Indonesia's Trade Balance with Latvia Shows a US$50.72 Million Surplus

Indonesia's trade balance with Latvia showed a surplus of US$50.72 million in 2020. However, this surplus decreased drastically by -12.27% compared to the previous year's balance of US$57.8 million.

This decline in the trade balance, according to Trademap data, was supported by Indonesia's export value, which reached US$72.88 million. This value is higher than Indonesia's imports from Latvia, which were recorded at US$22.16 million.

Indonesia's exports to Latvia have been declining over the past year. The previous year's export value was US$89.23 million.

Imports, according to Trademap data, decreased by 29.47% compared to the previous year's figure of US$31.42 million.

Based on product type, 10 main export products from Indonesia to Latvia recorded a surplus during 2020. The total value of these main exports reached US$22.88 million.

List of 10 Main Indonesian Export Products to Latvia

1. (HS 03): Fish and crustaceans, molluscs and other aquatic invertebrates


2. (HS 08): Edible fruits and nuts; peel of citrus fruit or melons


3. (HS 09): Coffee, tea, maté and spices


4. (HS 15): Vegetable fats and oils and their cleavage products; edible fats; animal...


5. (HS 17): Sugars and sugar confectionery


6. (HS 18): Cocoa and cocoa preparations


7. (HS 20): Preparations of vegetables, fruit, nuts or other parts of plants


8. (HS 21): Miscellaneous edible preparations


9. (HS 23): Residues and waste from the food industry; prepared animal feeding stuffs


10. (HS 28): Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals,...

Globally, the trade balance for all goods improved this time due to an increase in several types of goods. Indonesia's total trade balance was recorded at US$21.68 billion, an increase of 703.56%. In other words, Indonesia recorded a trade surplus. The previous year's trade balance with all countries worldwide was recorded at US$-3.59 billion.