Analytics, Foreign trade , Latvia, Statistics

During the month of January, the foreign trade balance worsened, as exports in the total foreign trade value dropped to 45.1% (in January 2016 – 46.2%).

Foreign trade of Latvia, mln EUR

Data source: CSB
Notes: data on October 2016 have been revised

Main changes in exports in January 2017, compared to January 2016:

-       exports of wood and articles of wood up by EUR 22.3 mln or 16.6%,

-       exports of prepared foodstuffs up by EUR 20.9 mln or 44.8%,

-       exports of basic metals and articles of basic metals up by EUR 19.7 mln or 38.3%,

-       exports of vehicles, aircraft, vessels and associated transport equipment up by EUR 15.6 mln or 46.3%,

-       exports of vegetable products down by EUR 11.5 mln or 18.4%.

Main changes in imports in January 2017, compared to January 2016:

-       imports of products of the chemical and allied industries up by EUR 22.5 mln or 24.6%,

-       imports of prepared foodstuffs up by EUR 17.1 mln or 26.9%,

-       imports of vehicles, aircraft, vessels and associated transport equipment up by EUR 11.9 mln or 19.5%,

-       imports of basic metals and articles of basic metals up by EUR 11.8 mln or 18.8%,

-       imports of mineral products down by EUR 6.9 mln or 6.0%.

In January, the main export partners in trade with EU countries were Lithuania (17.3% of total exports), Estonia (11.2%), Germany (8.8%) and Sweden (7.6%), whereas the main import partners were Lithuania (16.9% of total imports), Germany (10.7%), Poland (8.7%) and Estonia (8.1%).

Foreign trade of Latvia by country group in January 2017, at current prices

Russia was the main partner in trade with third countries; its share in total Latvian exports in January accounted for 7.0%, whereas in imports – for 9.1%.

Main commodities in exports of Latvia in January 2017, at current prices

The rise in exports of beverages, spirits and vinegar in January 2017, as compared to January 2016, was mostly affected by an increase in the exports of spirits (of EUR 9.4 mln or 81.8%). In turn, exports of cereals went down due to a drop in the exports of wheat and meslin (of EUR 14.8 mln or 36.3%).

Main commodities in imports of Latvia in January 2017, at current prices

The rise in imports of beverages, spirits and vinegar in January 2017, as compared to January 2016, was mostly affected by an increase in the imports of spirits (of EUR 3.7 mln or 42.4%). In turn, the drop in imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by a decrease in the imports of natural gas in gaseous state (of EUR 16.8 mln or 33.4%).