In October 2021 the foreign trade turnover of Latvia amounted to EUR 3.39 billion, which at current prices was 23.5 % larger than a year ago, of which the exports value of goods was 17.8 % higher, but imports value of goods – 28.8 % higher.
In October Latvia exported goods in the amount of EUR 1.56 billion, but imported – in the amount of EUR 1.83 billion.
Compared to October 2020, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.2 % to 46 %, according to the latest data from the Central Statistical Bureau of Latvia.
During the ten months of this year foreign trade turnover of Latvia at current prices reached EUR 29.35 billion – EUR 6.06 billion or 26 % more than in the corresponding period of 2020. The exports value constituted EUR 13.3 billion (a growth of EUR 2.41 billion or 22.2 %), whereas the imports value comprised EUR 16.05 billion (a rise of EUR 3.64 billion or 29.3 %).
Calendar and seasonally adjusted data show that, compared to October 2020, in October 2021 the exports value at current prices went up by 22.8 %,
but the imports value – by 33.1 %, whereas, compared to the previous month, the exports value went down by 0.8 %, but the imports value – went up by 10.1 %.
Main changes in exports in October 2021, compared to October 2020, included the following:
exports of wood and articles of wood up by EUR 92.7 million or 44.6 %;
exports of base metals and articles of base metals up by EUR 71.6 million or 75.3 %;
exports of mineral products up by EUR 57.4 million or 2.2 times;
exports of products of the chemical and allied industries up by EUR 24.9 million or 27.1 %;
exports of vegetable products down by EUR 58.6 million or 33.6 %.
Main changes in imports in October 2021, compared to October 2020, included the following:
imports of base metals and articles of base metals up by EUR 139.6 million or 2.3 times;
imports of mineral products up by EUR 102.3 million or 2.1 time;
imports of vehicles and associated transport equipment up by EUR 84.5 million or 77.7 %;
imports of products of the chemical and allied industries up by EUR 34.7 million or 24.6 %;
imports of plastics and articles thereof up by EUR 24.2 million or 30.4 %.
In October main exports partners were Lithuania (17.6 % of total exports ), Estonia (10.8 %), Germany (8.3 %) and United Kingdom (8 %), whereas the main import partners were Lithuania (16 % of total imports), Russian Federation (13.6 %), Poland (9.4 %) and Germany (9.1 %).
In October 2021, compared to October 2020, share of the European Union countries in total exports value increased by 5.2 percentage points, but in imports value – reduced by 9.3 percentage points. Share of CIS countries in exports fell by 3.4 percentage points, but in imports – rose by 7.3 percentage points.
In October 2021 foreign trade balance of Latvia was positive with 113 partner countries, as exports value of goods exceeded imports value of goods.
It was negative in trade with 44 countries.
The rise in exports of mineral fuels, mineral oils and products of their distillation in October 2021, as compared to October 2020, was mostly facilitated by an increase in exports of natural gas by EUR 18.7 million, but in exports of ferrous and steel- increase of ferrous waste and scrap, remelting scrap ingots of iron or steel by EUR 17 million or 2.7 times.
The rise in imports in commodity group «aircraft, spacecraft, and parts thereof» in October 2021, as compared to October 2020, was affected by purchase of aircraft. In turn, reduction in imports of vehicles and associated transport equipment was mostly affected by drop in imports of passenger cars by EUR 18.6 million or 40 %.
Latvia’s foreign trade turnover up considerably in 2021
