In October Latvian foreign trade turnover was 17.8 % lower than a year ago

Central Statistical Bureau (CSB) provisional data show that in October 2023 Latvia had foreign trade turnover of EUR 3.51 billion (at current prices 17.8 % lower than a year ago), of which value of exported goods reduced by 12.5 % and of imported goods – by 21.9 %. In October Latvia exported goods in the amount of EUR 1.63 billion, but imported – in the amount of EUR 1.87 billion.

Compared to October 2022, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 43.8 % to 46.6 %. 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 ten months of this year Latvian foreign trade turnover at current prices reached EUR 35.08 billion, which is EUR 4.44 billion or 11.2 % fewer than in the corresponding period of 2022. The exports value constituted EUR 15.76 billion (a drop of EUR 1.88 billion or 10.7 %), whereas the imports value comprised EUR 19.32 billion (a fall of EUR 2.56 billion or 11.7 %).

Data on July 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in October 2023 compared to October 2022) value of exports reduced by 14.9 % and of imports by 24 % while over the month (in October 2023 compared to September 2023) value of exports increased by 4.2 %, but of imports reduced by 10.5 %.

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

• exports of vegetable products up by EUR 38.1 million or 29.8 %;
• exports of mineral products down by EUR 128 million or 55.4 %;
• exports of wood and articles of wood; wood charcoal down by EUR 73.7 million or 24.4 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 44.6 million or 15.2 %;
• exports of live animals and animal products down by EUR 10.6 million or 13 %.

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

• imports of prepared foodstuffs up by EUR 14.8 million or 8.1 %;
• imports of mineral products down by EUR 406.3 million or 64.4 %;
• imports of machinery and mechanical appliances; electrical equipment down by EUR 69.8 million or 16.3 %;
• imports of vehicles and associated transport equipment down by EUR 26.5 million or 14.3 %;
• imports of wood and articles of wood; wood charcoal down by EUR 19.4 million or 29.7 %.

In October, Lithuania (16.6 % of total exports), Estonia (11.3 %), Germany (7.2 %) and the Russian Federation (6.8 %) were the main export partners of Latvia whereas the main import partners were Lithuania (24 % of total imports), Poland (11.4 %), Germany (11.4 %) and Estonia (8.7 %).

Growth in exports of cereals in October 2023, compared to October 2022, was mostly influenced by the increase in exports of wheat and meslin of EUR 37.8 million or 75 %. 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 82.4 million and EUR 32.7 million, respectively.

Main commodities in Latvian exports in October 2023

(at current prices)

The rise in imports of alcoholic and non-alcoholic beverages in October 2023, as compared to October 2022, was facilitated by an increase in imports of whiskey by EUR 4.1 million or 34.5 %. 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 291.4 million or 85.2 %.

Main commodities in imports of Latvia in October 2023

(at current prices)

In October 2023 foreign trade balance of Latvia was positive with 126 partner countries, as exports value of goods exceeded imports value of goods and deficit trade balance with 40 countries.

In October 2023, compared to October 2022, share of the European Union countries in total exports value increased by 0.1 percentage point, but in total imports value – by 3.5 percentage points. Share of CIS countries reduced by 0.5 percentage points in exports and by 2.9 percentage points in imports.

Foreign trade of Latvia in October 2023 by country group

(at current prices)

Exports to Ukraine in October 2023, compared to October 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 7.7 million or 63.6 %, to the Russian Federation by the drop in exports of machinery and mechanical appliances as well as electrical machinery and equipment (mainly of parts of cranes, bulldozers, etc) of EUR 12.7 million or 69.8 % and to Belarus by the reduction in exports of optical instruments and apparatus (mainly of orthopaedic appliances) of EUR 3.5 million or 80.9 %.

In October 2023, compared to October 2022, drop 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 5.3 million or 56.6 %, in turn from the Russian Federation – by the drop in imports of mineral products (mainly of natural gas and electricity) of EUR 85.1 million or 81.2 %. 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 3.4 million or 97.3 %.

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

(at current prices)

In January-October 2023, 390 enterprises exported goods to the Russian Federation, 206 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in the corresponding period of 2022 comprised 813 and 356, 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-October 2023, 299 enterprises imported goods from the Russian Federation, 227 – from Belarus. The number of enterprises importing goods from these countries in the ten months of 2022 comprised 1 250 enterprises from the Russian Federation and 575 – from Belarus.

In January-October 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 33.7 million or 3.2 times, to Kazakhstan – by EUR 19.1 million or 22.6 %, to Uzbekistan – by EUR 13.8 million or 24.2 %.

In January-October 2023, compared to the ten months of 2022, imports from Uzbekistan has grown by EUR 20.7 million or 3.4 times, from Kazakhstan – by EUR 17.9 million or 35.3 %, from Azerbaijan – by EUR 2.4 million or 76.8 %.

In January-October 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 102 enterprises, but the largest rise in imports was for Uzbekistan – by 22 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