In March 2022 the foreign trade turnover of Latvia amounted to EUR 3.95 billion, which at current prices was 37.3 % larger than a year ago, of which the exports value of goods was 31.4 % higher, but imports value of goods – 42.5 % higher.
In March, Latvia exported goods in the amount of EUR 1.75 billion, but imported – in the amount of EUR 2.2 billion. Compared to March 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.4 % to 44.4 %. 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, according to provisional data of the Central Statistical Bureau.
During the first quarter of this year foreign trade turnover of Latvia at current prices reached EUR 10.09 billion – EUR 2.65 billion or 35.6 % more than in the corresponding period of 2021. The exports value constituted EUR 4.59 billion (a growth of EUR 1.06 billion or 30.2 %), whereas the imports value comprised EUR 5.5 billion (a rise of EUR 1.59 billion or 40.5 %).
Calendar and seasonally adjusted data show that, compared to March 2021, in March 2022 the exports value at current prices went up by 28.4 %, but the imports value – by 43.2 %, whereas, compared to the previous month, the exports value went up by 3.8 %, but the imports value – by 9 %.
Main changes in exports in March 2022, compared to March 2021, included the following: exports of mineral products up by EUR 142.2 million or 3.1 time; exports of wood and articles of wood, wood charcoal up by EUR 95.1 million or 38.8 %; exports of vegetable products up by EUR 24.5 million or 26.2 %; exports of live animals and animal products up by EUR 22.9 million or 47.1 %; exports of miscellaneous manufactured articles up by 21.5 million or 50.9 %.
Main changes in imports in March 2022, compared to March 2021, included the following: imports of mineral products up by EUR 322.8 million or 4.7 times; imports of products of the chemical and allied industries up by EUR 63.2 million or 32.1 %; imports of base metals and articles of base metals up by EUR 38.8 million or 28.8 %; imports of plastics and articles thereof up by EUR 32.8 million or 36.6 %; imports of vegetable products up by EUR 32.8 million or 43.9 %.
The main exports partners in March were Lithuania (21.8 % of total exports), Estonia (13.1 %), Germany (7.5 %) and Sweden (5.7 %), whereas the main import partners were Lithuania (24.6 % of total imports), Poland (10.5 %), Estonia (10.2 %) and Germany (10 %).
In March 2022, compared to March 2021, share of the European Union countries in total exports value increased by 5.6 percentage points, but in total imports value – by 0.8 percentage points. Share of CIS countries in exports fell by 3.9 percentage points, but in imports – rose by 1.3 percentage points.
In March 2022, compared to February 2022, exports value to Ukraine decreased by EUR 12.7 million or 72.2 %. It was mainly affected by the decline in exports of products of the chemical and allied industries. Exports to Belarus reduced by EUR 0.2 million or 1.7 %. Exports value to the Russian Federation increased by EUR 11.8 million or 15.1%, which was mainly affected by the increase in exports of machinery and mechanical appliances, electrical equipment.
In March 2022, compared to the previous month, imports value from Ukraine decreased by EUR 5.7 million or 31.8 %. It was mainly affected by the decline in imports of base metals and articles of base metals by EUR 2.3 million. In turn, imports from the Russian Federation and Belarus rose by EUR 29 million or 20.9 % and EUR 15.3 million or 53.7 %, respectively. Growth in imports value from the Russian Federation was mostly affected by the increase in imports of vegetable products by EUR 23.7 million, but from Belarus – of wood and articles of wood; wood charcoal by EUR 10.8 million.
In March 2022 foreign trade balance of Latvia was positive with 115 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 March 2022, as compared to March 2021, was mostly facilitated by an increase in exports of natural gas by EUR 80.9 million. In turn, reduction in exports of iron and steel was mostly influenced by drop in exports of flat-rolled products of iron or non-alloy steel by EUR 20.8 million or 88.4 %.
The rise in imports of mineral fuels, mineral oils and products of their distillation in March 2022, as compared to March 2021, was mostly facilitated by an increase in imports of natural gas by EUR 200.5 million. The value of none of the most important imports decreased in March.
Latvian exports and imports demonstrate growth in March 2022
