The ministry reports that Latvia’s export growth started going up again in November 2022 after a slowdown observed in October 2022. However, the institution predicts export value will soon start going down again.
According to the latest data from the Central Statistical Bureau of Latvia, export value in November 2022 was 7.4% higher when compared with October and 20.0% higher when compared with November 2021. Export goods value reached EUR 1 949.2 million.
In the first half of 2022 export goods growth exceeded 35%. The average growth in the second half of the year, based on November’s data, was 24%. In October and November growth of export goods went down to 15.7% and 20.0% respectively.
It is expected for export growth to remain in the double digits in the coming months, but the growth rate will gradually go down, which will be affected by last year’s high base and the decline of global economic development rates.
Similarly to previous months, in November the main driving force behind export goods was the price rise.
Data on changes for export values for November is not available at the moment. Data for October indicates that Latvian manufacturers’ export value index has increased by 16.0% over the course of the year. With export price growth from October applied to November’s data, the real export growth in November (excluding price influence) may be 4.0%.
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