Strong growth for Latvian foreign trade in February

Provisional data released by the Central Statistical Bureau (CSB) show that, in February 2021, the Latvian foreign trade turnover amounted to EUR 2.33 billion. At current prices, it was 4.6 % larger than a year ago.

The export value of goods was 7.5 % higher, while the import value of goods was 2 % higher. 

In February, Latvia exported goods for EUR 1.14 billion but imported to the tune of EUR 1.19 billion. Compared to February 2020, the foreign trade balance has improved slightly as exports in total foreign trade increased from 47.6 % to 48.9 %.

During the first two months of 2021, foreign trade turnover at current prices reached EUR 4.54 billion. It was EUR 45 million or 1 % more than in the corresponding period of 2020, which it is worth remembering was before the coronavirus pandemic took hold.
Exports value constituted EUR 2.21 billion (a growth of EUR 69.3 million or 3.2 %), whereas imports comprised EUR 2.33 billion (a drop of EUR 24.3 million or 1 %).

In February, the main export partners of Latvia in trade with EU countries were Lithuania (16.7 % of total exports), Estonia (10.8 %), Germany (7.1 %) and Sweden (5.7 %), whereas the main import partners were Lithuania (17.7 % of total imports), Germany (11.9 %), Poland (9.8 %) and Estonia (8.8 %). The Russian Federation was the main export partner in trade with third countries; its share in total Latvian exports in February accounted for 8.1 %, whereas in imports – for 5.4 %.

As regards to former EU member state United Kingdom, February repeated January's figures showing a marked post-Brexit trade slump. In February 2021, comparing to February 2020, imports of goods from the United Kingdom fell by EUR 13.4 million or 56 %.

Source: eng.lsm.lv