Latvia Economic and Defence Update

TERMS OF TRADE STILL FAVOURABLE DESPITE SURGING ENERGY PRICES Energy price shock is cushioned by strong global price growth in several large export categories Terms of Trade (2015-100) TOP 3 product group in the structure of export and import of goods in 2022 (% of total) 150 100% Export price 13.9% yo-y 90% 140 -Import price 80% -Terms of trade 130 70% 14.6% y-q 120 60% 50% 110 40% 100 30% 17 20% 90 10% 21 17 60 80 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 0% Export Import Wood Other Food and agriculture ■Mineral fuels 22 Source: Central Statistical Bureau of Latvia Source: Central Statistical Bureau of Latvia

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