Latvia: Figures suggest big boost in foreign trade during April

Provisional data published June 9 by the Central Statistical Bureau show that in April 2021 the foreign trade turnover of Latvia amounted to EUR 2.72 billion, which at current prices was 39.6 % larger than a year ago, of which the exports value of goods was 33 % higher, but imports value of goods – 45.7 % higher. In April Latvia exported goods in the amount of EUR 1.25 billion, but imported – in the amount of EUR 1.47 billion. Compared to April 2020, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.3 % to 46 %.

During four months of this year foreign trade turnover of Latvia at current prices reached EUR 10.11 billion – EUR 1.18 billion or 13.2 % more than in the corresponding period of 2020. The exports value constituted EUR 4.8 billion (a growth of EUR 589.5 million or 14 %), whereas the imports value comprised EUR 5.32 billion (a rise of EUR 590.4 million or 12.5 %).

Calendar and seasonally adjusted data show that, compared to April 2020, in April 2021 the exports value at current prices went up by 32.1 %, but the imports value – by 46.1 %, whereas, compared to the previous month, the exports value went down by 2.6 % ,but the imports value – went up by 6.5 %.

In April 2021, compared to the corresponding period of the previous year, an increase was observed in all main commodity groups. It is explained by the fact that in April 2020, compared to April 2019, due to epidemiological crisis caused by Covid-19, there was a significant drop in exports (of 12.8 %) and imports (26.4 %) of goods.

Close neighbors continue to dominate trading relationships, with Lithuania, Estonia, Russia and Germany accounting for nearly half of all exports.

It is a similar picture with regard to imports, with the same four countries, plus Poland in the top spots. In April 2021, compared to April 2020, share of the European Union countries in total exports value increased by 2.3 percentage points, but in imports value – reduced by 1.4 percentage points.

LSM.LV

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