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

In May, Latvia exported goods in the amount of 797.6 mln euros, and imported – in the amount of 985.8 mln euros. Foreign trade balance worsened, as exports in total foreign trade value declined to 44.7% (in April 2015 – 46.0%).

Latvia’s foreign trade, mln euros (1)

Main changes in exports in May, compared to April:

-       exports of wood and articles of wood declined by 27.4 mln euros or 16.6%;

-       exports of textiles and textile articles fell by 20.0 mln euros or 44.4%;

-       exports of products of the chemical and allied industries dropped by 15.9 mln euros or 22.6%;

-       exports of machinery and mechanical appliances; electrical equipment fell by 9.8 mln euros or 5.9%;

-       exports of vehicles and associated transport equipment dropped by 8.4 mln euros or 21.7%;

-       exports of basic metals and articles of basic metals grew by 2.9 mln euros or 3.4%.

Main changes in imports in May, compared to April:

-       imports of textiles and textile articles decreased by 20.2 mln euros or 36.7%;

-       imports of products of the chemical and allied industries declined by 14.2 mln euros or 11.5%;

-       imports of mineral products dropped by 10.3 mln euros or 8.3%;

-       imports of machinery and mechanical appliances; electrical equipment declined by 9.6 mln euros or 4.1%;

-       imports of vegetable products decreased by 8.7 mln euros or 17.1%;

-       imports of prepared foodstuffs increased by 2.5 mln euros or 3.4%.

In May main export partners were Lithuania (20.1% of total export), Estonia (11.4%), Germany (6.0%) and the United Kingdom (5.9%); main import partners were Lithuania (18.3% of total import), Poland (11.5%), Germany (10.6%) and Estonia (7.6%).

Foreign trade of Latvia by country group in May 2015, at current prices

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in May accounted for 8.4%, and in imports – for 6.7%.

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

Increase in exports of machinery and mechanical appliances in May 2015 as compared to May 2014 was affected by growth in exports of machinery for working rubber and plastics and for the manufacture of these products from 151.8 thsd euros to 7.0 mln euros or 46 times (mainly exports to Russia). In turn, decline in exports of passenger cars of 9.8 mln euros or 61.0% significantly influenced by decrease of the total exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

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

Growth in imports of beverages, spirits and vinegar in May 2015 as compared to May 2014 was affected by increase in imports of spirits of 6.6 mln euros or 2.3 times (imports from the United Kingdom grew by 3.7 mln euros, and from Ireland – by 2.6 mln euros). In its turn, decline in imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by decrease of imports of diesel oil by 11.1 mln euros or 15.3%.

More information on foreign trade of Latvia by month and quarter, by country group and commodity group is available in the CSB data base section Foreign Trade.

¹Data on February, March, April and December 2014, as well as of February 2015 have been revised.