Foreign trade in Latvia increased by 3.7% during October

In October 2024, Latvia's exports decreased by 9.7% compared to the same month in 2023, amounting to EUR 26.6 million. The main export partners for the month were Lithuania, Estonia, Germany, and the United Kingdom. Notably, exports to Russia and Ukraine saw a significant drop. The decline in exports to Russia was mainly due to a drop in exports of medicines by EUR 9.9 million or 75.3%, while the decrease in exports to Ukraine was mainly due to a decrease in exports of mineral products by EUR 3.6 million or 80.2%.

On the other hand, imports in October 2024 fell by 35.8% compared to October 2023, amounting to EUR 26.3 million. The primary sources of imports were Russia, Ukraine, Belarus, and Lithuania. The drop in imports from Russia was mainly due to the fall in imports of vegetable products by EUR 7.4 million or 96.2%, while the decline in imports from Ukraine was mainly due to the fall in imports of vegetable products by EUR 9.7 million or 92.3%.

For the first ten months of 2024, Latvia exported goods worth EUR 15.53 billion, a 2.3% decrease compared to the same period in 2023. The total value of imports for the same period was EUR 18.27 billion, a 6.7% decrease compared to the corresponding period of 2023. This resulted in a total foreign trade balance in goods for the first ten months of 2024 of EUR 33.8 billion, a 4.7% decrease compared to the same period in 2023.

It is important to note that the statistics for foreign trade in goods are shown in actual prices and calculated based on the goods value in euro, not the physical amount or quantity.

In October 2024, Latvia exported goods worth EUR 1.72 billion, while imports amounted to EUR 2.01 billion. The foreign trade balance in October 2024 worsened compared to the same month in 2023.

The downturn in imports from Belarus in October 2024 was mostly affected by the reduction in imports of products of animal or vegetable fats and oils by EUR 3.9 million or 56.5%. The drop in exports to Belarus in October 2024 was mainly due to a drop in exports of textiles and textile articles by EUR 1.6 million or 63.2%.

Despite the decreases in exports and imports, Latvia continues to maintain strong trade relationships with its main partners. However, the ongoing changes in the global market and geopolitical developments may continue to impact Latvia's foreign trade in the future.