19.02.2021 - Economy

Latvia racked up record exports in 2020

In 2020, the export value of Latvian goods was EUR 13.19 billion, which is EUR 224 million or 1.7% more than the export value in 2019. It is the highest export value the country has recorded so far.

Provisional data from the Central Statistical Bureau (CSB) show that the import value of goods reached EUR 15.08 billion, which is EUR 836.6 million or 5.3% less than in 2019. Foreign trade turnover of Latvia at current prices reached EUR 28.27 billion – EUR 612.5 million or 2.1% less than in 2019.

Last year the main commodities in Latvia's exports were wood, articles of wood and wood charcoal; electrical machinery and equipment; machinery and mechanical appliances. Wood, articles of wood and wood charcoal was mostly exported to the United Kingdom (21.7 %), Estonia (13.6 %) and Sweden (9.3 %), electrical machinery and equipment – to Lithuania (23.3 %), Estonia (10.2 %) and Russia (9.5 %), machinery and mechanical appliances – to Lithuania (19 %), Russia (18.7 %) and Estonia (13.6 %).

In 2020, goods were exported from Latvia to 197 countries worldwide. The five largest exports partners were Lithuania, Estonia, Russia, Germany and Sweden. Their share comprised 49.7 % of total exports value. Machinery, mechanical appliances and electrical equipment were mostly exported to Lithuania, agricultural and food products – to Estonia, Russia and Germany, but wood and articles of wood – to Sweden.

Last year main commodities in imports of Latvia were electrical machinery and equipment; machinery and mechanical appliances; vehicles other than railway or tramway rolling stock, and parts and accessories thereof. Electrical machinery and equipment were mostly imported from Lithuania (14.3 %), China (13.6 %) and Poland (9.6 %), machinery and mechanical appliances – from Germany (17.6 %), Lithuania (12.2 %) and Poland (9.8 %), vehicles other than railway or tramway rolling stock, and parts and accessories thereof – from Germany (31.2%), Estonia (19.8 %) and Poland (9.6 %).

In 2020, goods were imported to Latvia from 163 countries worldwide. Five largest imports partners were Lithuania, Germany, Poland, Estonia and Russia. Their share comprised 53 % of total imports value. Agricultural and food products were mostly imported from Lithuania and Estonia, machinery, mechanical appliances and electrical equipment – from Germany and Poland, but base metals and articles of base metals – from Russia.

The epidemiological crisis caused by the coronavirus Covid-19 enhanced trade in certain specific goods. In 2020, compared to 2019, imports of protective oral-nasal masks rose by EUR 37.7 million or seven times, and they mainly were imported from China – in the amount of EUR 30.8 million or 70 %. Similarly, imports of diagnostic or laboratory reagents, including Covid-19 test kits went up by EUR 21.7 million or 71.5 %. Mostly these goods were imported from Ukraine – 31.6 %, Germany – 15.4 % and China – 12.4 %.

Source. eng.lsm.lv

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