In December 2020, the foreign trade turnover of Latvia amounted to EUR 2.56 billion, which at current prices was 5.8% larger than a year ago, of which the exports value of goods was 12.5% higher, but imports value of goods – 0.9% higher. In December 2020, Latvia exported goods in the amount of EUR 1.15 billion and imported – in the amount of EUR 1.41 billion.
Compared to December 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 42.2% to 44.9%.
In 2020, the foreign trade turnover of Latvia at current prices reached EUR 28.27 billion – EUR 612.5 million or 2.1% less than in 2019. The exports value constituted EUR 13.19 billion (+1.7%), whereas the imports value comprised EUR 15.08 billion (-5.3%), according to provisional data compiled by the Central Statistical Bureau of Latvia.
Calendar and seasonally adjusted data showed that, compared to December 2019, in December 2020 the exports value at current prices went up by 7%, but the imports value dropped by 5.1%, whereas, compared to the previous month, the exports value went up by 1.5% and the imports value – by 1.8%.
Main changes in exports in December 2020, compared to December 2019, included the following: exports of machinery and mechanical appliances; electrical equipment up by EUR 37.9 million or by 20.6%; exports of wood and articles of wood up by EUR 35.1 million or by 22.9%; exports of products of the chemical and allied industries up by EUR 14.7 million or by 18.6%; exports of base metals and articles of base metals up by EUR 13.5 million or by 19.7%; exports of vegetable products up by EUR 12 million or by 11.6%.
Main changes in imports in December 2020, compared to December 2019, included the following: imports of prepared foodstuffs up by EUR 24.7 million or by 21.7%; imports of machinery and mechanical appliances; electrical equipment up by EUR 13.8 million or by 4.7%; imports of wood and articles of wood up by EUR 11.7 million or by 26.9%; imports of vehicles and associated transport equipment down by EUR 39.7 million or by 13.1%; imports of mineral products down by EUR 13.9 million or by 15.5%.
In December 2020, the main export partners of Latvia in trade with EU countries were Lithuania (15.7% of total exports), Estonia (11.8%), Germany (5.9%) and Denmark (4.8%), whereas the main import partners were Lithuania (15.6% of total imports), Germany (9.6%), Poland (8.8%) and Estonia (7.8%). Russia was the main export partner in trade with third countries; its share in total Latvian exports in December 2020 accounted for 9.4%, whereas the main import partner was Canada -11.9% of total imports.
Compared to December 2019, the share of the European Union countries in total exports value fell by 1.1% and in imports value – by 2.8% in December 2020. Share of CIS countries in exports fell by 1.3%, but in imports – rose by 0.9%.
In December 2020, as exports value of goods exceeded imports value of goods, foreign trade balance of Latvia was positive with 127 partner countries. It was negative in trade with 46 countries.
The rise in exports of electrical machinery and equipment in December 2020, as compared to December 2019, was mostly facilitated by an increase in exports of machines for the reception, conversion and transmission or regeneration of voice, images or other data by EUR 13.7 million or 54.7%.
In turn, in December 2020, compared to December 2019, reduction in exports of machinery and mechanical appliances; electrical equipment was mostly affected by a drop in exports of turbojets, turbo-propellers and other gas turbines by EUR 4.2 million or 99.7%.
The rise in imports of alcoholic and non-alcoholic beverages in December 2020, as compared to December 2019, was facilitated by an increase in imports of whiskey by EUR 20.1 million or 3.1-fold. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by a decrease in imports of diesel oil by EUR 18.1 million or 38.4%.
The rise in imports in commodity group “aircraft, spacecraft and parts thereof” in December 2020, as compared to November 2020, was affected by a purchase of aircraft – up by EUR 161.7 million. (BNN/Business World Magazine)