Value of imports from Russia and Belarus grew 26.5% m-o-m in March

• Published date: 13 May 2022
• Publication title: LETA

RIGA, May 13 (LETA) - In March this year, following Russia's invasion of Ukraine, Latvia imported EUR 211.432 million worth of goods from Russia and Belarus, which is an increase of 26.5 percent against February, the data of the Central Statistical Bureau (CSB) reveals.

Imports from Russia grew by 20.9 percent, or EUR 29.049 million, to EUR 167.76 million, while imports from Belarus increased by 53.7 percent, or EUR 15.25 million, to EUR 43.672 million.

ccording to CSB representatives, the value of imports from Russia grew in March 2022 primarily on account of a EUR 23.7 million increase in imports of plant-based products, while imports of timber and coal from Belarus increased by EUR 10.8 million.

Compared to March 2021, the value of imports from Russia and Belarus grew by 76.6 percent in March this year, with imports from Russia jumping 99.7 percent and imports from Belarus rising 22.3 percent.

In March 2022, the value of imports from Russia and Belarus made up 9.6 percent of the total value of Latvian imports.

Luminor Bank's economist Peteris Strautins told LETA that the doubling of Russian imports from March 2021 could be explained by an unusually small import volume a year ago, not an increase this year.

t the same time, the value of goods imported from Ukraine in March 2022 fell 31.8 percent, or EUR 5.658 million, from February to EUR 12.128 million. The reduction was primarily on account of a EUR 2.3 million...