Analytics, Baltic Export, Baltic States – CIS, EU – Baltic States, Foreign trade , Latvia
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Thursday, 28.03.2024, 21:00
Exports in Latvia dropped by 13.4%, imports by 5.7% in November
Foreign trade balance worsened as exports in total foreign trade value declined to 46.0% (in October 2014 – 48.1%).
Foreign trade of Latvia, mln euros (1) |
Data source: Central Statistical Bureau of Latvia
Compared to October foreign trade balance in November was significantly affected by decrease of 47.2 mln euros or 44.7% in exports of vegetable products. Export of vegetable products was mostly impacted by drop in exports of wheat and meslin – of 39.0 mln euros or 61.1%.
Main changes in exports in November, compared to October:
· exports of machinery and mechanical appliances; electrical equipment fell by 24.2 mln euros or 14.5%,
· exports of prepared foodstuffs dropped by 18.8 mln euros or 14.9%,
· exports of mineral products decreased by 11.6 mln euros or 11.8%,
· exports of basic metals and articles of basic metals declined by 11.3 mln euros or 13.2%,
· exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments grew by 4.8 mln euros or 39.1%.
Main changes in imports in November, compared to October:
· imports of basic metals and articles of basic metals dropped by 27.5 mln euros or 27.0%,
· imports of vehicles and associated transport equipment declined by 13.6 mln euros or 21.0%,
· imports of plastics and articles thereof decreased by 12.6 mln euros or 18.3%,
· imports of textiles and textile articles declined by 10.2 mln euros or 18.5%,
· imports of optical instruments and apparatus (including medical); clocks and watches, musical instruments grew by 4.7 mln euros or 21.0%.
Foreign trade of Latvia by country group in November 2014, at current prices
|
Exports |
Imports |
||||
|
mln euros |
% of total |
In % (+, -) over October 2014 |
mln euros |
% of total |
In % (+, -) over October 2014 |
Total |
911.9 |
100 |
-13.4 |
1 070.5 |
100 |
-5.7 |
Member States of the European Union |
665.9 |
73.0 |
-7.9 |
854.4 |
79.8 |
-6.0 |
Euro area countries |
282.2 |
30.9 |
-8.6 |
425.2 |
39.7 |
-5.7 |
CIS countries |
145.4 |
16.0 |
-12.5 |
118.4 |
11.1 |
-5.8 |
Other countries |
100.6 |
11.0 |
-38.7 |
97.7 |
9.1 |
-3.0 |
In November main export partners were Lithuania (18.8% of total export), Estonia (11.3%), Germany (6.6%) and Sweden (5.9%); main import partners were Lithuania (18.3% of total import), Poland (11.1%), Germany (9.7%) and Estonia (7.8%).
The main partner in trade with third countries was Russia, the share of which in total Latvian exports in November accounted for 11.6%, but in imports – 8.2%.
Changes of main commodities in Latvia’s exports in November 2014, at current prices
|
thsd euros |
% of total |
% (+, -) over |
||
November 2013 |
October 2014 |
average of previous 12 months |
|||
Total |
911 939 |
100 |
-0.8 |
-13.4 |
+7.0 |
wood and wood products; wood charcoal |
149 318 |
16.4 |
+9.0 |
-4.4 |
+4.5 |
electrical machinery and equipment |
100 459 |
11.0 |
-1.7 |
-15.2 |
+7.2 |
mineral fuels, mineral oils and products of their distillation |
81 397 |
8.9 |
+21.5 |
-12.6 |
+24.7 |
beverages, spirits and vinegar |
66 645 |
7.3 |
-5.8 |
-17.9 |
+50.6 |
machinery and mechanical appliances |
42 219 |
4.6 |
-14.3 |
-12.8 |
-3.5 |
cereals |
35 271 |
3.9 |
+14.0 |
-56.7 |
+32.5 |
articles of iron and steel |
29 765 |
3.3 |
+0.6 |
-14.6 |
+3.6 |
vehicles other than railway or tramway |
27 795 |
3.0 |
-18.0 |
-18.6 |
-18.0 |
pharmaceutical products |
27 537 |
3.0 |
-15.2 |
+3.5 |
+1.4 |
iron and steel |
25 900 |
2.8 |
-7.3 |
-18.4 |
-20.6 |
Rise in exports of mineral fuels, mineral oils and products of their distillation in November 2014 compared to November 2013 was affected by growth of 17.1 mln euros in dispatches of crude petroleum oils to Lithuania. In turn, decline in exports of passenger cars of 3.3 mln euros significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.
Changes of main commodities in Latvia’s imports in November 2014, at current prices
|
thsd euros |
% of total |
% (+, -) over |
||
November 2013 |
October 2014 |
average of previous 12 months |
|||
Total |
1 070 473 |
100 |
+0.05 |
-5.7 |
+2.9 |
mineral fuels, mineral oils and products of their distillation |
176 965 |
16.5 |
+7.8 |
+0.9 |
+19.0 |
electrical machinery and equipment |
139 701 |
13.1 |
+25.5 |
+3.6 |
+26.8 |
machinery and mechanical appliances |
89 433 |
8.4 |
-2.7 |
-2.9 |
-0.04 |
vehicles other than railway or tramway |
47 753 |
4.5 |
-38.8 |
-19.4 |
-30.6 |
pharmaceutical products |
44 242 |
4.1 |
+2.8 |
+10.1 |
+6.1 |
plastics and articles thereof |
41 547 |
3.9 |
+4.8 |
-9.9 |
-2.1 |
wood and wood products; wood charcoal |
30 605 |
2.9 |
+38.5 |
-7.2 |
+16.6 |
beverages, spirits and vinegar |
30 451 |
2.8 |
+32.3 |
+0.03 |
+30.7 |
Rise of imports of wood and wood products; wood charcoal in November 2014, as compared to November 2013, was mostly affected by increase of 4.3 mln euros in imports of wood in the rough. In turn, decline in imports of passenger cars of 17.2 mln euros significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.
More information on Latvia’s foreign trade by month and quarter, by country group and commodity group is available in the CSB data base section "Foreign trade" Short term statistical data.
1 Data on February and August 2014 have been revised.