Press Release

In July foreign trade turnover of Latvia was 3.5 % less than a year ago

Provisional data of the Central Statistical Bureau show that in July 2020 the foreign trade turnover of Latvia amounted to EUR 2.38 billion, which at current prices was 3.5 % less than a year ago, of which the exports value of goods dropped by 0.3 %, but imports value of goods – by 5.9 %. In July Latvia exported goods in the amount of EUR 1.05 billion, but imported – in the amount of EUR 1.33 billion. Compared to July 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 42.7 % to 44.1 %.

During the seven months of this year foreign trade turnover of Latvia at current prices reached EUR 15.31 billion – EUR 1.21 billion or 7.3 % less than in the corresponding period of the previous year. The exports value constituted EUR 7.1 billion (a drop of EUR 233.9 million or 3.2 %), whereas the imports value comprised EUR 8.21 billion (a fall of EUR 979.9 million or 10.7 %).

Calendar and seasonally adjusted data show that, compared to July 2019, in July 2020 the exports value at current prices went down by 1.3 % and the imports value by 4.6 %, whereas, compared to the previous month, the exports value went up by 4.4 % ,but the imports value – by 7.1 %.

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

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

In July, the main export partners of Latvia in trade with EU countries were Lithuania (18.6 % of total exports), Estonia (13.4 %), Germany (7 %) and Sweden (5.2 %), whereas the main import partners were Lithuania (17.8 % of total imports), Germany (11 %), Poland (10 %) and Estonia (8.9 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in July accounted for 8.5 %, whereas in imports – for 7.5 %.

In July 2020, compared to July 2019, share of the European Union countries in total exports value increased by 1.3 percentage points, but in imports value – fell by 1.3 percentage points. Share of CIS countries in exports fell by 0.6 percentage points, but in imports – by 0.5 percentage points.

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

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to July 2019

million EUR

% of

total

changes as %, compared to July 2019

Total

1 049.8

100 

-0.3

1 329.7

100 

-5.9

European Union countries*

720.1

68.6

1.7

999.4

75.2

-7.5

euro area countries

560.5

53.4

2.8

750.2

56.4

-10.1

CIS countries

134.1

12.8

-5.3

145.3

10.9

-10.0

other countries

195.6

18.6

-3.8

185.0

13.9

8.3

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

In July 2020 foreign trade balance of Latvia was positive with 122 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 48 countries.

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

export partners

The rise in exports of electrical machinery and equipment in July 2020, as compared to July 2019, was mostly facilitated by an increase in exports of boards, panels, consoles, desks and cabinets for electric control or the distribution of electricity by EUR 5.2 million or 2.9 times. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 10.1 million or 58.8 %.

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

 

thousand EUR

% of

total

Changes as %, compared to

July 2019

June 2020

average of previous 12 months

Total

  1 049 762

100

-0.3

7.3

-1.1

wood and articles of wood; wood charcoal

     184 301

17.6

4.4

12.0

5.3

electrical machinery and equipment

     147 694

14.1

23.0

14.0

22.0

machinery and mechanical appliances

        71 795

6.8

0.2

15.8

10.2

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

        50 837

4.8

-15.3

10.2

1.6

beverages, spirits and vinegar

        39 732

3.8

-26.7

11.2

-24.0

articles of iron or steel

        38 301

3.6

1.7

9.0

3.0

mineral fuels, mineral oils and products of their distillation

        35 804

3.4

-28.4

-5.8

-14.2

iron and steel

        35 248

3.4

-27.1

22.9

9.9

furniture, other furnishing articles; prefabricated buildings

        33 578

3.2

11.6

7.4

-0.4

pharmaceutical products

        31 863

3.0

-16.4

-29.6

-19.3

The rise in imports of pharmaceutical products in July 2020, as compared to July 2019, was facilitated by an increase in imports of immunological products by EUR 3.2 million or 2 times. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil by EUR 30 million or 41.7 %.

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

 

thousand EUR

% of

total

Changes as %, compared to

July 2019

June 2020

average of previous 12 months

Total

      1 329 687

100

-5.9

14.8

6.3

electrical machinery and equipment

         167 193

12.6

15.0

9.3

15.2

machinery and mechanical appliances

         125 521

9.4

-11.6

8.7

2.9

mineral fuels, mineral oils and products of their distillation

           99 741

7.5

-40.3

29.5

2.7

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

           95 527

7.2

-24.9

19.2

1.6

plastics and articles thereof

           58 575

4.4

-3.3

8.6

11.1

pharmaceutical products

           56 427

4.2

16.5

17.8

6.7

beverages, spirits and vinegar

           56 311

4.2

-0.6

31.1

22.1

iron and steel

           56 152

4.2

13.6

48.5

30.6

wood and articles of wood; wood charcoal

           47 712

3.6

14.1

-0.4

5.5

articles of iron or steel

           37 847

2.8

-0.7

33.5

20.1

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 “Foreign trade” section of the CSB database.

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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