Analytics, Baltic Export, Baltic States – CIS, EU – Baltic States, Foreign trade , Latvia
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Thursday, 28.03.2024, 16:45
In January, foreign trade turnover reduced by 14.4% in Latvia
In January, Latvia exported goods in the amount of EUR 711.0 million, but imported – in the amount of EUR 820.8 million. As exports in the total foreign trade went up to 46.4% (in December 2015 – 45.7%), foreign trade balance increased.
Latvia’s foreign trade, million EUR |
Data source: CSB, ATD200.
EXPORTS AND IMPORTS BY COUNTRIES IN 2000-2015 (CN at 2-digit level, euros)
Notes: data on October 2015 have been specified
Main changes in exports in January, compared to December:
- exports of prepared foodstuffs dropped by EUR 34.3 million or 40.5%,
- exports of machinery and mechanical appliances; electrical equipment fell by EUR 26.0 million or 19.2%,
- exports of vegetable products dropped by EUR 18.2 million or 22.1%,
- imports of optical instruments and apparatus (including medical); clocks and watches, musical instruments decreased by EUR 12.1 million or 51.7%,
- exports of wood and articles of wood grew by EUR 6.5 million or 5.0%,
Main changes in imports in January, compared to December:
- exports of machinery and mechanical appliances; electrical equipment fell by EUR 39.8 million or 19.2%,
- imports of vehicles and associated transport equipment declined by EUR 27.4 million or 33.0%,
- imports of prepared foodstuffs reduced by EUR 22.5 million or 25.6%,
- imports of vegetable products reduced by EUR 10.3 million or 22.7%,
- imports of footwear and haberdashery grew by EUR 2.7 million or 55.2%.
In January, the main export partners in trade with the EU countries were: Lithuania (16.9% of total exports), Estonia (12.8%), Germany (8.1%), and Sweden (6.3%). Whereas the main import partners were: Lithuania (17.0% of total imports), Germany (10.4%), Poland (9.8%), and Estonia (8.2%).
Latvia's foreign trade in January 2016 by country group, at current prices
|
Exports |
Imports |
||||
|
million EUR |
% of total |
Changes as% over December 2015 |
million EUR |
% of total |
Changes as% over December 2015 |
Total |
711.0 |
100 |
-13.0 |
820.8 |
100 |
-15.6 |
European Union countries |
529.9 |
74.5 |
-4.8 |
621.1 |
75.7 |
-18.2 |
Euro area countries |
352.9 |
49.6 |
-6.7 |
451.0 |
54.9 |
-19.9 |
CIS countries |
56.5 |
7.9 |
-50.5 |
122.8 |
15.0 |
-7.2 |
Other countries |
124.6 |
17.6 |
-14.9 |
76.9 |
9.3 |
-4.8 |
Reduction in exports was mainly affected by the drop in trade with third countries, among which Russia was the main partner. In January, the share of Russia in the total exports of Latvia fell down to 5.2% (in December 2015 – 9.7%), and the most notable decrease was recorded in exports of spirits – of EUR 15.5 million or 70.4%. Meanwhile, Russia's share in imports rose up to 12.5% (in December 2015 – 10.6%), as imports of natural gas in the gaseous state rose significantly – by EUR 11.1 million or 28.2%.
Changes of main commodities in Latvia’s exports in January 2016, at current prices
|
thousand EUR |
% of total |
Changes as % over |
||
January 2015 |
December 2015 |
average of the previous 12 months |
|||
Total |
710 955 |
100 |
-10.9 |
-13.0 |
-17.8 |
wood and wood products; wood charcoal |
136 616 |
19.2 |
1.3 |
5.0 |
-5.6 |
electrical machinery and equipment |
74 420 |
10.5 |
-34.9 |
-10.8 |
-30.9 |
cereals |
43 422 |
6.1 |
59.2 |
-27.7 |
30.2 |
mineral fuels, mineral oils and products of their distillation |
37 572 |
5.3 |
-38.1 |
-8.7 |
-33.6 |
machinery and mechanical appliances |
35 145 |
4.9 |
-9.1 |
-32.5 |
-31.6 |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof |
29 939 |
4.2 |
-9.1 |
-23.8 |
-25.9 |
pharmaceutical products |
27 420 |
3.9 |
12.0 |
-2.5 |
0.3 |
articles of iron and steel |
24 081 |
3.4 |
-0.3 |
7.6 |
-13.3 |
furniture, other furnishing articles; prefabricated buildings |
20 606 |
2.9 |
-6.8 |
-0.4 |
-6.1 |
iron and steel |
18 481 |
2.6 |
-58.3 |
-2.3 |
-41.1 |
Compared to January 2015, in January 2016 the rise in exports of cereals was affected by the increase in exports of wheat and wheat and rye mix of EUR 27.3 million or 3.1 times. Whereas, due to the EUR 26.2 million or 96.4% drop in exports of waste and scrap of cast iron, exports of iron and steel reduced.
Changes of main commodities in Latvia’s exports in January 2016, at current prices
|
thousand EUR |
% of total |
Changes as % over |
||
January 2015 |
December 2015 |
average of the previous 12 months |
|||
Total |
820 778 |
100 |
-12.2 |
-15.6 |
-21.3 |
mineral fuels, mineral oils and products of their distillation |
111 413 |
13.6 |
-10.1 |
1.8 |
-6.8 |
electrical machinery and equipment |
105 064 |
12.8 |
-30.4 |
0.3 |
-16.9 |
machinery and mechanical appliances |
62,663 |
7.6 |
-14.8 |
-39.0 |
-38.2 |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof |
53 649 |
6.5 |
-7.6 |
-31.5 |
-30.7 |
pharmaceutical products |
43 116 |
5.3 |
12.8 |
-5.7 |
-1.9 |
plastics and articles thereof |
30 934 |
3.8 |
-18.9 |
-13.4 |
-27.7 |
iron and steel |
29 318 |
3.6 |
-13.3 |
8.9 |
-19.9 |
wood and wood products; wood charcoal |
26 510 |
3.2 |
-9.9 |
-14.0 |
-14.6 |
paper and paperboard; articles of paper pulp, of paper or of paperboard |
19 188 |
2.3 |
-6.9 |
-5.3 |
-14.2 |
beverages, spirits and vinegar |
18 152 |
2.2 |
19.9 |
-40.7 |
-34.9 |
Compared to January 2015, in January 2016, rise in exports of alcoholic and non-alcoholic beverages was influenced by the increase in exports of spirits of EUR 3.1 million or 55.6%. While decline in imports of mobile telephones of EUR 20.3 million or 44.5% had influence on the drop in imports of electrical machinery and equipment.
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.