Latvia’s foreign trade in October up 3.7% / Article

The exports value of goods was 1.3 % higher, but imports value of goods – 5.8 % higher.

 In October Latvia exported goods in the amount of EUR 1.72 billion, but imported – in the amount of EUR 2.01 billion.

Compared to October 2023, the foreign trade balance has worsened as exports in total foreign trade amount decreased from 47.1 % to 46.1 %. Please note that the statistics for foreign trade in goods is shown in actual prices and calculated based on the goods value in euro, not the physical amount or quantity.

During the ten months of this year, Latvian foreign trade turnover at current prices reached EUR 33.8 billion, which is EUR 1.67 billion or 4.7 % less than in the corresponding period of 2023. The total value of exports comprised EUR 15.53 billion (down by EUR 363.3 million or 2.3 %) and of imports EUR 18.27 billion (down by EUR 1 307.3 million or 6.7 %).

In October the main export partners were Lithuania (17.5 % of total exports), Estonia (11.1 %), Germany (6.4 %) and the United Kingdom (5.5 %), whereas the main import partners were Lithuania (20.9 % of total imports), Poland (11.3 %), Germany (10.9 %) and Estonia (9.6 %).

In October 2024, compared to October 2023, exports to Russia decreased by 19.3 % and comprised EUR 92 million. It was mostly affected by the drop in exports of medicines by EUR 9.9 million or 75.3 %. During this period, imports from Russia fell by 35.8 % and comprised EUR 26.3 million. The drop was mainly affected by the fall in imports of vegetable products of EUR 7.4 million or 96.2 %.

Exports to Ukraine fell by 9.7 % and comprised EUR 26.6 million. The drop was mainly affected by the decrease in exports of mineral products by EUR 3.6 million or 80.2 %. Imports from Ukraine fell by 11 % and comprised EUR 27.2 million. The drop was mainly affected by the fall in imports of vegetable products of EUR 9.7 million or 92.3 %.

Exports to Belarus fell by 13.5 % and comprised EUR 10.9 million. The drop was mainly affected by the drop in exports of textiles and textile articles of EUR 1.6 million or 63.2 %. Imports from Belarus fell by 56.6 % and comprised EUR 6.5 million. Downturn in imports from Belarus was mostly affected by the reduction in imports of products of animal or vegetable fats and oils of EUR 3.9 million or 56.5 %.

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