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International Internet Magazine. Baltic States news & analytics Wednesday, 22.02.2017, 01:36

Latvian exports and imports value of goods shows decline in November

Lilita Laganovska Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 09.01.2017.Print version
Provisional data of the Central Statistical Bureau (CSB) show that, compared to October, in November 2016 Latvian foreign trade turnover at current prices decreased by 0.6%, as the exports value of goods fell by 0.1 % and the imports value of goods dropped by 1.1 %. In November, Latvia exported goods in the amount of EUR 970.3 mln and imported goods in the amount of EUR 1.1 bln. The foreign trade balance improved slightly, as the exports in the total foreign trade value increased up to 47.0% (46.8% in October).

During the eleven months of 2016, the foreign trade turnover of Latvia at current prices reached EUR 20.57 bln – EUR 450.2 mln or 2.1% less than in the corresponding period of 2015. The exports value amounted to EUR 9.44 bln (a drop of EUR 103.8 mln or 1.1%), whereas the imports value amounted to EUR 11.14 bln (a decline of EUR 346.4 mln or 3.0 %).


Foreign trade of Latvia; mln EUR


 

Notes: the data on August 2016 have been revised.

 

Main changes in exports in November, compared to October:

-       exports of vegetable products dropped by EUR 65.6 mln or 54.6 %;

-       exports of articles of stone, plaster, cement, glassware and ceramic products fell by EUR 6.4 mln or 21.4 %;

-       exports of machinery and mechanical appliances; electrical equipment grew by EUR 25.4 mln or 17.4 %;

-       exports of wood and articles of wood rose by EUR 25.4 mln or 17.2 %;

-       exports of prepared foodstuffs increased by EUR 15.4 mln or 17.6 %.

 

Main changes in imports in November, compared to October:

-       imports of basic metals and articles of basic metals dropped by EUR 22.0 mln or 22.7 %;

-       imports of prepared foodstuffs fell by EUR 10.3 mln or 9.4 %;

-       imports of textiles and textile articles declined by EUR 7.6 mln or 16.7 %;

-       exports of machinery and mechanical appliances; electrical equipment grew by EUR 20.2 mln or 8.9 %;

-       imports of products of the chemical and allied industries increased by EUR 9.5 mln or 9.1 %.

In November, Lithuania (17.8 % of total exports), Estonia (11.6 %), Germany (8.3) and the United Kingdom (6.3 %) were the main export partners in trade with the EU countries, and Lithuania (18.2 % of total imports), Germany (12.6 %), Poland (9.9 %) and Estonia (7.5 %) were the main import partners.



Foreign trade of Latvia by country group; November 2016, at current prices


 

Exports

Imports

 

mln EUR

% of

total

Changes as % of October 2016

mln EUR

% of

total

Changes as % of October 2016

Total

970.3

100

-0.1

1 092.4

100

-1.1

European Union countries

717.6

74.0

-1.2

870.5

79.7

-0.04

   Euro area countries

477.0

49.2

-2.6

645.8

59.1

1.8

CIS countries

132.6

13.7

18.9

118.8

10.9

-0.04

Other countries

120.1

12.3

-10.2

103.1

9.4

-9.9

 

 

Russia was the main partner in the trade with third countries; in November its share in the total Latvian exports grew up to 9.5% (8.1% in October), and the greatest increase was observed in the exports of spirits – of EUR 6.7 mln or 29.4%. In the meantime, the share of imports constituted 8.5% (8.4% in October).

 

Changes of main commodities in exports of Latvia; November 2016, at current prices


 

thsd EUR

% of

total

Changes as % over

November 2015

October 2016

average of previous 12 months

Total

970 272

100

3.4

-0.1

13.8

Wood and wood products; wood charcoal

172 904

17.8

22.4

17.2

19.2

Electrical machinery and equipment

119 838

12.4

-13.2

25.5

19.9

Beverages, spirits and vinegar

57 886

6.0

10.7

25.0

79.4

Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

55 587

5.7

27.4

13.0

22.6

Machinery and mechanical appliances

52 207

5.4

2.6

2.2

-0.7

Mineral fuels, mineral oils and products of their distillation

41 735

4.3

-8.0

-12.0

4.6

Pharmaceutical products

36 741

3.8

24.3

4.2

13.7

Cereals

32 452

3.3

-54.8

-63.8

-19.1

Furniture, other furnishing articles; prefabricated buildings

32 354

3.3

46.2

20.6

35.7

Iron and steel

30 506

3.1

5.2

41.9

22.0

 

Compared to November 2015, in November 2016 growth in exports of furniture, other furnishing articles; prefabricated buildings was influenced by the increase in exports of prefabricated buildings of EUR 5.8 mln (of which rise of EUR 3.4 mln in exports of iron and steel greenhouses).Whereas, due to the drop of EUR 43.5 mln or 62.4% in the exports of wheat and meslin, a decline was recorded in the exports of cereals.

 

Changes of main commodities in imports of Latvia; November 2016, at current prices


 

thsd EUR

% of

total

Changes as % of

November 2015

October 2016

average of previous 12 months

Total

1 092 432

100

3.2

-1.1

8.2

Electrical machinery and equipment

139 916

12.8

-2.5

3.9

18.6

Machinery and mechanical appliances

108 225

9.9

2.9

16.1

10.9

Mineral fuels, mineral oils and products of their distillation

105 170

9.6

-10.7

2.6

16.7

Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

95 095

8.7

15.1

7.9

3.1

Pharmaceutical products

48 308

4.4

3.0

5.3

3.0

Plastics and articles thereof

44 432

4.1

12.6

0.7

6.8

Beverages, spirits and vinegar

35 310

3.2

-2.6

-14.2

17.5

Wood and wood products; wood charcoal

34 006

3.1

20.9

-1.8

3.3

Iron and steel

32 819

3.0

14.9

-37.3

0.3

Paper and paperboard; articles of paper pulp, of paper or of paperboard

24 631

2.3

11.5

-1.5

13.4

 

Compared to November 2015, in November 2016 rise in the imports of wood, wood products and wood charcoal was affected by the increase in imports of sawn wood – of EUR 2.3 mln or 34.2%. In turn, the drop in imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by the decrease in imports of diesel oil – of EUR 9.0 mln or 14.9%.






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