Photo: Martin Divisek/EPA/SCANPIX/LETA
19:38, 9. February 2022
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Last year, Latvia exported goods worth 16,491 billion euros, an increase of 24% or 3,187 billion euros over 2020.year, but imported-by 19.429 billion euros, which is an increase of 28.2% or 4.269 billion euros, according to the data of the Central Statistical Bureau.
Thus, last year new annual export and import records were reached.
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2021.in the year Latvia’s foreign trade turnover at current prices reached 35,92 billion euros, which is by 26,2% or 7,46 billion euros more than in 2020.annum.
Including in December, Latvia exported goods in the amount of 1,579 billion euros, which is by 3,5% or 56,569 million euros less than in November, but by 35,2% or 410,839 million euros more than in 2020.on December. In turn, Latvia has imported goods in the amount of 1,676 billion euros, which is by 1% or 17,069 million euros more than a month ago and by 18,3% or 259,735 million euros more than in 2020.on December.
Thus, 2021.in December, Latvia’s foreign trade turnover amounted to EUR 3.26 billion, which at current prices is 25.9% more than a year ago.
Compared to 2020.in December, the foreign trade balance improved, with exports increasing from 45.2% to 48.5% in total foreign trade.
Exported By Latvia 2021.in December, the most trees, wood products and charcoal – worth 226,708 million euros (14,4% of total exports), which is 22,4% less than in November, but 18,7% more than in 2020.on December. Mineral fuels, oil and its processed products were exported by 174,569 million euros (11,1%), which is by 93,8% more than a month ago and 4,1 times more than a year earlier, while electrical appliances and electrical equipment were exported in the amount of 146,354 million euros (9,3%), which is by 6,8% less than a month ago and by 4,4% less than a year earlier.
The statistical bureau indicates that the exports of mineral fuel, oil and its processed products division will increase in 2021.as of December compared to 2020.December of the year was most affected by the increase in exports of natural gas in the gaseous state by 70.4 million euros.
In December, mineral fuels, oil and its processed products, which were imported in value of 191.294 million euros (11.4% of total imports), which is by 41.4% more than in November and 2.7 times more than a year earlier, followed by electrical appliances and electrical equipment, which was imported in value of 190.076 million euros (11.3%), which is by 1.4% less than a month earlier, but by 11.4% more than a year ago, as well as mechanisms and mechanical appliances, imported 173,84 million euros (10,4%), an increase of 1,2% over the month before and an increase of 26,7% over 2020.on December.
The Statistical Bureau notes that the import of mineral fuel, oil and its processed products division will increase in 2021.as of December compared to 2020.December was affected by an increase in electricity imports of 48.2 million euros or 4.5 times.
In December, the most important export partners were Lithuania (22% of total exports), Estonia (11%), Russia (6.6%) and Germany (5.9%). The most important import partners were Lithuania (19.3% of total imports), Germany (10.7%), Poland (9.6%) and Estonia (9.3%).
2021.as of December, the share of European Union countries compared to 2020.in December, the total value of exports increased by 9.1 percentage points to 70.3%, while the total value of imports grew by 9.9 percentage points to 77%. At the same time, the share of CIS countries in exports decreased by 2.7 percentage points and accounted for 11%, while imports grew by 3.2 percentage points and amounted to 11.8%.
Last December, Latvia’s foreign trade balance was positive with 111 partner countries, with the export value of goods exceeding the import value. Negative it was in trade with 52 countries.
Minister of economy Janis Wittenbergs (NA), commenting on last year’s export figures, points out that Latvian entrepreneurs, even in the most difficult conditions of restrictions, have found innovative solutions for growing exports.
“By easing restrictions and supporting our entrepreneurs, export growth is expected to continue,” explains the minister.
The Ministry of economy adds that the demand in the sales markets is stable,and this gives hope that exports will continue to grow this year. However, the still high uncertainty about the global spread of Covid-19, as well as high energy prices, may have a negative impact on the growth rate of both exporting companies and overall economic development.
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