Indonesia's Exports and Imports to Latvia Decreased in 2020

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

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

Indonesian 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 US$31.42 million.

Based on product type, 10 main export products from Indonesia to Latvia recorded a surplus in 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): Fats and oils of vegetable origin or animal origin; edible fats; animal or vegetable fats and oils and their cleavage products


5. (HS 17): Sugar 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 industries; prepared animal fodder


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

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