Official statistics portal
CSB
Official statistics of Latvia
Official Statistics Portal of Latvia
Press release

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:

Main changes in imports in February 2022, compared to February 2021:

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

wood and articles of wood; wood charcoal

286 802

19.5

35.6

6.7

6.8

electrical machinery and equipment

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

machinery and mechanical appliances

81 525

5.6

17.9

13.7

-0.8

cereals

74 207

5.1

66.8

2.7 times

50.7

iron and steel

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

articles of iron or steel

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

plastics and articles thereof

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

electrical machinery and equipment

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

machinery and mechanical appliances

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

aircraft, spacecraft and parts thereof

92 724

5.4

19.1 time

25.9 times

71.5

plastics and articles thereof

83 177

4.8

57.3

15.2

13.0

pharmaceutical products

73 037

4.2

27.0

7.3

10.1

wood and articles of wood; wood charcoal

66 863

3.9

10.8

6.0

-15.3

iron and steel

63 097

3.7

73.7

-50.5

-25.0

miscellaneous chemical products

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

Share