Latvian Foreign Trade Balance by Major Trading Partners 2003rd and 2006
Latvian foreign trade balance still remains negative (-3695.5 million Ls in year 2007). When Latvia joined the European Union, in 2004th year 1st of May, increased foreign trade balance, which contributed the growth of the Latvian foreign trade deficit.
Latvian accession to the European Union provided a stronger external cooperation with EU countries, thus significantly decreased the turnover of foreign trade with other countries, which can be regarded as the largest foreign trade deficit. After that also grew the importance of geographically close countries - Estonia and Lithuania - in a Latvian foreign trade, it established the export structure changes, increase of the transport costs, etc.
As shows the latest data, the Latvian foreign trade balance slowly becomes stable, which means that the export of Latvia is growing and it more faster gets closer to a amount of import. And I think that that`s for Latvia is a really positive indicator and gives a hope that the situation in our country comes more stable and balanced.
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