In 2021, the value of Latvia’s exports of goods amounted to 16.49 billion euros, which is 3.19 billion euros or 24% more than in 2020, but imports – 19.43 billion euros, or 4.27 billion euros or 28.2 % more, according to preliminary data of the Central Statistical Bureau (CSB). These are the highest export and import values to date. Latvia’s foreign trade turnover at current prices reached 35.92 billion euros – 7.46 billion euros or 26.2% more than a year earlier.
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The most important goods in Latvia’s exports last year were wood, wood products and charcoal; electrical appliances and equipment; mineral products. Wood, wood products and charcoal were exported the most to the United Kingdom (31%), Germany (7.3%) and Sweden (7.2%), electrical appliances and equipment – to Lithuania (26.5%), Estonia (12, 2%) and the Russian Federation (8.1%), mineral products – to Lithuania (43.7%), Estonia (12.7%) and Finland (7.8%).
In 2021, goods were exported from Latvia to 195 countries around the world. The five largest export partners were Lithuania, Estonia, the United Kingdom, Germany and the Russian Federation. Their share accounted for 50.8% of the total export value. The largest exports to Lithuania were machinery, mechanical appliances and electrical equipment, to Estonia, the Russian Federation and Germany – agricultural and food products, while to the United Kingdom – wood and wood products.
According to the CSB data, last year the export of goods from Latvia to the European Union countries reached 11.1 billion euros or 67% of the total export value of goods. Of these, exports of goods manufactured in Latvia to EU countries accounted for almost half or 44.6%. Most goods produced in Latvia were exported to Lithuania (706.5 million euros), Sweden (687.1 million euros) and Germany (686.8 million euros). The most important goods of Latvian origin in exports to the EU countries were wood and wood products, charcoal; iron and steel products; processed milk products, birds’ eggs, natural honey, other foodstuffs of animal origin.
The most important goods in Latvia’s imports last year were electrical appliances and equipment; mineral products; mechanisms and mechanical devices. Electrical appliances and equipment were mostly imported from China (16.8%), Lithuania (12.7%) and Poland (11.3%), mineral products – from the Russian Federation (33.4%), Lithuania (32.1%). , Estonia (17.2%), machinery and mechanical appliances – from Germany (17.6%), Lithuania (12.6%), Poland (9%).
In 2021, goods were imported to Latvia from 167 countries around the world. The five largest import partners were Lithuania, Germany, Poland, the Russian Federation and Estonia. They accounted for 55.2% of the total value of imports. Agricultural and food products were imported the most from Lithuania, machinery, mechanical appliances and electrical equipment from Germany and Poland, and mineral products from the Russian Federation and Estonia.
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