports of machinery and mechanical appliances; electrical equipment (mainly of electric generating sets and rotary converters) of EUR 1.1 million or 65.9 % and exports to Belarus by the increase in exports of prepared foodstuffs (mainly, of cocoa butter, fats and oils) of EUR 1 million or 64.8 %. Whereas exports to the Russian Federation was cut back by the fall in exports of machinery and mechanical appliances; electrical equipment (mainly of other lifting, handling, loading or unloading machinery) of EUR 9 million or 60.7 %.

In July 2023, compared to July 2022, reduction in imports from Ukraine was mainly caused by the decrease in imports of products of the chemical and allied industries (mainly of diagnostic or laboratory reagents whether or not on a backing) of EUR 1.9 million or 34.4 %, imports from the Russian Federation by the drop in imports of mineral products (mainly of natural gas and electricity) of EUR 101.1 million or 87.4 %. Whereas imports from Belarus was promoted by the growth in imports of animal or vegetable fats and oils (mainly of rape, colza or mustard oil and its fractions thereof, whether or not refined) of EUR 3.2 million.

Latvian foreign trade with Belarus, Russian Federation and Ukraine in July 2023

(at current prices)

In January-July 2023, 346 enterprises exported goods to the Russian Federation, 180 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in the corresponding period of 2022 comprised 749 and 322, respectively. The number of exporters and importers includes all enterprises that have carried out export and import transactions according to the methodology of foreign trade in goods, regardless of the value of transaction and kind of transaction – both direct sale of goods and transactions that provide for the return of goods, as well as the replacement for goods not being returned, processing of goods, etc.

In January-July 2023, 276 enterprises imported goods from the Russian Federation, 204 – from Belarus. The number of enterprises importing goods from these countries in seven months of 2022 comprised 1 182 enterprises from the Russian Federation and 548 – from Belarus.

In January-July 2023, compared to the same period of 2022, there was a significant rise in foreign trade in goods with certain CIS countries. Exports to Kazakhstan has increased by EUR 32.7 million or 84.5 %, to Kyrgyzstan – by EUR 27.1 million or 5.8 times, to Uzbekistan – by EUR 13.8 million or 36.3 %.

In January-July 2023, compared to the seven months of 2022, imports from Uzbekistan has grown by EUR 16.2 million or 4.2 times, from Kazakhstan – by EUR 23.1 million or 84.2 %, from Azerbaijan – by EUR 1.5 million or 69 %.

In January-July 2023, compared to the same period of 2022, the number of exporting and importing enterprises has also increased with certain CIS countries. In particular, the rise was observed in the number of enterprises in trade with Kazakhstan – in exports by 115 enterprises, in imports – by 33 enterprises.

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.

Methodological information:

*The number of exporters and importers includes all enterprises that have carried out export and import transactions according to the methodology of foreign trade in goods, regardless of the value of transaction and kind of transaction – both direct sale of goods and transactions that provide for the return of goods, as well as the replacement for goods not being returned, processing of goods, etc.

The methodology used in foreign trade statistics provides that goods are counted based on the physical movement thereof. Although commercial import of electricity from the Russian Federation 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.

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