Latvia's trade deficit narrowed to EUR 119.3 million in May 2020 from EUR 371.8 million in the corresponding month of the previous year, amid the coronavirus pandemic. Imports plunged 29.6 percent over a year earlier to EUR 1025.4 million, mostly due to lower purchases of vehicles and transport equipment (-79.3 percent), mineral products (-41.5 percent), chemical products (-21.1 percent) and machinery and mechanical appliances (-10.1 percent). Exports declined 16.8 percent to EUR 906.1 million, mainly due to a drop in sales of vehicles and transport equipment (-51.2 percent), prepared foodstuffs (-23 percent), base metals (-21 percent) and mineral products (-29.7 percent).
Balance of Trade in Latvia averaged -170.06 EUR Million from 1993 until 2020, reaching an all time high of 40.10 EUR Million in February of 1993 and a record low of -557.20 EUR Million in July of 2007. This page provides - Latvia Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Latvia Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.
Balance of Trade in Latvia is expected to be -300.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Latvia to stand at -270.00 in 12 months time. In the long-term, the Latvia Balance of Trade is projected to trend around -230.00 EUR Million in 2021, according to our econometric models.