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In March foreign trade turnover of Latvia was 15.8 % larger than a year ago

Provisional data of the Central Statistical Bureau show that in March 2021 the foreign trade turnover of Latvia amounted to EUR 2.84 billion, which at current prices was 15.8 % larger than a year ago, of which the exports value of goods was 20.6 % higher, but imports value of goods – 11.9 % higher. In March Latvia exported goods in the amount of EUR 1.34 billion, but imported – in the amount of EUR 1.5 billion. Compared to March 2020, foreign trade balance has improved as exports in total foreign trade amount increased from 45.3 % to 47.1 %.

During the first quarter of this year foreign trade turnover of Latvia at current prices reached EUR 7.38 billion – EUR 395.9 million or 5.7 % more than in the corresponding period of 2020. The exports value constituted EUR 3.55 billion (a growth of EUR 282.5 million or 8.6 %), whereas the imports value comprised EUR 3.83 billion (a rise of EUR 113.4 million or 3 %).

Calendar and seasonally adjusted data show that, compared to March 2020, in March 2021 the exports value at current prices went up by 18 %, but the imports value – by 8.5 %, whereas, compared to the previous month, the exports value went up by 3.7 %, but the imports value – by 4.6 %.

Main changes in exports in March 2021, compared to March 2020:

Main changes in imports in March 2021, compared to March 2020:

In March, the main export partners of Latvia in trade with EU countries were Lithuania (18.2 % of total exports), Estonia (10.8 %), Germany (7.2 %) and Sweden (5.7 %), whereas the main import partners were Lithuania (18.2 % of total imports), Germany (11.6 %), Poland (10.7 %) and Estonia (8.3 %). Russian Federation was the main export partner in trade with third countries; its share in total Latvian exports in March accounted for 7.4 %, whereas in imports – for 5.6 %.

In March 2021, compared to March 2020, share of the European Union countries in total exports value increased by 1.8 percentage points, but in total imports value – fell by 1.2 percentage points. Share of CIS countries in exports fell by 1.5 percentage points, but in imports – rose by 0.8 percentage points.

Foreign trade of Latvia in March 2021 by country group

(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to March 2020

million EUR

% of

total

changes as %, compared to March 2020

Total

1 340.0

100

20.6

1 503.6

100

11.9

European Union countries

908.1

67.8

23.9

1 177.9

78.3

10.2

euro area countries

681.0

50.8

28.2

875.3

58.2

11.3

CIS countries

147.2

11.0

6.3

138.1

9.2

21.6

other countries

284.7

21.2

18.9

187.6

12.5

15.9

In March 2021 foreign trade balance of Latvia was positive with 117 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 44 countries.

Balance of foreign trade of Latvia

(difference between value of goods exports and imports, million euros)

Balance of foreign trade of Latvia

Compared to March 2020, in March 2021 imports of goods from the United Kingdom fell by EUR 15.3 million or 51.6 %. Drop was observed in all main foreign trade groups of commodities. But, compared to the month before, imports from the United Kingdom increased by EUR 3.8 million or 35.7 % (rise was observed in all main groups of commodities).

The rise in exports of mineral fuels, mineral oils and products of their distillation in March 2021, as compared to March 2020, was mostly facilitated by an increase in exports of electricity by EUR 7.4 million or 2.1 time. While exports of alcoholic and non-alcoholic beverages reduced, as exports of spirits obtained by distilling grape wine or grape marc fell by EUR 1.9 million or 28.2 %.

Main commodities in exports of Latvia in March 2021

(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

March 2020

February 2021

average of previous 12 months

Total

1 340 009

100

20.6

17.4

21.0

wood and articles of wood; wood charcoal

246 800

18.4

35.1

13.7

33.3

electrical machinery and equipment

141 088

10.5

21.4

4.2

1.7

machinery and mechanical appliances

81 964

6.1

29.7

22.8

17.4

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

64 324

4.8

20.9

21.3

39.0

iron and steel

62 687

4.7

41.7

94.8

97.5

mineral fuels, mineral oils and products of their distillation

62 281

4.6

47.8

2.5

51.0

cereals

59 481

4.4

5.7

32.4

8.9

pharmaceutical products

50 078

3.7

8.2

14.1

28.7

articles of iron or steel

46 554

3.5

14.5

30.7

28.0

beverages, spirits and vinegar

44 048

3.3

-3.9

9.8

-8.5

The rise in imports of iron and steel in March 2021, as compared to March 2020, was mostly facilitated by an increase in imports of flat-rolled products of iron or non-alloy steel by EUR 11.1 million or 47.5 %. In turn, reduction in imports of pharmaceutical products was mostly influenced by decrease in imports of medicines by EUR 13.8 million or 22.2 %.

Rise in imports of miscellaneous chemical products in March 2021, as compared to a month before, was mostly facilitated by an increase in imports of herbicides, anti-sprouting products and plant-growth regulators by EUR 10.9 million.

Main commodities in imports of Latvia in March 2021

(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

March 2020

February 2021

average of previous 12 months

Total

1 503 607

100

11.9

26.3

19.6

electrical machinery and equipment

173 824

11.6

26.1

11.2

7.8

machinery and mechanical appliances

159 135

10.6

23.6

23.0

26.7

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

128 302

8.5

12.7

36.0

47.9

mineral fuels, mineral oils and products of their distillation

82 079

5.5

14.2

21.6

6.4

wood and articles of wood; wood charcoal

69 473

4.6

42.7

15.1

35.4

plastics and articles thereof

67 990

4.5

15.6

29.6

25.9

pharmaceutical products

66 594

4.4

-8.0

19.9

20.0

iron and steel

61 407

4.1

45.2

67.2

46.4

miscellaneous chemical products

48 230

3.2

40.9

2.8 times

2.5 times

articles of iron or steel

37 612

2.5

1.2

27.2

19.9

Media requests:
Communication Section
E-mail:
media@csb.gov.lv
Phone: +371 27880666

More information on data:
Ieva Jansone
Foreign Trade Statistics Section
E-mail:
Ieva.Jansone@csb.gov.lv
Phone: +371 67366721

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