According to Central Statistical Bureau data, in March 2024 the value of goods exports at current prices fell by 18.8% year on year, while the value of imports fell by 17%. The year-on-year decline in export and import values remains partly attributable to lower prices.

In March this year, for the twelfth month in a row, the value of mineral product exports continued to fall considerably year on year, which had a substantial effect on the overall drop in export value. The value of exports of wood and wood products, electrical machinery and equipment, and cereals also declined markedly. Exports of machinery and mechanical appliances and of land vehicles fell more moderately. Exports of vegetables, animal and vegetable fats and oils, and organic chemical compounds, on the other hand, increased.

In March, exports to EU countries fell by 16.1% year on year. Export value declined most sharply to Lithuania and Finland (mineral products to both), Sweden (furniture, miscellaneous chemical products), Spain (cereals) and the Netherlands (miscellaneous chemical products, wood). Exports rose, however, to Hungary (mineral products) and Belgium (organic chemical compounds).

Exports to CIS countries also fell sharply in March – by 25.4%. Exports to Russia (machinery, electrical machinery and equipment) dropped steeply, and those to Kazakhstan (beverages, electrical machinery and equipment) more moderately. Beverage exports still account for a large share of all exports to Russia. Footwear, clothing and accessories and pharmaceutical products are also exported, along with other goods not included on sanctions lists.

Exports to other countries also fell substantially in March – by 25%. Within this group of countries, export value declined to Turkey (iron and steel), Ukraine (mineral products, goods under unspecified codes) and the United Kingdom (wood), as well as Nigeria and Morocco (cereals to both). Export value rose, meanwhile, to Namibia and Algeria (cereals to both) and Egypt (wood).

In March, as with exports, the year-on-year fall in import value was largely driven by the decline in the value of mineral product imports, which has been falling since February 2023. Imports of land vehicles, machinery and mechanical appliances, and electrical machinery and equipment also fell substantially. Imports of railway vehicles and parts thereof, on the other hand, increased.

Overall, in the first quarter of this year goods exports at current prices were 8.9% lower than a year earlier, while goods imports fell by 12 per cent over the same period.

Export growth is expected to remain weak in the coming months, with positive export growth returning in the middle of the year. Growth will continue to be constrained by external demand and geopolitical uncertainty. In this situation, it is important for businesses to keep seeking new supply options and markets for their goods.
https://www.em.gov.lv/lv/jaunums/eksporta-un-importa-vertibas-samazinajums-daleji-saistams-ar-cenu-samazinajumu-strauji-samazinajas-eksports-uz-krieviju