Analytics, Foreign trade , Latvia, Statistics

 February, Latvia exported goods in the amount of EUR 832.8 mln, and imported goods in the amount of EUR 984.6 mln. The foreign trade balance worsened slightly, as exports in the total foreign trade value declined to 45.8 % (in February 2016 – 46.0%).

In January–February 2017, the foreign trade turnover of Latvia at current prices reached EUR 3.61 bln – EUR 353.8 mln or 10.9% more than in the corresponding period of 2016.The exports value constituted EUR 1.64 bln (an increase of EUR 140.1 mln or 9.3%), whereas the imports value comprised EUR 1.97 bln (an upturn of EUR 213.7 mln or 12.2%).

Foreign trade of Latvia, mln EUR

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

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

-       exports of prepared foodstuffs up by EUR 14.0 mln or 25.3%,

-       exports of base metals and articles of base metals up by EUR 10.6 mln or 15.6%,

-       exports of products of the chemical and allied industries up by EUR 8.0 mln or 14.4 %,

-       exports of vegetable products down by EUR 13.1 mln or 24.0%,

-       exports of wood and articles of wood down by EUR 9.5 mln or 6.1%.

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

-       imports of mineral products up by EUR 36.2 mln or 51.2%,

-       imports of products of the chemical and allied industries up by EUR 18.7 mln or 17.2%,

-       imports of vegetable products up by EUR 7.9 mln or 17.7%,

-       imports of basic metals and articles of basic metals up by EUR 7.9 mln or 12.1%,

-       imports of machinery and mechanical appliances; electrical equipment down by EUR 18.1 mln or 9.2%.

In February, the main export partners in trade with EU countries were Lithuania (17.5% of total exports), Estonia (11.6%), Germany (7.6%) and Denmark (6.1%), whereas the main import partners were Lithuania (19.0% of total imports), Germany (12.0%), Poland (9.7%) and Estonia (7.3%).

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

Russia was the main partner in trade with third countries; its share in total Latvian exports in February accounted for 8.1 %, whereas in imports – for 9.6%.

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

The rise in exports of beverages, spirits and vinegar in February 2017, as compared to February 2016, was mostly affected by an increase in the exports of spirits (of EUR 6.7 mln or 40.4%). In turn, exports of wood and articles of wood; wood charcoal decreased, as there was a drop in the exports of timber (of EUR 8.3 mln or 16.7%).

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

The rise in imports of fertilisers in February 2017, as compared to February 2016, was mostly affected by the fact that imports of mineral or chemical fertilisers containing three fertilising elements (nitrogen, phosphorus and potassium) increased by EUR 8.2 mln or 3.9 times. In turn, the drop in imports of machinery and mechanical appliances was mainly influenced by a decline in the imports of computers and components thereof (of EUR 11.4 mln or 58.7%).