Press Release

In May foreign trade turnover of Latvia was 24.1 % less than a year ago

Provisional data of the Central Statistical Bureau show that in May 2020, due to epidemiological crisis caused by Covid-19, the foreign trade turnover of Latvia amounted to EUR 1.93 billion, which at current prices was 24.1 % less than a year ago, of which the exports value of goods dropped by 16.8 %, but imports value of goods – by 29.6 %. In May Latvia exported goods in the amount of EUR 906.1 billion, but imported – in the amount of EUR 1.03 billion. Compared to May 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 42.8 % to 46.9 %.

During first five months of this year foreign trade turnover of Latvia at current prices reached EUR 10.76 billion – EUR 1.08 billion or 9.1 % less than in the corresponding period of the previous year. The exports value constituted EUR 5.07 billion (a drop of EUR 217.7 million or 4.1 %), whereas the imports value comprised EUR 5.69 billion (a fall of EUR 861.6 million or 13.1 %).

Calendar and seasonally adjusted data show that, compared to May 2019, in May 2020 the exports value at current prices went down by 12 % and the imports value by 26.5 %, whereas, compared to the previous month, the exports value went up by 1.5 % ,but the imports value – by 3.6 %.

Main changes in exports in May 2020, compared to May 2019:

Main changes in imports in May 2020, compared to May 2019:

In May 2020 imports of protective oral-nasal masks comprised EUR 9.7 million (a drop of EUR 1.6 million or 13.8 %. as compared to April). They mainly were imported from China (86.9 % or EUR 8.4 million). Since epidemiological crisis caused by coronavirus Covid-19 had started, demand for these goods still remains high.

In May, the main export partners of Latvia in trade with EU countries were Lithuania (17 % of total exports), Estonia (12.1 %), Germany (7.6 %) and Sweden (7.1 %), whereas the main import partners were Lithuania (19.1 % of total imports), Poland (10.3 %), Germany (9.4 %) and Estonia (8.6 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in May accounted for 6.7 %, whereas in imports – for 6.5 %.

In May 2020, compared to May 2019, share of the European Union countries in total exports value increased by 0.3 percentage points, but in imports value – by 6.1 percentage point. Share of CIS countries in exports fell by 2.2 percentage points, but in imports – increased by 0.2 percentage points.

Foreign trade of Latvia in May 2020 by country group
(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to May 2019

million EUR

% of

total

changes as %, compared to May 2019

Total

906.1

100 

-16.8

1 025.4

100 

-29.6

European Union countries*

623.9

68.8

-16.4

796.0

77.6

-23.5

euro area countries

461.3

50.9

-16.8

580.7

56.6

-27.6

CIS countries

93.5

10.3

-31.2

104.4

10.2

-28.4

other countries

188.7

20.9

-8.9

125.0

12.2

-53.6

*The United Kingdom is not included in the European Union.

In May 2020 foreign trade balance of Latvia was positive with 110 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 47 countries.

Balance of foreign trade of Latvia
(difference between value of goods exports and imports, million euros)

Graph - Balance of foreign trade of Latvia

 

 The rise in exports of electrical machinery and equipment in May 2020, as compared to May 2019, was mostly facilitated by an increase in exports of monitors, projectors and television reception apparatus by EUR 5 million or 52.2 %. In turn, reduction in exports of vehicles and associated transport equipment was mostly affected by drop in exports of passenger cars by EUR 17.5 million or 60.7 %.

 

Main commodities in exports of Latvia in May 2020
(at current prices)

 

Thousand EUR

% of

total

Changes as %, compared to

May 2019

April 2020

average of previous 12 months

Total

 906 124

100.0

-16.8

-2.3

-15.8

wood and articles of wood; wood charcoal

175 758

19.4

-7.8

0.7

-0.9

electrical machinery and equipment

118 739

13.1

3.7

15.6

0.6

machinery and mechanical appliances

55 729

6.2

-12.8

-9.9

-15.3

articles of iron or steel

35 733

3.9

-11.5

-4.8

-5.4

mineral fuels, mineral oils and products of their distillation

34 357

3.8

-32.6

14.5

-22.5

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

32 313

3.6

-51.9

29.2

-39.9

pharmaceutical products

30 287

3.3

-25.2

-22.4

-23.2

furniture, other furnishing articles; prefabricated buildings

29 255

3.2

-13.4

-7.3

-13.3

beverages, spirits and vinegar

28 111

3.1

-43.9

-12.3

-48.5

plastics and articles thereof

26 607

2.9

-16.8

-9.3

-9.8

Also the rise in imports of electrical machinery and equipment in May 2020, as compared to May 2019, was mostly facilitated by an increase in imports of monitors, projectors and television reception apparatus by EUR 3.7 million or 42.4 %. In turn, reduction in imports of vehicles and associated transport equipment was mostly affected by drop in imports of passenger cars by EUR 46.5 million or 72.8 %.

Main commodities in imports of Latvia in May 2020
(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

May 2019

April 2020

average of previous 12 months

Total

1 025 392

100.0

-29.6

3.3

-20.5

electrical machinery and equipment

129 130

12.6

3.3

19.1

-9.0

machinery and mechanical appliances

108 328

10.6

-22.2

-9.0

-13.5

mineral fuels, mineral oils and products of their distillation

              78 229

7.6

-41.9

41.4

-27.2

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

64 092

6.3

-53.7

48.8

-37.6

plastics and articles thereof

51 867

5.1

-18.0

-0.5

-3.0

pharmaceutical products

47 707

4.7

-12.3

-5.0

-9.6

wood and articles of wood; wood charcoal

43 484

4.2

-12.5

7.1

-4.5

iron and steel

37 804

3.7

-16.1

-13.1

-12.1

beverages, spirits and vinegar

32 136

3.1

-37.1

6.9

-33.5

articles of iron or steel

26 420

2.6

-21.5

0.2

-19.4

 

Media requests:
Communication Section

E-mail: media@csb.gov.lv
Phone: +371 67366989, +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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