Reduced foreign trade in Latvia by 18% during March
In the opening months of 2024, Latvia's foreign trade landscape showed some notable shifts. The total foreign trade turnover for the first quarter stood at EUR 9.82 billion, a decrease of EUR 1.16 billion or 10.5% compared to the same period in 2023.
The value of exports in Q1 2024 was EUR 4.68 billion, marking an 8.9% decrease compared to the corresponding period of the previous year. Specifically, in March 2024, Latvia exported goods worth EUR 1.52 billion, a slight decrease of 0.6% compared to the previous month, February 2024. However, when adjusted for calendar and seasons, the exports value in March 2024 decreased by 12% compared to March 2023.
On the other hand, the total value of imports in Q1 2024 was EUR 5.14 billion, a decrease of EUR 697.9 million or 12% compared to the same period in 2023. In March 2024, Latvia imported goods worth EUR 1.78 billion, a more substantial decrease of 5.8% compared to the previous month, February 2024. When adjusted for calendar and seasons, the imports value in March 2024 decreased by 10.2% compared to March 2023.
The foreign trade balance in March 2024 continued to worsen compared to the same month in 2023. Latvia had a positive foreign trade balance with 116 partner countries, as the exports value of goods exceeded the imports value of goods. Conversely, Latvia had a deficit trade balance with 52 countries.
It's worth noting that the statistics for foreign trade in goods are shown in actual prices and calculated based on the value of the goods in euro, not the physical amount or quantity.
Latvia's main export partners in March 2024 were Lithuania (18.2% of total exports), Estonia (12.8%), Germany (6.9%), and Sweden (6.3%). Meanwhile, Latvia's main import partners were Lithuania (19.6% of total imports), Poland (11.6%), Germany (11.2%), and Estonia (7%).
Looking at Latvia's neighbouring country, Lithuania, its five main import partners in March 2024 were Poland, Latvia, Germany, Russia, and China, while its five main export partners were Latvia, Poland, Germany, Sweden, and the Netherlands.
These figures underscore the dynamic nature of Latvia's foreign trade landscape in the opening months of 2024, with both exports and imports showing a decrease compared to the corresponding period in 2023. The foreign trade balance, while positive with a majority of countries, continues to be a point of focus as Latvia navigates the evolving global trade landscape.
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