In November 2021 the foreign trade turnover of Latvia amounted to EUR 3.29 billion, which at current prices was 27.6 % larger than a year ago, of which the exports value of goods was 30.7 % higher, but imports value of goods – 24.6 % higher.
In November Latvia exported goods in the amount of EUR 1.64 billion, but imported – in the amount of EUR 1.66 billion.
Compared to November 2020, foreign trade balance has improved as exports in total foreign trade amount increased from 48.5 % to 49.7 %, according to provisional data of the Central Statistical Bureau of the Republic of Latvia.
Even though share of imports and exports is almost in balance, it should be taken into account that data on foreign trade in goods are reflected in actual prices and calculated on the basis of the value of goods in euros and not their physical quantity.
During the eleven months of last year foreign trade turnover of Latvia at current prices reached EUR 32.66 billion – EUR 6.78 billion or 26.2 % more than in the corresponding period of 2020. The exports value constituted EUR 14.94 billion (a growth of EUR 2.8 billion or 23.1 %), whereas the imports value comprised EUR 17.72 billion (a rise of EUR 3.98 billion or 29 %).
Read more: Imports to Estonia grew by 36% year on year to November
Calendar and seasonally adjusted data show that, compared to November 2020, in November 2021 the exports value at current prices went up by 28.6 %, but the imports value – by 21.4 %, whereas, compared to the previous month, the exports value went up by 3.6 %, but the imports value – went down by 10.2 %.
Main changes in exports in November 2021, compared to November 2020, included the following: exports of base metals and articles of base metals up by EUR 98.5 million or 2.1 time; exports of wood and articles of wood up by EUR 92.9 million or 46.6 %; exports of mineral products up by EUR 50.2 million or 2.1 time; exports of products of the chemical and allied industries up by EUR 48.2 million or 46 %; exports of vehicles and associated transport equipment down by EUR 24.6 million or 29.6 %.
Main changes in imports in November 2021, compared to November 2020, included the following: imports of mineral products up by EUR 62.2 million or 79 %; imports of products of the chemical and allied industries up by EUR 59.8 million or 42.9 %; imports of base metals and articles of base metals up by EUR 43.7 million or 45.6 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 31.8 million or 9.5 %; imports of plastics and articles thereof up by EUR 31.4 million or 43.7 %.
The main exports partners in November were Lithuania (16.8 % of total exports), Estonia (10.8 %), Germany (8.2 %) and Russian Federation (7.4 %). whereas the main import partners were Lithuania (18.4 % of total imports), Germany (11.5 %), Poland (10.2 %) and Estonia (8.1 %).
In November 2021, compared to November 2020, share of the European Union countries in total exports value increased by 4 percentage points, but in imports value – reduced by 0.9 percentage points. Share of CIS countries in exports fell by 3.9 percentage points, but in imports – rose by 1.4 percentage points.
In November 2021, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 123 partner countries.
It was negative in trade with 45 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 ferrous and steel-ferrous waste and scrap, remelting scrap ingots of iron or steel by EUR 26.3 million or 3.6 times, but growth of mineral fuels, mineral oils and products of their distillation – by natural gas of EUR 17.3 million or 4 times.
In turn, reduction in exports of electrical machinery and equipment was affected by decrease in exports of mobile telephones by EUR 14.6 million or 42.2 %.
The rise in imports of mineral fuels, mineral oils and products of their distillation in November 2021, as compared to November 2020, was mostly facilitated by an increase in imports of electricity by EUR 32.2 million or 3.9 times. In turn, reduction in imports of alcoholic and non-alcoholic beverages was influenced by decrease in imports of whiskey by EUR 15.2 million or 63.1 %.
Latvia’s foreign trade turnover up by 27.6% in 2021
