In November Latvia exported goods in the amount of EUR 1.58 billion

Provisional data of the Central Statistical Bureau (CSB) show that in November 2024 Latvia exported goods in the amount of EUR 1.58 billion, but imported – in the amount of EUR 1.71 billion. Latvia had foreign trade turnover of EUR 3.29 billion (at current prices 8.2 % fewer than a year ago), of which value of exported goods reduced by 3 % and of imported goods by 12.5 %.

Compared to November 2023, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 45.5 % to 48.1 %. 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 eleven months of 2024 foreign trade turnover of Latvia at current prices reached EUR 37.16 billion – EUR 1.89 billion or 4.8 % less than in the corresponding period of 2023. The total value of exports comprised EUR 17.16 billion (down by EUR 367.8 million or 2.1 %) and of imports EUR 20 billion (down by EUR 1 521.5 million or 7.1 %).

Data on August 2024 have been revised.

Calendar and seasonally adjusted data show that over the year (in November 2024 compared to November 2023) value of exports reduced by 0.5 % and of imports by 10.4 % whereas, compared to the previous month, the exports value went down by 1.2 % ,but the imports value– by 3.7 %.

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

• exports of wood and articles of wood, wood charcoal up by EUR 30.4 million or 13.3 %;
• exports of vehicles and associated transport equipment up by EUR 10.2 million or 11.4 %;
• exports of machinery and mechanical appliances; electrical equipment down by EUR 35.3 million or 12.8 %;
• exports of base metals and articles of base metals down by EUR 12.4 million or 12.2 %;
• exports of vegetable products down by EUR 10.3 million or 7.5 %.

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

• imports of vehicles and associated transport equipment down by EUR 100.3 million or 35.9 %;
• imports of machinery and mechanical appliances; electrical equipment down by EUR 61.2 million or 15.4 %;
• imports of mineral products down by EUR 41.2 million or 19.4 %;
• imports of vegetable products down by EUR 28.1 million or 27.1 %;
• imports of prepared foodstuffs down by EUR 20.8 million or 11.1 %.

The main exports partners in November were Lithuania (18.5 % of total exports), Estonia (11.7 %), Germany (6.1 %) and Russian Federation (5.4 %), while Lithuania (20.9 % of total Latvian imports), Germany (13.4 %), Poland (11 %) and Estonia (10 %) were the main import partners.

The rise in exports of dairy produce, birds' eggs, natural honey in November 2024, as compared to November 2023, was mostly facilitated by upturn in exports of unsweetened milk and cream by EUR 4.4 million or 31.8 %. The drop in exports of machinery and mechanical appliances was mostly affected by the decrease in exports of belt type elevators and conveyors by EUR 5.2 million.

Main commodities in Latvian exports in November 2024

(at current prices)

The rise in imports of wood and articles of wood, wood charcoal in November 2024, as compared to November 2023, was mostly facilitated by an increase in imports of fuelwood by EUR 2.6 million or 64.3 %. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil by EUR 30.4 million or 35.4 %.

Main commodities in imports of Latvia in November 2024

(at current prices)

In November 2024, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 118 partner countries and deficit trade balance with 52 countries.

In November 2024, compared to November 2023, share of the European Union countries in total exports value increased by 3.5 percentage points, but in total imports value – by 4.9 percentage points. Share of CIS countries reduced by 2 percentage points in exports and by 1.4 percentage points in imports.

Foreign trade of Latvia in November 2024 by country group

(at current prices)

In November 2024, compared to November 2023, exports to Russia decreased by 17.5 % and comprised EUR 85.5 million. The drop was mostly affected by downturn in exports of prepared foodstuffs by EUR 6.5 million or 12.7 %. During this period, imports from Russia fell by 57.5 % and comprised EUR 23.1 million. The drop was mainly affected by the fall in imports of vegetable products of EUR 15.8 million or 92.3 %.

Exports to Ukraine fell by 59.9 % and comprised EUR 20 million. The drop was mainly affected by the decrease in exports of mineral products by EUR 2.1 million or 71.9 %. Imports from Ukraine fell by 0.8 % and comprised EUR 24.7 million. The drop was mainly affected by the fall in imports of vegetable products of EUR 6.6 million or 90.2 %.

Exports to Belarus fell by 60.2 % and comprised EUR 5.8 million. The downturn was mainly affected by the reduction of EUR 2.9 million or 76.8 % in exports of products of the chemical and allied industries. Imports from Belarus fell by 27.4 % and comprised EUR 9.7 million. Decrease in imports from Belarus was mostly affected by the drop in imports of prepared foodstuffs by EUR 1.4 million or 59.3 %.

Latvian foreign trade with Belarus, Russian Federation and Ukraine in November 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 November 2024 the value of these transactions comprised EUR 5.6 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:
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