In September, the foreign trade turnover of Latvia amounted to EUR 3.42 billion, up by 24.3% YoY, of which the exports value of goods was 24.1% higher and imports value of goods – 24.4% higher.
Latvia exported goods in the amount of EUR 1.61 billion, but imported – in the amount of EUR 1.8 billion. Compared to September 2020, foreign trade balance worsened slightly, as exports in total foreign trade amount decreased from 47.3% to 47.2%, according to provisional data of the Central Statistical Bureau of the Republic of Latvia.
During the nine months of this year foreign trade turnover of Latvia at current prices reached EUR 25.95 billion – EUR 5.39 billion or 26.2% more than in the corresponding period of 2020. The exports value constituted EUR 11.74 billion (+22.8%), whereas the imports value comprised EUR 14.21 billion (+29.3%).
Calendar and seasonally adjusted data showed that, compared to September 2020, in September 2021 the exports value at current prices went up by 23.2%, but the imports value – by 24.6%, whereas, compared to the previous month, the exports value went up by 1.8%, but the imports value – went down by 8.8%.
Compared to September 2020, the main changes in exports in September 2021 included the following: exports of wood and articles of wood up by EUR 142.2 million or by 84.3%; exports of base metals and articles of base metals up by EUR 57.5 million or by 54%; exports of mineral products up by EUR 48.9 million or 2.1-fold; exports of products of the chemical and allied industries up by EUR 34.8 million or by 37.8%; exports of vegetable products down by EUR 13.1 million or by 6.3%.
Compared to September 2020, the main changes in imports in September 2021 included the following: imports of mineral products up by EUR 118.3 million or 2.2-fold; imports of products of the chemical and allied industries up by EUR 42.6 million or by 31.5%; imports of base metals and articles of base metals up by EUR 40.4 million or by 41.7%; imports of machinery and mechanical appliances; electrical equipment up by EUR 33.8 million or by 10.7%; imports of wood and articles of wood up by EUR 32.7 million or by 57.5%.
In September, main exports partners were Lithuania (18.1% of total exports), Estonia (9.6%), the United Kingdom (8.3%) and Germany (6.9%), whereas the main import partners were Lithuania (17.4% of total imports), Estonia (10.5%), Poland (9.6%) and Germany (9.3%).
In September 2021, compared to September 2020, the share of the European Union countries in total exports value increased by 2.4%, but in imports value – reduced by 1%. Share of CIS countries in exports fell by 3.4%, but in imports – rose by 2.4%.
In September, foreign trade balance of Latvia was positive with 120 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 45 countries.
The rise in exports of mineral fuels, mineral oils and products of their distillation in September 2021, as compared to September 2020, was mostly facilitated by an increase in exports of electricity by EUR 30.3 million. The rise in imports of mineral fuels, mineral oils and products of their distillation in September 2021, as compared to September 2020, was mostly facilitated by an increase in imports of electricity by EUR 54.2 million. (BNN/Business World Magazine)
