In May 2022 the foreign trade turnover of Latvia amounted to EUR 4.04 billion, which at current prices was 39.9% larger than a year ago, of which the exports value of goods was 36.5% higher, but imports value of goods – 42.5% higher. In May Latvia exported goods in the amount of EUR 1.7 billion, but imported – in the amount of EUR 2.33 billion.
Compared to May 2021, foreign trade balance has worsened as exports in total foreign trade amount decreased from 43.2% to 42.2%. 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.
During the five months of this year foreign trade turnover of Latvia at current prices reached EUR 18.03 billion – EUR 4.95 billion or 37.8% more than in the corresponding period of 2021. The exports value constituted EUR 7.96 billion (a growth of EUR 1.94 billion or 32.3%), whereas the imports value comprised EUR 10.07 billion (a rise of EUR 3 billion or 42.5%).
Calendar and seasonally adjusted data show that, when compared to May 2021, in May 2022 the exports value at current prices went up by 29.8%, but the imports value – by 37.9%, whereas, compared to the previous month, the exports value went up by 1%, but the imports value – went down by 2.8%.
Main changes in exports in May 2022, compared to May 2021, included the following: exports of wood and articles of wood, wood charcoal up by EUR 138.7 million or 55.5%; exports of mineral products up by EUR 91.5 million or 2.5 times; exports of vegetable products up by EUR 40.9 million or 54.6 %; exports of prepared foodstuffs up by EUR 31.9 million or 37%; exports of base metals and articles of base metals down by EUR 8.8 million or 6.8%.
Main changes in imports in May 2022, compared to May 2021, included the following: imports of mineral products up by EUR 256.3 million or 2.7 times; imports of vehicles and associated transport equipment up by EUR 111.8 million or 49%; imports of prepared foodstuffs up by EUR 56.3 million or 52.3%; imports of machinery and mechanical appliances; electrical equipment up by EUR 55.5 million or 17.8%; imports of wood and articles of wood, wood charcoal up by EUR 43.6 million or 49.4%.
The main exports partners in May were Lithuania (18.9% of total exports), Estonia (12.5%), Germany (7.9%) and Sweden (6.8%), whereas the main import partners were Lithuania (24.4% of total imports), Germany (9.6%), Poland (9.2%) and Estonia (8.7%).
In May 2022, compared to May 2021, share of the European Union countries in total exports value increased by 6.1 percentage point, but in total imports value – by 3.6 percentage points. Share of CIS countries in exports fell by 2.4 percentage points, but in imports – by 5.2 percentage points.
Compared to April 2022, exports value to Ukraine increased by EUR 2.3 million or 19.5 % in May 2022.
It was mainly affected by the rise of EUR 3.2 million in exports of mineral products. Exports to Belarus went up by EUR 2 million or 13.7%, in turn, imports to Russia – by EUR 6.6 million or 10.2%. Rise in exports to Russian Federation was mainly affected by the growth in exports of prepared foodstuffs by EUR 7.3 million.
In May 2022, compared to the previous month, imports value from Ukraine increased by EUR 1.2 million or 6%. Imports from Belarus rose by EUR 17.7 million or 46%, which was mainly affected by growth of wood and articles of wood; wood charcoal by EUR 13.4 million or 56.2%. In turn, imports from the Russian Federation went down by EUR 65.4 million or 37.8%.
Reduction in imports value from the Russian Federation was mostly affected by the drop in imports of mineral products by EUR 62.1 million 65.5%.
In May 2022 foreign trade balance of Latvia was positive with 103 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 51 country.
The rise in exports of mineral fuels, mineral oils and products of their distillation in May 2022, as compared to May 2021, was mostly facilitated by an increase in exports of electricity by EUR 33.6 million, but growth in exports of cereals was affected by rise in exports of corn by EUR 16.7 million.
The rise in imports of mineral fuels, mineral oils and products of their distillation in May 2022, as compared to May 2021, was mostly facilitated by an increase in imports of natural gas by EUR 137.9 million. In turn, reduction in imports of iron and steel was mostly influenced by drop in imports of flat-rolled products of iron and non-alloy steel by EUR 26.8 million or 58.2%.