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In October foreign trade turnover of Latvia was 23.5 % larger than a year ago

Provisional data of the Central Statistical Bureau show that in October 2021 the foreign trade turnover of Latvia amounted to EUR 3.39 billion, which at current prices was 23.5 % larger than a year ago, of which the exports value of goods was 17.8 % higher, but imports value of goods – 28.8 % higher. In October Latvia exported goods in the amount of EUR 1.56 billion, but imported – in the amount of EUR 1.83 billion. Compared to October 2020, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.2 % to 46 %.

During the ten months of this year foreign trade turnover of Latvia at current prices reached EUR 29.35 billion – EUR 6.06 billion or 26 % more than in the corresponding period of 2020. The exports value constituted EUR 13.3 billion (a growth of EUR 2.41 billion or 22.2 %), whereas the imports value comprised EUR 16.05 billion (a rise of EUR 3.64 billion or 29.3 %).

Calendar and seasonally adjusted data show that, compared to October 2020, in October 2021 the exports value at current prices went up by 22.8 %, but the imports value – by 33.1 %, whereas, compared to the previous month, the exports value went down by 0.8 % ,but the imports value – went up by 10.1 %.

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

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

In October main exports partners were Lithuania (17.6 % of total exports ), Estonia (10.8 %), Germany (8.3 %) and United Kingdom (8 %), whereas the main import partners were Lithuania (16 % of total imports), Russian Federation (13.6 %), Poland (9.4 %) and Germany (9.1 %).

In October 2021, compared to October 2020, share of the European Union countries in total exports value increased by 5.2 percentage points, but in imports value – reduced by 9.3 percentage points. Share of CIS countries in exports fell by 3.4 percentage points, but in imports – rose by 7.3 percentage points.

Foreign trade of Latvia in October 2021 by country group
(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to October 2020

million EUR

% of

total

changes as %, compared to October 2020

Total

1 557.9

100

17.8

1 827.6

100

28.8

European Union countries

1 048.8

67.3

27.6

1 237.0

67.7

13.2

euro area countries

788.5

50.6

25.5

933.3

51.1

13.4

CIS countries

170.7

11.0

-10.2

307.2

16.8

2.3 times

other countries

338.4

21.7

8.9

283.4

15.5

47.8

In October 2021 foreign trade balance of Latvia was positive with 113 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 44 countries.

The rise in exports of mineral fuels, mineral oils and products of their distillation in October 2021, as compared to October 2020, was mostly facilitated by an increase in exports of natural gas by EUR 18.7 million, but in exports of ferrous and steel- increase of ferrous waste and scrap, remelting scrap ingots of iron or steel by EUR 17 million or 2.7 times.

Main commodities in exports of Latvia in October 2021
(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

October 2020

September 2021

average of previous 12 months

Total

1 557 882

100

17.8

-3.5

20.7

wood and articles of wood; wood charcoal

300 799

19.3

44.6

-3.3

21.5

electrical machinery and equipment

161 341

10.4

-1.0

1.7

12.0

mineral fuels, mineral oils and products of their distillation

95 568

6.1

2.4 times

7.4

61.7

machinery and mechanical appliances

90 292

5.8

20.6

7.9

17.1

iron and steel

79 821

5.1

2.2 times

4.3

57.4

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

57 172

3.7

4.7

-5.6

-0.5

articles of iron or steel

56 791

3.6

50.0

-1.7

32.0

beverages, spirits and vinegar

56 262

3.6

-18.3

3.0

17.8

furniture, other furnishing articles; prefabricated buildings

48 549

3.1

19.9

5.7

26.9

pharmaceutical products

45 673

2.9

23.7

-5.3

3.3

The rise in imports in commodity group “aircraft, spacecraft, and parts thereof” in October 2021, as compared to October 2020, was affected by purchase of aircrafts. In turn, reduction in imports of vehicles and associated transport equipment was mostly affected by drop in imports of passenger cars by EUR 18.6 million or 40 %.

Main commodities in imports of Latvia in October 2021
(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

October 2020

September 2021

average of previous 12 months

Total

1 827 611

100

28.8

1.4

19.2

mineral fuels, mineral oils and products of their distillation

191 715

10.5

2.1 time

-10.2

51.2

electrical machinery and equipment

187 086

10.2

-1.3

-3.4

8.7

iron and steel

155 497

8.5

3.5 times

2.9 times

2.3 times

machinery and mechanical appliances

148 584

8.1

4.0

-4.6

2.1

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

100 805

5.5

-2.4

1.2

-8.6

aircraft, spacecraft and parts thereof

89 308

4.9

26.3 times

0.3

51.8

wood and articles of wood; wood charcoal

81 374

4.5

39.5

-8.8

9.8

plastics and articles thereof

78 525

4.3

36.3

-3.0

18.0

pharmaceutical products

64 397

3.5

9.4

-8.0

4.7

articles of iron or steel

54 945

3.0

55.9

22.0

45.2

More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in the Official statistics portal section “Foreign trade” and exports and imports data analysis tool.

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

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