In March 2024, Latvia’s foreign trade turnover amounted to 3.31 billion euros, which in actual prices was 17.9% less than a year ago, including the value of exports of goods decreased by 18.8%, and the value of imports by 17%, according to Central preliminary data of the Statistical Office (CSB). In March, Latvia exported goods in the amount of 1.52 billion euros, but imported goods in the amount of 1.78 billion euros.
Compared to March 2023, the foreign trade balance worsened, with exports decreasing from 46.6% to 46% of the total foreign trade volume.
In the first quarter of this year, Latvia’s foreign trade turnover in actual prices reached 9.82 billion euros – by 1.16 billion euros or 10.5% less than in the corresponding period of 2023. The value of exports was 4.68 billion euros (a decrease of 457.3 million euros or 8.9%), and the value of imports was 5.14 billion euros (a decrease of 697.9 million euros or 12%).
According to calendars and seasonally adjusted data, in March 2024, compared to March 2023, the value of exports in actual prices was 12% lower, and imports – by 10.2%. Compared to the previous month, the value of exports decreased by 0.6%, while the value of imports decreased by 5.8%.
CSB information shows that in March the most important export partners were Lithuania (18.2% of the total export volume), Estonia (12.8%), Germany (6.9%) and Sweden (6.3%). The most important import partners are Lithuania (19.6% of the total import volume), Poland (11.6%), Germany (11.2%) and Estonia (7%).
In March of this year, Latvia’s foreign trade balance was positive with 116 partner countries, the export value of goods exceeding the import value. It was negative in trade with 52 countries.
In March 2024, compared to March of last year, exports to the Russian Federation decreased by 23.1% and amounted to 84.3 million. euro. The decrease was most affected by the drop in the export of mechanisms and mechanical devices by 16.2 million. euro or 82.3%. During this period, imports from the Russian Federation decreased by 30.3% and amounted to 40.9 million. euro. According to the CSB, the decrease was mainly influenced by the drop in the import of mineral products by 14.5 million. euro or 63.7%.
