In August 2021 the foreign trade turnover of Latvia amounted to EUR 3.39 billion, which at current prices was 45.1 % larger than a year ago, of which the exports value of goods was 32.3 % higher, but imports value of goods – 56.3 % higher.
In August Latvia exported goods in the amount of EUR 1.45 billion, but imported – in the amount of EUR 1.95 billion. Compared to August 2020, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.7 % to 42.6 %, according to provisional data of the Central Statistical Bureau of Latvia.
During the eight months of this year foreign trade turnover of Latvia at current prices reached EUR 22.53 billion – EUR 4.73 billion or 26.6 % more than in the corresponding period of 2020. The exports value constituted EUR 10.14 billion (a growth of EUR 1.88 billion or 22.8 %), whereas the imports value comprised EUR 12.39 billion (a rise of EUR 2.85 billion or 29.8 %).
Calendar and seasonally adjusted data show that, compared to August 2020, in August 2021 the exports value at current prices went up by 28.3 %, but the imports value – by 50.1 %, whereas, compared to the previous month, the exports value went up by 4.5 %, but the imports value – by 9.5 %.
Main changes in exports in August 2021, compared to August 2020, included the following: exports of wood and articles of wood up by EUR 122.5 million or 72.6 %; exports of base metals and articles of base metals up by EUR 52.2 million or 66 %; exports of vegetable products up by EUR 40.4 million or 32.8 %; exports of mineral products up by EUR 32.9 million or 80.7 %; exports of products of the chemical and allied industries up by EUR 28.2 million or 32.8 %.
Main changes in imports in August 2021, compared to August 2020, included the following: imports of vehicles and associated transport equipment up by EUR 294.2 million or 5.1 time; imports of mineral products up by EUR 114.5 million or 2.2 times; imports of base metals and articles of base metals up by EUR 75.4 million or 75.2 %; imports of wood and articles of wood up by EUR 50.7 million or 2.1 time; imports of products of the chemical and allied industries up by EUR 43.7 million or 34 %.
In August, the main export partners of Latvia in trade with EU countries were Lithuania (17.3 % of total exports), Estonia (10.5 %), Germany (8.8 %) and Sweden (5.6 %), whereas the main import partners were Lithuania (17.7 % of total imports), Estonia (8.6 %), Germany (8.2 %) and Poland (8.2 %). United Kingdom was the main export partner in trade with third countries; its share in total Latvian exports in August accounted for 9.7 %, whereas the main import partner was Canada – 12.7 % of total imports.
In August 2021, compared to August 2020, share of the European Union countries in total exports value fell by 0.2 percentage points, but in imports value – by 11.7 percentage points. Share of CIS countries in exports fell by 2.2 percentage points, but in imports – rose by 3 percentage points.In August 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 49 countries.
The rise in exports of iron and steel in August 2021, as compared to August 2020, was mostly facilitated by an increase in exports of flat-rolled products of iron or non-alloy steel by EUR 18 million or 97 %. In turn, reduction in exports of electrical machinery and equipment was affected by decrease in exports of mobile telephones by EUR 21.7 million or 56.1 %.
Growth in exports of cereals in August 2021, compared to a month before, was mostly influenced by the increase in exports of wheat and meslin of EUR 59.4 million or 39.3 times, but exports of oil seeds, oleaginous fruits rose as exports of rape and colza seeds went up by EUR 63.4 million or 10.2 times.
The rise in imports in commodity group «aircraft, spacecraft, and parts thereof» in August 2021, as compared to August 2020, was affected by purchase of aircrafts of EUR 245.1 million. In turn, reduction in imports of alcoholic and non-alcoholic beverages was influenced by decrease in imports of whiskey by EUR 7 million or 38.3 %.
August’s foreign trade turnover up by almost 50% when compared to last year
