Latvia’s import of aluminium tubes and pipes during 2018-20 denotes speedy growth with a sharp drop

The Ministry of Finance, Latvia has revealed in their latest financial positions the measures the country will initiate to recover from the damage wreaked by Covid-19 during coming years. The forecast is based on the Covid-19 vaccination plan, which foresees that 70% of the Latvian population will have been vaccinated by the end of this summer; therefore a rebound of the disease in autumn 2021 is not expected, or if vaccination targets fail to be met, there would be an obvious downside risk to forecasts. The Ministry has developed macroeconomic indicator forecasts for the period up to 2024. According to the updated forecasts, Latvia's gross domestic product (GDP) growth will reach 3.0% in 2021, accelerating to 4.5% growth in 2022.

The nation located in the Baltic Baltic region of Northern Europe imported 949 tonnes of aluminium tubes and pipes during 2018-19 and the expenditure counted for the import was $2.99 million. However, when the import volume and expenditure of 2020 get added with the preceding two years, it denotes 1442 tonnes and $4.40 million respectively.

Latvia’s import of aluminium tubes and pipes in 2018 was recorded at 301 tonnes and the expenditure occurred for the import was $0.91 million, whereas, in 2019, the import displayed a speedy growth by 115.28%, as the import volume rose to 301 tonnes and the expenditure also grew to $2.08 million.

In 2020, the import unfolded a sharp drop by 23.91%, as the import volume declined to 493 tonnes and the expenditure fell to $1.41 million.

The major trading nations for Latvia’s import of aluminium tubes and pipes are Belarus, Belgium, Estonia, Germany, Italy, etc.