In September 2022 Latvia’s foreign trade turnover reached EUR 4.61 billion. This is 34.2 % more at current prices when compared with a year ago. The value of exported goods was 32.3 % higher and value imported of goods was 35.9 % higher.
In September Latvia exported goods worth EUR 2.14 billion. This is the highest exports value reached so far. Whereas the value of imported goods reached EUR 2.47 billion.
Compared with September 2021, the balance in foreign trade wend down, as exports in foreign trade dropped from 47.1 % to 46.4 %.
In the nine months of 2022 Latvia’s foreign trade turnover at current prices was EUR 34.83 billion, which is EUR 8.86 billion or 34.1 % higher when compared to the same period of 2021. The value of exports reached EUR 15.42 billion, (EUR 3.72 billion or 31.9 % more), whereas the value of imports was EUR 19.42 billion (EUR 5.14 billion or 36 % more).
Data also indicates that, when compared with September 2021, the value of exports at current prices increased by 31.9 % in September 2022, whereas the value of imports increased by 38.5 %, whereas. Compared with August, the value of exports rose by 2.7 %, whereas the value of imports went down by 1.1 %.
When compared to the same month of 2021, the main changes in exports in September 2022 included the following: exports of mineral products are up by EUR 192.4 million; exports of vegetable products are up by EUR 139.9 million; exports of electrical equipment are up by EUR 38.7 million; exports of products chemical and related industries is up by EUR 33.1 million; exports of base metals and products manufactured from base metals are down by EUR 54.5 million.
The main changes in imports observed in September 2022 and compared with September 2021 included the following: imports of mineral products are up by EUR 472.4 million; imports of chemical products and products manufactured by related industries are up by EUR 46.6 million; imports electrical equipment are up by EUR 44.5 million; imports of vehicles and associated transport equipment are down by EUR 35.3 million; imports of lumber and wood products, as well as wood charcoal, are down by EUR 32.3 million.
Latvia’s main exports partners in September included Lithuania (18.6 %), Estonia (9.8 %), Germany (6.4 %) and Netherlands (6 %), whereas Latvia main import partners included Lithuania (27.3 %), Estonia (13.5 %), Poland (9.5 %) and Germany (8.5 %).
In September 2022,when compared with September 2021, the share of EU member states in the total exports value rose by 4.4 percentage points, and by 9.7 percentage points in the total imports value. The share of CIS countries in exports dropped by 1.5 percentage points, whereas in imports it dropped by 2.7 percentage points.
When compared with August, the value of exports sent to Ukraine went down by EUR 4.9 million in September 2022. This was mainly caused by the drop of EUR 2.4 million in exports of mineral products. At the same time, exports to the Russian Federation increased by EUR 9.4 million, by EUR 3.7 million to Belarus. The rise in exports to the Russian Federation mainly came from growth in exports of prepared foodstuffs (by EUR 10.2 million). The increase of exports to Belarus was mainly affected by exports of optical instruments and different apparatus by EUR 2.4 million.
Compared with the previous month, value the value of imports from Ukraine decreased by EUR 3.9 million in September 2022. It was caused by by the drop in imports of vegetable products (by EUR 1.1 million). Imports from the Russian Federation went down by EUR 77.8 million. This mainly came from the drop in imports of mineral products (by EUR 72 million). Imports from Belarus grew by EUR 3.9 million. This was largely caused by by increase in imports of animal or vegetable fats and oils (by EUR 3.8 million).
In September 2022 Latvia’s foreign trade balance was positive with 123 partner countries. The reason is because the exports value of goods exceeded the value of imports of goods. Latvia’s foreign trade balance was negative with 43 countries.