In October foreign trade turnover of Latvia was 3.7 % larger than a year ago

Provisional data of the Central Statistical Bureau (CSB) show that in October 2024 the foreign trade turnover of Latvia amounted to EUR 3.73 billion, which at current prices was 3.7 % larger than a year ago, of which the exports value of goods was 1.3 % higher, but imports value of goods – 5.8 % higher. In October Latvia exported goods in the amount of EUR 1.72 billion, but imported – in the amount of EUR 2.01 billion.

Compared to October 2023, foreign trade balance has worsened as exports in total foreign trade amount decreased from 47.1 % to 46.1 %. 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 33.8 billion, which is EUR 1.67 billion or 4.7 % fewer than in the corresponding period of 2023. The total value of exports comprised EUR 15.53 billion (down by EUR 363.3 million or 2.3 %) and of imports EUR 18.27 billion (down by EUR 1 307.3 million or 6.7 %).

Data on July 2024 have been revised.

Calendar and seasonally adjusted data show that over the year (in October 2024 compared to October 2023) value of exports reduced by 2.4 %, but of imports grew by 3.6 %, whereas, compared to the previous month, the exports value went up by 2 %, but the imports value by 4.4 %.

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

• exports of mineral products up by EUR 37.5 million or 37.6 %;
• exports of wood and articles of wood, wood charcoal up by EUR 37 million or 16.2 %;
• exports of vegetable products down by EUR 32.3 million or 17.1 %;
• exports of products of the chemical and allied industries down by EUR 22.7 million or 13.4 %;
• exports of vehicles and associated transport equipment down by EUR 15.4 million or 15.1 %.

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

• imports of mineral products up by EUR 48.5 million or 21.2 %;
• imports of vehicles and associated transport equipment up by EUR 27.4 million or 16.4 %;
• imports of products of the chemical and allied industries up by EUR 22.1 million or 11.2 %;
• imports of plastics and articles thereof up by EUR 14.9 million or 16.3 %;
• imports of vegetable products down by EUR 19.6 million or 18.6 %.

In October main exports partners were Lithuania (17.5 % of total exports), Estonia (11.1 %), Germany (6.4 %) and United Kingdom (5.5 %), whereas the main import partners were Lithuania (20.9 % of total imports), Poland (11.3 %), Germany (10.9 %) and Estonia (9.6 %).

The rise in exports of mineral fuels, mineral oils and products of their distillation in October 2024, as compared to October 2023, was mostly facilitated by  the exports of motor gasoline by EUR 35 million. Fall in exports of cereals was mostly affected by drop in exports of wheat and meslin by EUR 26.2 million or 24.8 %.

Main commodities in Latvian exports in October 2024

(at current prices)

The rise in imports of wood and articles of wood, wood charcoal in October 2024, as compared to October 2023, was mostly affected by an increase in imports of fuelwood by EUR 5.7 million. In turn, reduction in imports of alcoholic and non-alcoholic beverages was mostly influenced by decrease in imports of whiskey by EUR 6.8 million or 39.8 %.

Main commodities in imports of Latvia in October 2024

(at current prices)

In October 2024 foreign trade balance of Latvia was positive with 118 partner countries, as exports value of goods exceeded imports value of goods. and deficit trade balance with 46 countries.

In October 2024, compared to October 2023, share of the European Union countries in total exports value decreased by 1 percentage point, but in total imports value – by 0.7 percentage points. Share of CIS countries reduced by 1.4 percentage points in exports and by 1.5 percentage points in imports.

Foreign trade of Latvia in October 2024 by country group

(at current prices)

In October 2024, compared to October 2023, exports to Russia decreased by 19.3 % and comprised EUR 92 million. It was mostly affected by the drop in exports of put up medicines by EUR 9.9 million or 75.3 %. During this period, imports from Russia fell by 35.8 % and comprised EUR 26.3 million. The drop was mainly affected by the fall in imports of vegetable products of EUR 7.4 million or 96.2 %.

Exports to Ukraine fell by 9.7 % and comprised EUR 26.6 million. The drop was mainly affected by the decrease in exports of mineral products by EUR 3.6 million or 80.2 %. Imports from Ukraine fell by 11 % and comprised EUR 27.2 million. The drop was mainly affected by the fall in imports of vegetable products of EUR 9.7 million or 92.3 %.

Exports to Belarus fell by 13.5 % and comprised EUR 10.9 million. The drop was mainly affected by the drop in exports of textiles and textile articles of EUR 1.6 million or 63.2 %. Imports from Belarus fell by 56.6 % and comprised EUR 6.5 million. Downturn in imports from Belarus was mostly affected by the reduction in imports of products of animal or vegetable fats and oils of EUR 3.9 million or 56.5 %.

Latvian foreign trade with Belarus, Russian Federation and Ukraine in October 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 October 2024 the value of these transactions comprised EUR 8.6 million or 0.5 % 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:
Public Relations 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