In February foreign trade turnover of Latvia was 36.1 % larger than a year ago
Provisional data of the Central Statistical Bureau show that in February 2022 the foreign trade turnover of Latvia amounted to EUR 3.19 billion, which at current prices was 36.1 % larger than a year ago, of which the exports value of goods was 29.2 % higher, but imports value of goods – 42.6 % higher. In February Latvia exported goods in the amount of EUR 1.47 billion, but imported – in the amount of EUR 1.72 billion. Compared to February 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.4 % to 46 %. It should be taken into account that the data on foreign trade in goods are reflected in actual prices and are calculated on the basis of the value of goods in euros and not their physical quantity.
During the two months of this year foreign trade turnover of Latvia at current prices reached EUR 6.14 billion – EUR 1.58 billion or 34.5 % more than in the corresponding period of 2021. The exports value constituted EUR 2.84 billion (a growth of EUR 644.5 million or 29.4 %), whereas the imports value comprised EUR 3.3 billion (a rise of EUR 931.1 million or 39.3 %).
Calendar and seasonally adjusted data show that, compared to February 2021, in February 2022 the exports value at current prices went up by 28.3 %, but the imports value – by 41.7 %, whereas, compared to the previous month, the exports value went up by 3.6 %, but the imports value – by 6.6 %.
Main changes in exports in February 2022, compared to February 2021:
- exports of wood and articles of wood, wood charcoal up by EUR 75.4 million or 35.6 %;
- exports of base metals and articles of base metals up by EUR 53.9 million or 61 %;
- exports of mineral products up by EUR 52.7 million or 82 %;
- exports of vegetable products up by EUR 46.3 million or 53.9 %;
- exports of products of the chemical and allied industries up by EUR 23.8 million or 24.8 %.
Main changes in imports in February 2022, compared to February 2021:
- imports of vehicles and associated transport equipment up by EUR 105.6 million or 98.7 %;
- imports of mineral products up by EUR 105.1 million or 2.5 times;
- imports of products of the chemical and allied industries up by EUR 70.7 million or 51.6 %;
- imports of machinery and mechanical appliances; electrical equipment up by EUR 55.5 million or 19.2 %;
- imports of base metals and articles of base metals up by EUR 51.7 million or 55.3 %.
The main exports partners in February were Lithuania (18.3 % of total exports), Estonia (11.6 %), Germany (7.6 %) and Poland (5.5 %), whereas the main imports partners were Lithuania (17.2 % of total imports), Germany (9.9 %), Poland (9.1 %) and Russian Federation (8 %).
In February 2022, compared to February 2021, share of the European Union countries in total exports value increased by 9.6 percentage points, but in imports value – reduced by 7.2 percentage points. Share of CIS countries in exports fell by 3.4 percentage points, but in imports – rose by 1.8 percentage points.
Foreign trade of Latvia in February 2022 by country group
(at current prices)
| Exports | Imports | ||||
| million EUR | % of total | changes as %, compared to February 2021 | million EUR | % of total | changes as %, compared to February 2021 |
Total | 1 467.4 | 100 | 29.2 | 1 723.5 | 100 | 42.6 |
European Union countries | 1 103.5 | 75.2 | 48.1 | 1 232.0 | 71.5 | 29.4 |
euro area countries | 838.4 | 57.1 | 52.3 | 919.6 | 53.4 | 28.0 |
CIS countries | 121.8 | 8.3 | -8.5 | 187.1 | 10.9 | 70.5 |
other countries | 242.1 | 16.5 | -5.9 | 304.4 | 17.6 | 2.1 time |
In February 2022 foreign trade balance of Latvia was positive with 112 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 43 countries.
The rise in exports of iron and steel in February 2022, as compared to February 2021, was mostly facilitated by an increase in exports of flat-rolled products of iron or non-alloy steel by EUR 26.6 million or 2.3 times. In turn, reduction in exports of electrical machinery and equipment was affected by decrease in exports of mobile telephones by EUR 9 million or 35.4 %.
Main commodities in exports of Latvia in February 2022
(at current prices)
| thousand EUR | % of total | Changes as %, compared to | ||
February 2021 | January 2022 | average of previous 12 months | |||
Total | 1 467 411 | 100 | 29.2 | 7.2 | 4.9 |
286 802 | 19.5 | 35.6 | 6.7 | 6.8 | |
126 241 | 8.6 | -8.9 | -7.2 | -11.2 | |
mineral fuels, mineral oils and products of their distillation | 110 326 | 7.5 | 82.6 | 2.6 | 29.8 |
81 525 | 5.6 | 17.9 | 13.7 | -0.8 | |
74 207 | 5.1 | 66.8 | 2.7 times | 50.7 | |
63 633 | 4.3 | 99.0 | 8.6 | -4.4 | |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof | 61 607 | 4.2 | 13.5 | 19.2 | 3.5 |
48 545 | 3.3 | 43.1 | -8.2 | 1.2 | |
furniture, other furnishing articles; prefabricated buildings | 46 164 | 3.1 | 43.2 | 13.5 | 11.3 |
41 339 | 2.8 | 30.7 | 3.6 | 1.9 |
The rise in imports in commodity group “aircraft, spacecraft, and parts thereof” in February 2022, as compared to February 2021, was affected by purchase of aircrafts of EUR 84.8 million, but rise in imports of miscellaneous chemical products was affected by growth in imports of diagnostic or laboratory reagents of EUR 25.2 million.
Main commodities in imports of Latvia in February 2022
(at current prices)
| thousand EUR | % of total | Changes as %, compared to | ||
February 2021 | January 2022 | average of previous 12 months | |||
Total | 1 723 511 | 100 | 42.6 | 9.2 | 3.9 |
185 853 | 10.8 | 17.5 | -6.9 | 5.5 | |
mineral fuels, mineral oils and products of their distillation | 169 820 | 9.9 | 2.5 times | 13.3 | 7.1 |
157 963 | 9.2 | 21.3 | 18.1 | 2.2 | |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof | 116 346 | 6.8 | 16.9 | 23.7 | 1.8 |
92 724 | 5.4 | 19.1 time | 25.9 times | 71.5 | |
83 177 | 4.8 | 57.3 | 15.2 | 13.0 | |
73 037 | 4.2 | 27.0 | 7.3 | 10.1 | |
66 863 | 3.9 | 10.8 | 6.0 | -15.3 | |
63 097 | 3.7 | 73.7 | -50.5 | -25.0 | |
52 362 | 3.0 | 3.1 time | 52.4 | 64.1 |
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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