In November Latvian foreign trade turnover was 16.5 % lower than a year ago

Provisional data of the Central Statistical Bureau (CSB) show that in November 2023 the foreign trade turnover of Latvia amounted to EUR 3.53 billion, which at current prices was 16.5 % less than a year ago, of which the exports value of goods was 18.9 % lower, but imports value of goods – 14.3 % lower. In November Latvia exported goods in the amount of EUR 1.6 billion, but imported – in the amount of EUR 1.93 billion.

Compared to November 2022, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.7 % to 45.3 %. 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 eleven months of 2023 foreign trade turnover of Latvia at current prices reached EUR 38.68 billion – EUR 5.07 billion or 11.6 % less than in the corresponding period of 2022. The exports value constituted EUR 17.37 billion (a drop of EUR 2.24 billion or 11.4 %), whereas the imports value comprised EUR 21.3 billion (a fall of EUR 2.83 billion or 11.7 %).

Data on August 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in November 2023 compared to November 2022) value of exports reduced by 19 % and of imports by 12.7 % whereas, compared to the previous month, the exports value went down by 1.8 % ,but the imports value – went up by 10.2 %.

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

• exports of vehicles and associated transport equipment up by EUR 10.9 million or 11.1 %;
• exports of mineral products down by EUR 115.1 million or 48.7 %;
• exports of vegetable products down by EUR 80 million or 38 %;
• exports of wood and articles of wood; wood charcoal down by EUR 61.9 million or 21.5 %;
• exports of products of the chemical and allied industries down by EUR 28.1 million or 17.4 %.

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

• imports of vehicles and associated transport equipment up by EUR 124.3 million or 77.2 %;
• imports of mineral products down by EUR 286.7 million or 58 %;
• imports of products of the chemical and allied industries down by EUR 36.7 million or 16 %;
• imports of machinery and mechanical appliances; electrical equipment down by EUR 27.5 million or 6.6 %;
• imports of wood and articles of wood; wood charcoal down by EUR 22.9 million or 37.6 %.

The main exports partners in November were Lithuania (17.9 % of total exports), Estonia (11.9 %), Germany (6.7 %) and Russian Federation (6.4 %). Whereas the main import partners were Lithuania (20.6 % of total imports), Poland (11.5 %), Germany (10.4 %) and Estonia (8.3 %).

The fall in exports of cereals in November 2023, as compared to November 2022, was mostly facilitated by drop in exports of wheat and meslin by EUR 67.3 million or 52.8 %, but drop in exports of mineral fuels, mineral oils and products of their distillation – by reduction in exports of natural gas by EUR 72.3 million or 74.5 %.

Main commodities in Latvian exports in November 2023

(at current prices)

The rise in imports in commodity group “aircraft, spacecraft, and parts thereof” in November 2023, as compared to November 2022, was affected by purchase of aircrafts of EUR 91.1 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 by EUR 212.8 million or 86.6 %.

Main commodities in imports of Latvia in November 2023

(at current prices)

In November 2023, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 130 partner countries and deficit trade balance with 42 countries.

In November 2023, compared to November 2022, share of the European Union countries in total exports value decreased by 2 percentage points, but in total imports value – by 4.1 percentage points. Share of CIS countries in exports fell by 0.1 percentage point, but in imports – by 1 percentage point.

Foreign trade of Latvia in November 2023 by country group

(at current prices)

In November 2023, compared to November 2022, exports to Ukraine was promoted by the increase in exports of vehicles and associated transport equipment of EUR 17.5 million. Exports to the Russian Federation was cut back by the fall in exports of machinery and mechanical appliances; electrical equipment of EUR 13.3 million or 68.8 %, but to Belarus – by the reduction in exports of optical instruments and apparatus of EUR 2.1 million or 85.3 %.

In November 2023, compared to November 2022, drop in imports from Ukraine was mainly caused by the decrease in imports of products of the chemical and allied industries of EUR 7.7 million or 57.7 %, from the Russian Federation – by the drop in imports of mineral products of EUR 14.6 million or 36.4 %, but from Belarus – by the drop in imports of animal or vegetable fats and oils of EUR 5.6 million or 58.6 %.

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

(at current prices)

In January-November 2023, 400 enterprises exported goods to the Russian Federation, 218 – to Belarus. In turn, the number of enterprises exporting to the Russian Federation and Belarus in the corresponding period of 2022 comprised 821 and 370, 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-November 2023, 308 enterprises imported goods from the Russian Federation, 232 – from Belarus. The number of enterprises importing goods from these countries in the eleven months of 2022 comprised 1 262 enterprises from the Russian Federation and 582 – from Belarus.

In January-November 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 33.8 million or 2.7 times, to Uzbekistan – by EUR 18.5 million or 30 %, to Kazakhstan – by EUR 10.3 million or 9.9 %.

In January-November 2023, compared to the eleven months of 2022, imports from Uzbekistan has grown by EUR 19.6 million or 2.8 times, from Kazakhstan – by EUR 14.7 million or 24.6 %, from Azerbaijan – by EUR 2.5 million or 75.5 %.

In January-November 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 97 enterprises, but the largest rise in imports was for Uzbekistan – by 21 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