In March foreign trade turnover of Latvia was 17.9 % less than a year ago

Central Statistical Bureau (CSB) provisional data show that in March 2024 Latvia had foreign trade turnover of EUR 3.31 billion (at current prices 17.9 % lower than a year ago), of which value of exported goods reduced by 18.8 % and of imported goods by 17 %. In March Latvia exported goods in the amount of EUR 1.52 billion, but imported – in the amount of EUR 1.78 billion.

Compared to March 2023, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.6 % to 46 %. 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 first quarter of this year foreign trade turnover of Latvia at current prices reached EUR 9.82 billion – EUR 1.16 billion or 10.5 % less than in the corresponding period of 2023. The total value of exports was EUR 4.68 billion (down by EUR 457.3 million or 8.9 %) and of imports EUR 5.14 billion (down by EUR 697.9 million or 12 %).

Data on May, June and December 2023 have been revised.

Calendar and seasonally adjusted data show that, compared to March 2023, in March 2024 the exports value at current prices reduced by 12 %, but the imports value – by 10.2 %. While over the month (in March 2024 compared to February 2024) value of exports decreased by 0.6 % and of imports by 5.8 %.

In March 2024, 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 99.2 million or 46.8 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 66.5 million or 21.8 %;
• exports of wood and articles of wood; wood charcoal down by EUR 44.2 million or 14.1 %;
• exports of vegetable products down by EUR 27 million or 22.9 %;
• exports of base metals and articles of base metals down by EUR 26 million or 21.8 %.

Also in imports in March 2024, compared to the corresponding period of the previous year, decrease was observed in all main commodity groups:

• imports of mineral products down by EUR 90.3 million or 37.9 %;
• imports of machinery and mechanical appliances; electrical equipment down by EUR 83.1 million or 20.3 %;
• imports of vehicles and associated transport equipment down by EUR 43.8 million or 19 %;
• imports of plastics and articles thereof down by EUR 28.9 million or 24.1 %;
• imports of products of the chemical and allied industries down by EUR 26.9 million or 10.2 %.

The main exports partners in March were Lithuania (18.2 % of total exports), Estonia (12.8 %), Germany (6.9 %) and Sweden (6.3 %). Whereas the main import partners were Lithuania (19.6 % of total imports), Poland (11.6 %), Germany (11.2 %) and Estonia (7 %).

In March 2024, compared to March 2023, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly affected by decrease of exports of natural gas by EUR 88.6 million or 89.8 %, but drop in exports of machinery and mechanical appliances – by fall in exports of parts of cranes, bulldozers, etc. by EUR 5.2 million or 78.5 %.

Main commodities in exports of Latvia in March 2024

(at current prices)

In March 2024, compared to March 2023, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly affected by decrease of imports of natural gas by EUR 76.8 million or 84.3 %, but drop in imports of wood and articles of wood; wood charcoal – by fall in imports of round timber by EUR 6.7 million or 45.1 %.

Main commodities in imports of Latvia in March 2024

(at current prices)

In March 2024 foreign trade balance of Latvia was positive with 116 partner countries, as exports value of goods exceeded imports value of goods, and deficit trade balance with 52 countries.

In March 2024, compared to March 2023, share of the European Union countries in total exports value increased by 2.3 percentage points, but in total imports value  fell by 1.1 percentage points. Share of CIS countries in exports fell by 0.7 percentage points, but in imports – remained unchanged.

Latvian foreign trade by country group, March 2024

(at current prices)

In March 2024, compared to March 2023, exports to Russia decreased by 23.1 % and comprised EUR 84.3 million, it was mostly affected by the drop in exports of machinery and mechanical appliances by EUR 16.2 million or 82.3 %. During this period, imports from Russia went down by 30.3 % and comprised EUR 40.9 million, which was mainly affected by the reduction in imports of mineral products by EUR 14.5 million or 63.7 %.

Exports to Ukraine went down by 49.1 % and comprised EUR 20.9 million. The drop was mainly affected by the reduction in exports of mineral products by EUR 8.1 million or 91.4 %. Imports from Ukraine went down by 14.9 % and comprised EUR 21.9 million. The fall was mainly affected by the reduction in imports of vegetable products by EUR 1.4 million or 46 %.

Exports to Belarus decreased by 4.2 % and comprised EUR 12.5 million. The downturn was mainly affected by the drop in exports of machinery and mechanical appliances by EUR 0.9 million or 73.8 %. Imports from Belarus fell by 4.1 % and comprised EUR 17.2 million. Also decrease in imports from Belarus was mostly affected by the drop in imports of machinery and mechanical appliances by EUR 0.6 million or 40.3 %.

Foreign trade of Latvia with Belarus, Russian Federation and Ukraine in March 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:

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 March 2024 the value of these transactions comprised EUR 3.3 million or 0.2 % of total exports.

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