In July foreign trade turnover of Latvia was 8.1 % larger than a year ago

Provisional data of the Central Statistical Bureau (CSB) show that in July 2024 the foreign trade turnover of Latvia amounted to EUR 3.43 billion, which at current prices was 8.1 % larger than a year ago, of which the exports value of goods was 6.5 % higher, but imports value of goods – 9.3 % higher. In July Latvia exported EUR 1.46 billion and imported EUR 1.97 billion of goods.

Compared to July 2023, foreign trade balance has worsened as exports in total foreign trade amount decreased from 43.2 % to 42.6 %. 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 seven months of this year Latvian foreign trade turnover at current prices reached EUR 23.26 billion, which is EUR 1.52 billion or 6.1 % fewer than in the corresponding period of 2023. The total value of exports comprised EUR 10.7 billion (down by EUR 442.4 million or 4 %) and of imports EUR 12.56 billion (down by EUR 1,075.6 million or 7.9 %).

Data on April 2024 have been revised.

Calendar and seasonally adjusted data show that, compared to July 2023, in July 2024 the exports value at current prices went down by 1 %, but the imports value – by 0.5 %, whereas, compared to the previous month, the exports value went up by 2 %, but the imports value – down by 0.9 %.

In July 2024, compared to the corresponding period of the previous year, exports rise was observed in all main commodity groups:

• exports of prepared foodstuffs up by EUR 36.8 million or 26.8 %;
• exports of mineral products up by EUR 32.7 million or 48.3 %;
• exports of wood and articles of wood, wood charcoal up by EUR 29.2 million or 14.4 %;
• exports of base metals and articles of base metals up by EUR 15.3 million or 16.4 %;
• exports of machinery and mechanical appliances; electrical equipment up by EUR 11.9 million or 5.4 %.

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

• imports of vehicles and associated transport equipment up by EUR 79.2 million or 39.1 %;
• imports of products of the chemical and allied industries up by EUR 39 million or 20.9 %;
• imports of mineral products up by EUR 17.2 million or 8 %;
• imports of prepared foodstuffs up by EUR 16.4 million or 9.4 %;
• imports of machinery and mechanical appliances; electrical equipment down by EUR 19.7 million or 5.6 %.

In July, Lithuania (19.2 % of total exports), Estonia (12.1 %), Germany (6.8 %) and the Russian Federation (6 %) were the main export partners of Latvia while Lithuania (22.7 % of total Latvian imports), Germany (11.2 %), Poland (10.7 %) and Estonia (8.2 %) were the main import partners.

The rise in exports of mineral fuels, mineral oils and products of their distillation in July 2024, as compared to July 2023, was mostly facilitated by increase in exports of peat and electricity by EUR 6.4 million in each. Reduction in exports of pharmaceutical products was mostly influenced by decrease in exports of put up medicines by EUR 6.5 million or 14.2 %.

Main commodities in Latvian exports in July 2024

(at current prices)

The rise in imports in commodity group “aircraft, spacecraft, and parts thereof” in July 2024, as compared to July 2023, was affected by purchase of aircrafts of EUR 89.5 million. In turn, fall in imports of machinery and mechanical appliances was mostly affected by drop in imports of machinery for manufacture of confectionery, cocoa or chocolate by EUR 9.3 million or 98.9 %.

Main commodities in Latvian imports in July 2024

(at current prices)

In July 2024 Latvia had surplus trade balance (meaning that value of exports was greater than the value of imports) with 119 countries and deficit trade balance with 47 countries.

In July 2024, compared to July 2023, share of the European Union countries in total exports value increased by 3.1 percentage points, but in total imports value fell by 4.1 percentage points. Share of CIS countries in exports fell by 0.9 percentage points, but in imports – by 1 percentage point.

Latvian foreign trade by country group, July 2024

(at current prices)

In July 2024, compared to July 2023, exports to Russia rose by 3.6 % and comprised EUR 88.3 million. The rise was mostly affected by upturn in exports of spirits (mainly of whiskey) by EUR 16.6 million or 2.2 times. During this period, imports from Russia fell by 36.2 % and comprised EUR 19.9 million. The drop was mainly affected by the fall in imports of vegetable products by EUR 6.5 million or 98.8 %.

Exports to Ukraine fell by 74.5 % and comprised EUR 18.7 million. The downturn was mainly affected by the reduction of EUR 0.5 million or 20.2 % in exports of products of the chemical and allied industries. Imports from Ukraine rose by 15.2 % and comprised EUR 23.6 million. The upturn was mostly affected by the rise of EUR 3.7 million in imports of the chemical and allied industries.

Exports to Belarus fell by 3.1 % and comprised EUR 11 million. The drop was mainly affected by the decrease in exports of textiles and textile articles by EUR 1.3 million or 53.7 %. Imports from Belarus fell by 23.9 % and comprised EUR 10.2 million. Downturn in imports from Belarus was mostly affected by the reduction in imports of products of animal or vegetable fats and oils by EUR 4.7 million or 82.9 %.

Latvian foreign trade with Belarus, Russian Federation and Ukraine in July 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 July 2024 the value of these transactions comprised EUR 5.4 million or 0.4 % 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