Provisional data of the Central Statistical Bureau show that in January 2021 the foreign trade turnover of Latvia amounted to EUR 2.21 billion, which at current prices was 2.5 % less than a year ago, of which the exports value of goods dropped by 0.9 %, but imports value of goods – by 4 %.
In January Latvia exported goods in the amount of EUR 1.07 billion, but imported – in the amount of EUR 1.14 billion. Compared to January 2020, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 47.6 % to 48.4 %.
Calendar and seasonally adjusted data show that, compared to January 2020, in January 2021 the exports value at current prices went up by 5.2 %, but the imports value – by 0.9 %, whereas, compared to the previous month, the exports value went up by 0.4 %, but the imports value – by 0.6 %.
Main changes in exports in January 2021, compared to January 2020 were as follows: exports of products of the chemical and allied industries up by EUR 10.8 million or 14.2 %; exports of wood and articles of wood up by EUR 8.5 million or 4.5 %; exports of mineral products up by EUR 5.2 million or 10.3 %; exports of vehicles and associated transport equipment down by EUR 17.2 million or 28.7 %; exports of vegetable products down by EUR 11.1 million or 12 %.
Main changes in imports in January 2021, compared to January 2020: imports of machinery and mechanical appliances; electrical equipment up by EUR 20.8 million or 7.6 %; imports of wood and articles of wood up by EUR 13.1 million or 31.3 %; imports of prepared foodstuffs down by EUR 20.4 million or 19.4 %; imports of mineral products down by EUR 16.5 million or 22.7 %; imports of textiles and textile articles down by EUR 14.5 million or 28.5 %.
In January, the main export partners of Latvia in trade with EU countries were Lithuania (16.8 % of total exports), Estonia (12.4 %), Germany (7.2 %) and Denmark (5.9 %), whereas the main import partners were Lithuania (17.1 % of total imports), Germany (9.9 %), Poland (9.6 %) and Estonia (9.1 %). Russia was the main export partner in trade with third countries; its share in total Latvian exports in January accounted for 8 %, whereas in imports – for 7.5 %.
In January 2021, compared to January 2020, share of the European Union countries in total exports value remained the same (68.9 % of total exports value), but in imports value – fell by 2.3 percentage points. Share of CIS countries in exports rose by 0.7 percentage points, but in imports – by 1.5 percentage points.
In January 2021 foreign trade balance of Latvia was positive with 112 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 46 countries.
In January this year, compared to January 2020, imports of goods from the United Kingdom reduced by EUR 24.3 million or 83.5 %, which might have been affected by the fact that as of January 2021 foreign trade in goods with the United Kingdom is subject to customs supervision and control, but, compared to the previous month – by EUR 43.2 million or 90 %. Drop was observed in all foreign trade commodity groups.
The rise in exports of pharmaceutical products in January 2021, as compared to January 2020, was mostly facilitated by an increase in exports of medicines by EUR 2.7 million or 9.9 %. In turn, in January 2021, compared to January 2020, reduction in exports of vehicles and associated transport equipment was mostly affected by drop in exports of passenger cars by EUR 6.8 million or 34.9 %.