Latvia set new foreign trade records in March - Luminor Bank

• Published date: 11 May 2022

RIGA, May 11 (LETA) - Latvia achieved its highest ever export and import volumes in March, Luminor Bank's economist Peteris Strauins told LETA.

The economist said that this was a highly unusual event because normally foreign trade records are beaten in autumn months. In March 2022, Latvia's export value reached EUR 1.754 billion. According to seasonally adjusted data, the previous record, which was set a month before, was surpassed by 3.8 percent in March. Meanwhile, the previous import record was exceeded by 9 percent.

Over the year, Latvian exports and imports grew by 31 percent nd 43 percent, respectively.

"One might think that foreign trade was so active in March because everyone hurried to ship goods to and from Russia and Belarus before the curtain falls, so to say. Turns out this was not the case," said Strautins.

In March 2022, exports to Russia and Belarus even dropped by 9 percent and 12 percent, respectively, from the average figures of the past 12 months. Imports rose by 3 percent and 14 percent, respectively, making up just a fraction of the total increase. Compared to March 2021, imports from Russia doubled, which Strautins attributed to very small import volumes...