Latvia’s processing industry assessment of export orders in may remained more or less pessimistic than in April. This is closely related to the situation in our export markets. The good news is that the situation of our main sales outlets in the region, the European Union, is gradually starting to improve, but slowly in the latter. 2020. in April of the Covid, a 19-raised by the epidemic due to the crisis, Latvia’s foreign trade turnover accounted for 1,92 billion, in current prices) was by 21.4 % less than in the previous year, including export of goods, the value has decreased by 13,9%, while the import value of 27,4%, according to The central statistical bureau of (CSP) operational data.
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In April Latvia exported goods in the 927,7 million euros, but imported into the 992,4 of millions of euros. As compared to 2019. in April, the trade balance marginally improved, and for the export in the total foreign trade volume increased from 44,1% to 48,3%, indicating a CSP.
“Swedbank“an economist Agnese Buceniece said that the foreign trade figures show that the economic decline in the second quarter, at the beginning of the deterioration of the. In April, most likely, we were close to the virus of the crisis to the lowest point. At the moment, at the beginning of June, it seems that the biggest blow may have already peaked. Of course, along these lines, if only nepieredzēsim a significant virus in the second wave. However, the recovery will not be rapid, external trade and other indicators for the weakness to remain for a longer period of time.
“We enjoy a relatively successful resistance to the crisis so far, but the road to full recovery will be a long one. For the upcoming production of a weakness in the future to signal the presence of base metal imports in the decline of 28.4% in, this is important for the capital goods group, is a multi-manufacturing processes, the starting point,” the bank “Luminor“the economist Pēteris Strautiņš.