In September Latvian foreign trade turnover was 23.3 % lower than a year ago

Central Statistical Bureau (CSB) provisional data show that in September 2023 Latvia had foreign trade turnover of EUR 3.56 billion (at current prices 23.3 % lower than a year ago), of which value of exported goods reduced by 29.2 % and of imported goods by 18.3 %. In September Latvia exported goods in the amount of EUR 1.52 billion, but imported – in the amount of EUR 2.04 billion.

Compared to September 2022, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.3 % to 42.7 %. 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 nine months of this year Latvian foreign trade turnover at current prices reached EUR 31.55 billion, which is EUR 3.71 billion or 10.5 % fewer than in the corresponding period of 2022. The exports value constituted EUR 14.11 billion (a drop of EUR 1.67 billion or 10.6 %), whereas the imports value comprised EUR 17.44 billion (a fall of EUR 2.04 billion or 10.5 %).

Data on June 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in September 2023 compared to September 2022) value of exports reduced by 26.3 % and of imports by 15.5 % whereas, compared to the previous month, the exports value went up by 1 %, but the imports value – by 9.6 %.

In September 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 214.9 million or 68.6 %;
• exports of vegetable products down by EUR 167.5 million or 51.3 %;
• exports of wood and articles of wood; wood charcoal down by EUR 111.8 million or 34.7 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 36 million or 12.6 %;
• exports of products of the chemical and allied industries down by EUR 32.8 million or 20.1 %.

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

• imports of vehicles and associated transport equipment up by EUR 170.6 million or 95 %;
• imports of mineral products down by EUR 442.8 million or 63.8 %;
• imports of machinery and mechanical appliances; electrical equipment down  by EUR 36.8 million or 9 %;
• imports of plastics and articles thereof down by EUR 27.2 million or 23.3 %;
• imports of vegetable products down by EUR 27.1 million or 24.2 %.

In September main exports partners were Lithuania (17.6 % of total exports ), Estonia (10.5 %), Germany (8.2 %) and United Kingdom (5.7 %), whereas the main imports partners were Lithuania (20.2 % of total imports), Germany (10.3 %), Poland (9.7 %) and Canada (8.8 %).

Rise of exports of oil seeds, oleaginous fruits in September 2023, compared to September 2022, was mostly affected by increase of exports of rape and colza seeds by EUR 8.1 million or 22.3 %. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity and natural gas by EUR 91.5 million and EUR 80.1 million, respectively.

Growth in exports of cereals in September 2023, compared to the previous month, was mostly influenced by the increase in exports of wheat and meslin of EUR 55.1 million.

Main commodities in Latvian exports in September 2023

(at current prices)

The rise in imports in commodity group “aircraft, spacecraft, and parts thereof” in September 2023, as compared to September 2022, was affected by purchase of aircrafts of EUR 187.4 million. 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 210.3 million and EUR 179 million, respectively.

Main commodities in imports of Latvia in September 2023

(at current prices)

In September 2023 foreign trade balance of Latvia was positive with 113 partner countries, as exports value of goods exceeded imports value of goods. and deficit trade balance with 46 countries.

In September 2023, compared to September 2022, share of the European Union countries in total exports value increased by 1.9 percentage points, but in total imports value fell by 7.9 percentage points. Share of CIS countries in exports rose by 1 percentage point, but in imports – fell by 3.4 percentage points.

Foreign trade of Latvia in September 2023 by country group

(at current prices)

Exports to Ukraine in September 2023, compared to September 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 10.9 million or 79.2 %, to the Russian Federation by the drop in exports of machinery and mechanical appliances as well as electrical machinery and equipment (mainly of parts for electric motors and generators) of EUR 11 million or 65.5 % and to Belarus by the reduction in exports of optical instruments and apparatus (mainly of orthopaedic appliances) of EUR 2.2 million or 68.9 %.

In September 2023, compared to September 2022, rise in imports from Ukraine was mainly affected by the growth in imports of vegetable products  (mainly of rape and colza seeds) of EUR 3.4 million or 63.8 %. In turn drop in imports from the Russian Federation was mainly affected by the reduction in imports of mineral products (mainly of natural gas and electricity) of EUR 89.5 million or 80 %,from Belarus – by the decrease 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 2.1 million or 28.6 %.

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

(at current prices)

In January-September 2023, 377 enterprises exported goods to the Russian Federation, 195 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in the corresponding period of 2022 comprised 795 and 347, 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-September 2023, 297 enterprises imported goods from the Russian Federation, 224 – from Belarus. The number of enterprises importing goods from these countries in the nine months of 2022 comprised 1 232 enterprises from the Russian Federation and 571 – from Belarus.

In January-September 2023, compared to the same period of 2022, there was a significant rise in foreign trade in goods with certain CIS countries. Exports to Kyrgyzstan has increased by EUR 33.1 million or 3.8 times, to Kazakhstan – by EUR 26.3 million or 39 %, to Uzbekistan – by EUR 14.5 million or 28.4 %.

In January-September 2023, compared to the nine months of 2022, imports from Uzbekistan has grown by EUR 20.5 million or 3.7 times, from Kazakhstan – by EUR 15.8 million or 34 %, from Azerbaijan – by EUR 1.9 million or 63.6 %.

In January-September 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 exporting enterprises in trade with Kyrgyzstan – by 103 enterprises, but the largest rise in imports was for Uzbekistan – by 23 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