In June foreign trade turnover of Latvia was 23.7 % larger than a year ago
Provisional data of the Central Statistical Bureau show that in June 2022 the foreign trade turnover of Latvia amounted to EUR 3.68 billion, which at current prices was 23.7 % larger than a year ago, of which the exports value of goods was 28.6 % higher, but imports value of goods – 20 % higher. In June Latvia exported goods in the amount of EUR 1.65 billion, but imported – in the amount of EUR 2.03 billion. Compared to June 2021, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 43.1 % to 44.8 %. 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 first half of the year foreign trade turnover of Latvia at current prices reached EUR 21.77 billion – EUR 5.71 billion or 35.5 % more than in the corresponding period of 2021. The exports value constituted EUR 9.62 billion (a growth of EUR 2.32 billion or 31.8 %), whereas the imports value comprised EUR 12.14 billion (a rise of EUR 3.39 billion or 38.7 %).
Calendar and seasonally adjusted data show that, compared to June 2021, in June 2022 the exports value at current prices went up by 28.3 %, but the imports value – by 17.2 %, whereas, compared to the previous month, the exports value went up by 2.2 %, but the imports value – went down by 10.3 %.
Main changes in exports in June 2022, compared to June 2021:
- exports of mineral products up by EUR 93.8 million or 2.4 times;
- exports of machinery and mechanical appliances; electrical equipment up by EUR 70 million or 33.4 %,
- exports of vegetable products up by EUR 50.8 million or 2.2 times;
- exports of products of the chemical and allied industries up by EUR 37.1 million or 32.5 %;
- exports of wood and articles of wood; wood charcoal down by EUR 12.8 million or 4.3 %.
Main changes in imports in June 2022, compared to June 2021:
- imports of mineral products up by EUR 187.3 million or 99.8 %;
- imports of products of the chemical and allied industries up by EUR 64.3 million or 38.5 %;
- imports of machinery and mechanical appliances; electrical equipment up by EUR 38.5 million or 12.4 %;
- imports of prepared foodstuffs up by EUR 29 million or 23.6 %;
- imports of vehicles and associated transport equipment down by EUR 49.9 million or 22.3 %.
The main exports partners in June were Lithuania (20 % of total exports), Estonia (10.8 %), Russian Federation (8.1 %) and Germany (7.5 %), whereas the main imports partners were Lithuania (22.4 % of total imports), Estonia (11.6 %), Germany (10.6 %) and Poland (10.2 %).
In June 2022, compared to June 2021, share of the European Union countries in total exports value increased by 2.6 percentage points, but in total imports value – by 11.8 percentage points. Share of CIS countries in exports rose by 1.6 percentage points, but in imports – fell by 7 percentage points.
Foreign trade of Latvia in June 2022 by country group
(at current prices)
| Exports | Imports | ||||
| million EUR | % of total | changes as %, compared to June 2021 | million EUR | % of total | changes as %, compared to June 2021 |
Total | 1 650.2 | 100 | 28.6 | 2 031.7 | 100 | 20.0 |
European Union countries | 1 159.1 | 70.2 | 33.7 | 1 650.5 | 81.2 | 40.5 |
euro area countries | 908.8 | 55.1 | 39.6 | 1 285.0 | 63.2 | 44.9 |
CIS countries | 168.6 | 10.2 | 52.9 | 144.9 | 7.1 | -39.2 |
other countries | 322.5 | 19.6 | 5.5 | 236.3 | 11.7 | -15.7 |
In June 2022, compared to May 2022, exports value to Ukraine increased by EUR 12.7 million or 88.4 %. It was mainly affected by the rise of EUR 8.5 million in exports of mineral products. Exports to Russian Federation went up by EUR 63.1 million or 89.4 %, in turn, imports to Belarus – went down by EUR 2.1 million or 12.7 %. Rise in exports to Russian Federation was mainly affected by the growth in exports of machinery and mechanical appliances; electrical equipment by EUR 45.9 million.
In June 2022, compared to the previous month, imports value from Ukraine increased by EUR 2.8 million or 13.7 %. It was affected by the rise of EUR 3.6 million or 91.5 % in imports of products of the chemical and allied industries. Imports from the Russian Federation rose by EUR 8.6 million or 8 %, which was mainly affected by growth of mineral products by EUR 21.6 million or 66.1 %. In turn, imports from the Belarus went down by EUR 39.5 million or 70.4 %. Reduction in imports value from the Belarus was mostly affected by the drop in imports of wood and articles of wood; wood charcoal by EUR 34 million or 91.3 %.
In June 2022 foreign trade balance of Latvia was positive with 120 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 40 countries.
The rise in exports of cereals in June 2022, as compared to June 2021, was mostly facilitated by an increase in exports of wheat and meslin by EUR 40.2 million, but growth in exports of mineral fuels, mineral oils and products of their distillation was affected by rise in exports of electricity by EUR 48.2 million. In turn, reduction in exports of wood and articles of wood; wood charcoal was affected by decrease in exports of particle board by EUR 29.7 million or 63.9 %.
Main commodities in exports of Latvia in June 2022
(at current prices)
| thousand EUR | % of total | Changes as %, compared to | ||
June 2021 | May 2022 | average of previous 12 months | |||
Total | 1 650 155 | 100 | 28.6 | -3.1 | 7.6 |
285 509 | 17.3 | -4.3 | -26.5 | -6.6 | |
mineral fuels, mineral oils and products of their distillation | 155 198 | 9.4 | 2.5 times | 7.6 | 32.9 |
147 558 | 8.9 | 9.9 | 1.7 | 3.0 | |
131 712 | 8.0 | 75.7 | 55.3 | 54.6 | |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof | 82 414 | 5.0 | 30.9 | 4.3 | 33.0 |
72 856 | 4.4 | 53.9 | 51.2 | 52.6 | |
59 625 | 3.6 | 35.4 | -8.3 | 12.4 | |
57 834 | 3.5 | 3.6 times | -15.7 | 2.3 | |
50 314 | 3.0 | 50.1 | 50.6 | 15.0 | |
49 376 | 3.0 | 27.8 | 0.4 | 13.1 |
The rise in imports of mineral fuels, mineral oils and products of their distillation in June 2022, as compared to June 2021, was mostly facilitated by an increase in imports of electricity by EUR 89.5 million. In turn, reduction in imports of iron and steel was mostly influenced by drop in imports of flat-rolled products of iron and non-alloy steel by EUR 36.2 million or 74.1 %.
Main commodities in imports of Latvia in June 2022
(at current prices)
| thousand EUR | % of total | Changes as %, compared to | ||
June 2021 | May 2022 | average of previous 12 months | |||
Total | 2 031 706 | 100 | 20.0 | -13.0 | 8.0 |
mineral fuels, mineral oils and products of their distillation | 364 717 | 18.0 | 2 times | -9.0 | 50.8 |
186 741 | 9.2 | 12.7 | -4.7 | 0.7 | |
163 662 | 8.1 | 12.0 | -4.3 | 1.9 | |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof | 162 470 | 8.0 | 21.6 | 6.2 | 34.5 |
86 185 | 4.2 | -5.2 | -34.4 | -1.9 | |
85 935 | 4.2 | 15.0 | -10.9 | 5.6 | |
85 242 | 4.2 | 28.4 | 19.6 | 21.7 | |
54 489 | 2.7 | -29.5 | -18.0 | -35.2 | |
53 564 | 2.6 | 26.9 | -0.1 | 13.6 | |
51 098 | 2.5 | 22.0 | 0.9 | 8.9 |
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