In January 2022 the foreign trade turnover of Latvia amounted to EUR 2.95 billion, which at current prices was 32.9 % larger than a year ago, of which the exports value of goods was 29.6 % higher, but imports value of goods – 35.8 % higher.
In January Latvia exported goods in the amount of EUR 1.37 billion, but imported – in the amount of EUR 1.58 billion. Compared to January 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 47.6 % to 46.4 %. 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 data from the Central Statistical Bureau of Latvia.
Calendar and seasonally adjusted data show that, compared to January 2021, in January 2022 the exports value at current prices went up by 26.7 %, but the imports value – by 30.6 %, whereas, compared to the previous month, the exports value went down by 1.4 %, but the imports value – went up by 13.2 %.
Main changes in exports in January 2022, compared to January 2021, include the following: exports of wood and articles of wood, wood charcoal up by EUR 78.5 million or 41.3 %; exports of mineral products up by EUR 58.4 million or 2.1 time; exports of base metals and articles of base metals up by EUR 54.2 million or 65.1 %; exports of products of the chemical and allied industries up by EUR 44 million or 52.6 %; exports of vegetable products down by EUR 14 million or 17.2 %.
Main changes in imports in January 2022, compared to January 2021, include the following: imports of mineral products up by EUR 100.4 million or 2.8 times; imports of base metals and articles of base metals up by EUR 80.4 million or 69.7 %; imports of products of the chemical and allied industries up by EUR 65.8 million or 48.5 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 36.5 million or 12.3 %; imports of plastics and articles thereof; rubber and articles thereof up by EUR 30.7 million or 48.8 %.
The main exports partners in January were Lithuania (16.4 % of total exports), Estonia (12.8 %), Germany (7.7 %) and Russian Federation (6.5 %), whereas the main import partners were Lithuania (17.5 % of total imports), Russian Federation (12.2 %), Germany (10.1 %) and Poland (9.1 %).
In January 2022, compared to January 2021, share of the European Union countries in total exports value increased by 5.3 percentage points, but in imports value – reduced by 3.2 percentage points. Share of CIS countries in exports fell by 1.7 percentage points, but in imports – rose by 4.7 percentage points.
In January 2022 foreign trade balance of Latvia was positive with 112 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 47 countries.
The rise in exports of iron and steel in January 2022, as compared to January 2021, was mostly facilitated by an increase in exports of flat-rolled products of iron or non-alloy steel by EUR 17.2 million or 98.6 %, but growth of mineral fuels, mineral oils and products of their distillation – by rise in exports of natural gas of EUR 32.8 million.
The rise in imports of fertilisers in January 2022, as compared to January 2021, was mostly facilitated by an increase in imports of mineral or chemical fertilisers, nitrogenous by EUR 24.4 million or 3.9 times, but growth in imports of mineral fuels, mineral oils and products of their distillation was affected by rise in imports of natural gas of EUR 31.9 million.
Foreign trade turnover in Latvia up 32.9% when compared to 2021
