According to data from the Central Statistical Bureau, in September 2023, the value of goods exports at current prices fell by 29.2% year-on-year. The value of goods imports was 18.3% lower than a year ago. Exports fell for the sixth consecutive month, and imports for the seventh. The trade deficit in September stood at 14.6%. The year-on-year decrease in the value of exports is partly due to a reduction in export prices. Recent trends show that the decline in exports is no longer deepening, and both export and import volumes have been slowly increasing since July.

In September, the value of mineral product exports continued to decline year-on-year. Exports of cereal crops and wood and wood products also fell significantly. There was a more moderate decrease in the exports of machinery and equipment, miscellaneous chemical products, iron and steel products, and electrical appliances and equipment. Conversely, the export value of iron and steel, oilseeds, and grain, flour and dairy products increased.

In September, exports to EU countries fell by 27.3% year-on-year. The value of exports declined most sharply to Lithuania (mineral products), the Netherlands (miscellaneous chemical products, oilseeds), Finland, Estonia (to both – mineral products), and Sweden (wood). In contrast, exports to Austria (electrical appliances and equipment) increased.

In September, exports to CIS countries also decreased by 20.5%. Exports to Russia (beverages, electrical appliances and equipment, machinery and equipment) fell. Exports to Russia primarily consist of beverages, pharmaceutical products, clothing and accessories, perfumery and cosmetics, and other goods not included in the sanctions lists. Meanwhile, exports to Kyrgyzstan (machinery and equipment, mineral products) increased slightly.

Export volumes to other countries decreased significantly in September – by 36.5%. Within this group of countries, the value of exports fell most rapidly to Saudi Arabia, South Africa, and Israel (to all three – cereals). Conversely, export value increased to Kenya, Mozambique (to both – cereals), and the United Arab Emirates (machinery and equipment, optical devices and apparatus).

In September, the value of mineral product imports continued to fall significantly year-on-year. There was a more moderate decline in the imports of machinery and equipment, electrical appliances and equipment, plastic products, and land vehicles. Meanwhile, the import value of aircraft and their parts, as well as animal feed, increased.

Overall, in the first three quarters of this year, goods exports at current prices were 10.6% lower than in January–September 2022, while the value of goods imports fell by 10.5% during the same period.

Export growth in the coming months will continue to be affected by weak external demand and geopolitical uncertainty. In this situation, it is essential for businesses to continue seeking new supply opportunities and sales markets.
https://www.em.gov.lv/lv/jaunums/eksporta-izaugsmi-tuvakajos-menesos-turpinas-ietekmet-vajs-arejais-pieprasijums-un-geopolitiska-nenoteiktiba