In November foreign trade turnover of Latvia was 6.5 % larger than a year ago

Provisional data of the Central Statistical Bureau show that in November 2020 the foreign trade turnover of Latvia amounted to EUR 2.58 billion, which at current prices was 6.5 % larger than a year ago, of which the exports value of goods was 9.1 % higher, but imports value of goods – 4.1 % higher. In November Latvia exported goods in the amount of EUR 1.25 billion, but imported – in the amount of EUR 1.33 billion. Compared to November 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 47.4 % to 48.5 %.

During the eleven months of this year foreign trade turnover of Latvia at current prices reached EUR 25.68 billion – EUR 781.9 million or 3 % less than in the corresponding period of the previous year. The exports value constituted EUR 12.03 billion (a growth of EUR 88.2 million or 0.7 %), whereas the imports value comprised EUR 13.65 billion (a drop of EUR 870.1 million or 6 %).

Calendar and seasonally adjusted data show that, compared to November 2019, in November 2020 the exports value at current prices went up by 9.4 % and the imports value – by 1.9 %, whereas, compared to the previous month, the exports value went up by 0.2 % ,but the imports value – down by 0.3 %.

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

• exports of machinery and mechanical appliances; electrical equipment up by EUR 47.9 million or 24.2 %;
• exports of wood and articles of wood up by EUR 25.3 million or 14.7 %;
• exports of products of the chemical and allied industries up by EUR 16.8 million or 19.6 %;
• exports of vehicles and associated transport equipment up by EUR 16.2 million or 25.7 %;
• exports of prepared foodstuffs down by EUR 22.7 million or 16.2 %.

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

• imports of machinery and mechanical appliances; electrical equipment up by EUR 53.8 million or 18.9 %;
• imports of products of the chemical and allied industries up by EUR 11.5 million or 9.1 %;
• imports of plastics and articles thereof up by EUR 11.4 million or 18.3 %;
• imports of vehicles and associated transport equipment down by EUR 19.4 million or 16.4 %;
• imports of mineral products down by EUR 13.3 million or 14.2 %.

In November, the main export partners of Latvia in trade with EU countries were Lithuania (16.2 % of total exports), Estonia (11.7 %), Germany (6.8 %) and Denmark (5 %), whereas the main import partners were Lithuania (17.8 % of total imports), Germany (10.4 %), Poland (10.3 %) and Estonia (8.1 %). Russia was the main partner in trade with third countries; its share in total Latvian exports in November accounted for 9.4 %, whereas in imports – for 5.5 %.

In November 2020, compared to November 2019, share of the European Union countries in total exports value fell by 1 percentage point, but in imports value – by 0.4 percentage points. Share of CIS countries in exports fell by 1.5 percentage points, but in imports – by 0.8 percentage points.

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

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

In November 2020, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 118 partner countries. It was negative in trade with 40 countries.

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

Growth in exports of cereals in November 2020, compared to November 2019, was mostly influenced by the increase in exports of wheat and meslin of EUR 23.6 million or 78.8 %. In turn, in November 2020, compared to November 2019, reduction in exports of alcoholic and non-alcoholic beverages was mostly affected by drop in exports of whiskey by EUR 11.4 million or 37.3 %.

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

The rise in imports of electrical machinery and equipment in November 2020, as compared to November 2019, was mostly facilitated by an increase in imports of monitors, projectors and television reception apparatus by EUR 12.7 million or 62.5 %. 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 7.4 million or 17.7 %.

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

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