In January exports from Latvia exceeded imports

Central Statistical Bureau (CSB) provisional data show that in January 2024 Latvia had foreign trade turnover of EUR 3.24 billion (at current prices 8.6 % lower than a year ago), of which value of exported goods reduced by 1.1 % and of imported goods by 15.3 %. In January Latvia exported goods in the amount of EUR 1.64 billion, but imported – in the amount of EUR 1.6 billion, and this is the lowest imports value since April 2021. Reduction in imports value in January this year, compared to January last year, was mostly affected by the drop in imports of mineral products.

In January 2024 the largest share in the total exports was made up by wood and articles of wood; wood charcoal (EUR 245.5 million or 15 % of total exports) and mineral fuels, mineral oils and products of their distillation (EUR 181.2 million or 11.1 %).

Compared to January 2023, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 46.8 % to 50.6 %. 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.

Starting with the data on 2024, exports of Latvia includes data on enterprises that exported goods from Latvia to third countries through other EU member states by filling in export customs declarations for the export of goods to third countries.

In January 2024 the value of these transactions comprised EUR 2.91 million or 0.2 % of total exports.

Data on March and October 2023 have been revised.

Calendar and seasonally adjusted data show that over the year (in January 2024 compared to January 2023) value of exports reduced by 0.8 % and of imports by 14.4 % while over the month value of exports increased by 8.7 %, but of imports reduced by 5.3 %.

Main changes in exports in January 2024, compared to January 2023:

• exports of products of the chemical and allied industries up by EUR 27.7 million or 25 %;
• exports of vegetable products up by EUR 15 million or 10.3 %;
• exports of mineral products down by EUR 26.5 million or 12.4 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 19.7 million or 7.5 %;
• exports of wood and articles of wood; wood charcoal down by EUR 14.8 million or 5.7 %.

Main changes in imports in January 2024, compared to January 2023:

• imports of vegetable products up by EUR 16.1 million or 19.8 %;
• imports of mineral products down by EUR 172.8 million or 54.3 %;
• imports of machinery and mechanical appliances; electrical equipment down by EUR 72 million or 18.4 %;
• imports of wood and articles of wood; wood charcoal down by EUR 15 million or 29 %;
• imports of base metals and articles of base metals down by EUR 11.9 million or 10 %.

The main exports partners in January were Lithuania (19.2 % of total exports), Estonia (12.8 %), Germany (6.2 %) and Russian Federation (5.4 %), while Lithuania (20.9 % of total Latvian imports), Germany (11.2 %), Poland (10.9 %) and Estonia (8.2 %) were the main import partners.

Growth in exports of cereals in January 2024, compared to January 2023, was mostly influenced by the growth in exports of wheat and meslin of EUR 22.3 million or 36.3 %. In turn, drop in exports of alcoholic and non-alcoholic beverages was mostly influenced by decrease in exports of whiskey by EUR 5.1 million or 24.7 %.

Main commodities in Latvian exports in January 2024

(at current prices)

The rise in imports of optical instruments and apparatus in January 2024 compared to January 2023, was mostly facilitated by an increase in imports of orthopaedic appliances by EUR 2.9 million or 82.7 %. 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 162.5 million or 97.4 %.

Main commodities in imports of Latvia in January 2024

(at current prices)

In January 2024 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 43 countries.

In January 2024, compared to January 2023, share of the European Union countries in total exports value decreased by 1.2 percentage points, but in total imports value – by 1 percentage point. Share of CIS countries in exports fell by 0.5 percentage points, but in imports – rose by 0.5 percentage points.

Foreign trade of Latvia in January 2024 by country group

(at current prices)

In January 2024, compared to January 2023, exports to Russia increased by 3.3 % and comprised EUR 87.8 million. In turn, exports to Belarus went down by 45.5 % and comprised EUR 9.7 million, but to Ukraine – by 40.6 % and comprised EUR 21.2 million. During this period, imports from Russia went down by 7.4 % and comprised EUR 56 million, from Belarus – by 3.2 % and comprised EUR 14.6 million. In turn, imports from Ukraine rose by 17.6 % and comprised EUR 24.5 million.

In January 2024, compared to January 2023, rise in exports to Russia was mostly affected by the increase in exports of textiles and textile articles of EUR 7.3 million or 95.2 %. In turn, drop in exports to Ukraine was mainly affected by the drop in exports of mineral products by EUR 9.5 million or 84.9 %, but to Belarus – by decrease in exports of optical instruments and apparatus by EUR 3.6 million or 92.6 %.

In January 2024, compared to January 2023, imports growth from Ukraine was mainly affected by the rise in imports of vegetable products by EUR 1.4 million or 63.7 %. In turn drop in imports from Russia was mainly affected by the reduction in imports of mineral products by EUR 5.8 million or 23.1 %, but from Belarus – by the decrease in imports of machinery and mechanical appliances; electrical equipment by EUR 1.5 million or 72.8 %.

Foreign trade of Latvia with Belarus, Russian Federation and Ukraine in January 2024

(at current prices)

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:

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