Analytics, Baltic Export, Baltic States – CIS, EU – Baltic States, Foreign trade , Latvia

In February, Latvia exported goods in amount of 770.7 mln euros, but imported - in amount of 925.6 mln euros. Foreign trade balance slightly worsened as exports in total foreign trade value declined to 45.4% (in January 2015 – 46.2%).

Latvia’s foreign trade, in mln euros (1)

Data source: Central Statistical Bureau of Latvia

In February 2015, compared to January, there were changes in trade with basic metals and articles of basic metals. Exports of these goods reduced by 25.2 mln euros or 29.5% as exports of waste and scrap of cast iron dropped by 6.6 mln euros or 80.6%. At the same time imports of basic metals and articles of basic metals rose by 18.7 mln euros or 25.8% as imports of semi-finished products of iron or non-alloy steel grew from 198 thsd euros to 12.5 mln euros or 63 times (majority was imported from Belarus and Russia).

Main changes in exports in February, compared to January:

·         exports of vegetable products decreased by 11.0 mln euros or 25.2%,

·         exports of textiles and textile articles increased by 7.5 mln euros or 21.9%,

·         exports of machinery and mechanical appliances; electrical equipment grew by 20.6 mln euros or 13.6%,

·         exports of plastics and articles thereof increased by 4.7 mln euros or 24.3%.

Main changes in imports in February, compared to January:

·         imports of vehicles, aircraft, vessels and associated transport equipment increased by 16.7 mln euros or 31.3%,

·         imports of products of the chemical and allied industries grew by 8.9 mln euros or 9.7%,

·         imports of mineral products dropped by 28.8 mln euros or 22.2%,

·         imports of machinery and mechanical appliances; electrical equipment reduced by 25.2 mln euros or 11.6%.

In February, main export partners were Lithuania (18.9% of total export), Estonia (12.0%), Poland (6.6%), and Germany (6.3%), but main import partners were Lithuania (16.2% of total import), Poland (11.0%), Germany (10.5%) and Estonia (7.0%).

Increase of exports to CIS countries was affected by its rise to Russia by 18.5 mln euros or 41.7% and to Belarus by 13.7 mln euros or 3 times (mostly increase was observed in exports of machinery and mechanical appliances; electrical equipment; parts thereof).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in February accounted for 8.2%, but in imports – 8.8%.

Foreign trade of Latvia by country groups in February 2015, at current prices

In February 2015, compared to February 2014, rise in exports of furniture, other furnishing articles; prefabricated buildings was affected by increase in exports of prefabricated buildings by 3.2 mln euros or 2.3 times. But exports of beverages, spirits and vinegar reduced as exports of spirits dropped by 7.7 mln euros or 32.3%.

Changes of main commodities in Latvia’s exports in February 2015, at current prices

Rise in imports of wood and wood products; wood charcoal in February 2015, as compared to February 2014, was affected by the increase in imports of round timber of 1.8 mln euros or 27.3%. In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas in the gaseous state by 33.3 mln euros or 77.0%.

Changes of main commodities in Latvia’s imports in February 2015, at current prices

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 2014 have been revised.