In August foreign trade turnover of Latvia was 24.7 % less than a year ago

Central Statistical Bureau (CSB) provisional data show that in August 2023 Latvia had foreign trade turnover of EUR 3.34 billion (at current prices 24.7 % lower than a year ago), of which value of exported goods reduced by 24.5 % and of imported goods by 24.8 %. In August Latvia exported goods in the amount of EUR 1.47 billion, but imported – in the amount of EUR 1.88 billion.

Compared to August 2022, foreign trade balance has slightly improved as exports in total foreign trade amount increased from 43.8 % to 43.9 %. 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 eight months of this year Latvian foreign trade turnover at current prices reached EUR 27.92 billion, which is EUR 2.7 billion or 8.8 % fewer than in the corresponding period of 2022. The exports value constituted EUR 12.51 billion (a drop of EUR 1.12 billion or 8.2 %), whereas the imports value comprised EUR 15.41 billion (a fall of EUR 1.58 billion or 9.3 %).

Data on May 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in August 2023 compared to August 2022) value of exports reduced by 25.5 % and of imports by 23.7 % while over the month (in August 2023 compared to July 2023) value of exports decreased by 6.5 % and of imports by 3.6 %.

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

• exports of products of the chemical and allied industries up by EUR 13.6 million or 9.7 %;
• exports of mineral products down by EUR 215.8 million or 67.8 %;
• exports of vegetable products down by EUR 108.9 million or 59.2 %;
• exports of wood and articles of wood; wood charcoal down by EUR 78.8 million or 27.1 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 25 million or 9.3 %.

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

• imports of mineral products down by EUR 459.1 million or 65.1 %;
• imports of machinery and mechanical appliances; electrical equipment up by EUR 57.7 million or 13.5 %;
• imports of products of the chemical and allied industries down by EUR 20.7 million or 9.5 %;
• imports of plastics and articles thereof down by EUR 19.5 million or 17.1 %;
• imports of vegetable products down by EUR 16.1 million or 12.5 %.

In August, Lithuania (19.3 % of total exports), Estonia (11.9 %), Germany (7.2 %) and the Russian Federation (6.7 %) were the main export partners of Latvia whereas the main import partners were Lithuania (24.1 % of total imports), Poland (10.7 %), Germany (10.4 %) and Estonia (9.4 %).

Exports of beverages, spirits and vinegar was boosted by growing exports of whiskey (rise of EUR 11.5 million in August 2023, compared to August 2022). 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 and electricity by EUR 105.4 million and EUR 81.3 million, respectively.

Main commodities in Latvian exports in August 2023

(at current prices)

The rise in imports of alcoholic and non-alcoholic beverages in August 2023, as compared to August 2022, was mostly facilitated by an increase in imports of whiskey by EUR 2.9 million or 36.9 %. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of electricity and natural gas by EUR 194.8 million and EUR 193.8 million, respectively.

Main commodities in imports of Latvia in August 2023

(at current prices)

In August 2023 foreign trade balance of Latvia was positive with 103 partner countries, as exports value of goods exceeded imports value of goods and deficit trade balance with 59 countries.

In August 2023, compared to August 2022, share of the European Union countries in total exports value increased by 0.4 percentage points, but in total imports value by 3.4 percentage points. Share of CIS countries in exports rose by 2.6 percentage points, but in imports – fell by 5.7 percentage points.

Foreign trade of Latvia in August 2023 by country group

(at current prices)

Exports to Ukraine in August 2023, compared to August 2022, was mostly cut back by the fall in exports of mineral products (mainly of petroleum oils and oils obtained from bituminous minerals) of EUR 13.9 million or 86.2 %. In turn, rise in exports to Russian Federation was mainly affected by the growth in exports of manufacture of foodstuffs (mainly of whiskey) of EUR 7.7 million or 23.6 %, to Belarus – rise in exports of vehicles and associated transport equipment (mainly of vehicles for transporting 10 or more people) of EUR 0.7 million.

In August 2023, compared to August 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 1.1 million or 19.7 %, imports from the Russian Federation by the drop in imports of mineral products (mainly of natural gas and electricity) of EUR 160.8 million or 87.6 %. 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 3.7 million.

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

(at current prices)

In January-August 2023, 367 enterprises exported goods to the Russian Federation, 189 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in the corresponding period of 2022 comprised 772 and 339, respectively. The number of exporters and importers includes all enterprises that have carried out export and import transactions in accordance with the methodology of foreign trade in goods, regardless of the value of transaction and type of transaction – both direct sales of goods and transactions involving the return of goods, as well as replacement for goods not being returned, processing of goods etc. The total number includes enterprises regardless of the number of transactions during this period (for example, if an enterprise has carried out transactions in several months, it is included in the total number of the period only once).

In January-August 2023, 288 enterprises imported goods from the Russian Federation, 217 – from Belarus. The number of enterprises importing goods from these countries in the eight months of 2022 comprised 1 209 enterprises from the Russian Federation and 556 – from Belarus.

In January-August 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 33 million or 65.9 %, to Kyrgyzstan – by EUR 31.3 million or 4.5 times, to Uzbekistan – by EUR 13.1 million or 29.5 %.

In January- August 2023, compared to the eight months of 2022, imports from Uzbekistan has grown by EUR 18.4 million or 4 times, from Kazakhstan – by EUR 15.9 million or 38.2 %, from Moldova – by EUR 1.5 million or 26.5 %.

In January-August 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 111 enterprises, in imports – by 29 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 in accordance with the methodology of foreign trade in goods, regardless of the value of transaction and type of transaction – both direct sales of goods and transactions involving the return of goods, as well as replacement for goods not being returned, processing of goods etc.

Goods in foreign trade are counted taking into account the physical movement of goods. 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