Latvian exports and imports hit record levels in 2021
Provisional data published by the Central Statistical Bureau February 16 show that in 2021, despite the brake on trade presented by the Covid-19 pandemic, both exports and imports were at record levels.
Latvia exported EUR 16.49 billion worth of goods, EUR 3.19 billion or 24 % more than in 2020, and imported EUR 19.43 billion, EUR 4.27 billion or 28.2 % more. These are the highest export and import values yet recorded, topping even the pre-pandemic figures.
Foreign trade turnover of Latvia at current prices reached EUR 35.92 billion in 2021 – EUR 7.46 billion or 26.2 % more than in 2020.
Last year, main commodities in exports of Latvia were wood, wood products and charcoal; electrical machinery and equipment; mineral products. Wood, wood products and charcoal were mostly exported to the United Kingdom (31 %), Germany (7.3 %) and Sweden (7.2 %), electrical machinery 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 worldwide. The five largest export partners were Lithuania, Estonia, the United Kingdom, Germany and the Russian Federation. Their share comprised 50.8 % of the total exports value. The main exports to Lithuania were machinery, mechanical appliances and electrical equipment, to Estonia, the Russian Federation and Germany – agricultural and food products , and to the United Kingdom – wood and wood products.
Latvia imported goods from 167 countries worldwide. The five largest import partners were Lithuania, Germany, Poland, the Russian Federation and Estonia. Their share comprised 55.2 % of the total imports value. The main imports from Lithuania were agricultural and food products, from Germany and Poland – machinery, mechanical appliances and electrical equipment, and from the Russian Federation and Estonia – mineral products.
More information on Latvia’s foreign trade in 2021 and the 4th quarter is available in this publication (only in Latvian).