In October 2022 Latvia’s foreign trade turnover accounted for EUR 4.2 billion. In actual prices it was 22.2% higher when compared with the same month of 2021, according to data from the Central Statistical Bureau of Latvia.
In October Latvia exported goods worth EUR 1.82 billion and imported good worth EUR 2.38 billion. The value of export goods, when compared with the previous month, increased by 15.7%, whereas the value of imported goods increased by 27.6%.
Compared with October 2021 the balance of foreign trade became worse in October 2022: exports went down from 45.7% to 43.3%. (It is important to keep in mind that data regarding external trade is reflected in actual prices and calculated based on value in euro, not their physical quantity).
In ten months of 2022 Latvia’s foreign trade turnover in actual prices reached EUR 39.19 billion.
This is EUR 9.78 billion or 33.3% more when compared with the same period of 2021. The value of exports was EUR 17.34 billion (an increase of EUR 4.08 billion or 30.7%), whereas the value of imports was EUR 21.85 billion (an increase of EUR 5.7 billion or 35.3%).
The most notable changes in exports when compared with October 2021 were observed for exports of mineral products (higher by EUR 130.7 million); exports of food industry’s products (higher by EUR 45.2 million); exports of mechanisms, mechanical equipment and electrical equipment (higher by EUR 28.5 million).
Exports of simple metals and their products went down by EUR 59.6 million or 36%. Exports of lumber and wooden products, charcoal included, went down by EUR 11.6 million or 3.8%.
The most notable changes in imports in October, when compared to last year’s October included the following: imports of mineral products (natural gas, coal and other minerals and fuel) increased by EUR 435.5 million; imports of mechanisms, mechanical and electrical equipment increased by EUR 85.6 million; imports of food processing industry’s products increased by EUR 43.9 million.
Imports of regular metals and their products went down by EUR 105.4 million or 42.6%. Imports of transport and related equipment went down by EUR 38.9 million or 17.9%.
In October Latvia’s main export partners included Lithuania (17.5%), Estonia (11.5%), Germany (7.2%) and Sweden (6.7%). The country’s main import partners included Lithuania (29.5%), Estonia (9.9%), Germany (8.9%) and Poland (8.7%). Compared with October 2021, the proportion of European member states in the total export value in Latvia increased by 3.5 percentage points in Latvia, whereas their value in imports increased by 13.2 percentage points. The proportion of CIS member states remained unchanged in export value and decreased by nine percentage points for imports.
When compared with September, the value of goods exported to Ukraine increased by EUR 6 million or 20.1%. This mainly comes from the increase of EUR 2.5 million from the chemical industry and pharmaceutical sector (mainly medicines) and EUR 2.2 million from the food sector. The value of imports from Ukraine increased by EUR 7.6 million or 29.3%.
The volume of exports sent to the Russian Federation increased by EUR 16.3 million or 15.4% and to Belarus – by EUR 842.5 thousand or 5% during this time.
The volume of imports from the Russian Federation went down by EUR 12.9 million or 8.9%, which was mainly due to a drop in imports of plant products by EUR 7.4 million or 52.6%. The volume of imports from Belarus went down by EUR 2.6 million or 16.2%.
In October Latvia’s trade balance was positive with 114 partner states. Latvia’s export value exceeded that of import value. Trade balance was negative with 48 countries.