Analytics, Foreign trade , Latvia, Statistics

In July, Latvia exported goods in the amount of 949.8 mln euros but imported – in the amount of 1.36 bln euros. Compared to July 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 42.6% to 41.2%.

Calendar and seasonally adjusted data at current prices show that, compared to July 2017, in July 2018 the exports value at current prices went up by 8.2% and the imports value by 15.2%, whereas, compared to the previous month, the exports value decreased by 0.01%, but the imports value increased by 1.8%.

Main changes in exports in July 2018, compared to July 2017:

• exports of wood and articles of wood up by 41.5 mln euros or 28.3%,
• exports of basic metals and articles of basic metals up by 12.1 mln euros or 14.7%,
• exports of vehicles and associated transport equipment up by 10.4 mln euros or 21.2%,
• exports of prepared foodstuffs up by 8.5 mln euros or 10.0%,
• exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments down by 5.0 mln euros or 24.4%.

Main changes in imports in July 2018, compared to July 2017:

• imports of machinery and mechanical appliances; electrical equipment up by 56.5 mln euros or 22.1%,
• imports of prepared foodstuffs up by 27.1 mln euros or 25.3%,
• imports of vegetable products up by 16.7 mln euros or 42.3%,
• imports of wood and articles of wood up by 12.4 mln euros or 34.8%,
• imports of textiles and textile articles down by 5.5 mln euros or 12.7%.

In July, the main export partners of Latvia in trade with EU countries were Lithuania (18.0% of total exports), Estonia (11.4%), Germany (7.7%) and United Kingdom (6.4%), whereas the main import partners were Lithuania (17.5% of total imports), Germany (11.5%), Poland (8.8%) and Estonia (6.7%).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.3%, and in imports – for 5.3%.

Rise of exports of wood and wood products; wood charcoal in July 2018, as compared to July 2017, was affected by the increase in exports of round timber of 14.3 mln euros or 2.2 times. In turn, exports of pharmaceutical products dropped as exports of medicaments decreased by 8.0 mln euros or 23.3%.

The rise in the imports of machinery and mechanical appliances in July 2018, as compared to July 2017, was facilitated by an increase in the imports of turbojets, turbopropellers and other gas turbines by 40.5 mln euros. In turn, rise in imports of wood and articles of wood was mainly affected by growth in imports of sawn wood – of 3.8 mln euros or 33.7%.

Over the first seven months of this year, the foreign trade turnover of Latvia at current prices reached 15.46 bln euros – 1.32 bln euros or 9.3% more than in the corresponding period of 2017. The exports value constituted 6.91 bln euros (an increase of 601.9 mln euros or 9.5%), whereas the imports value – 8.55 bln euros (an upturn of 714.2 mln euros or 9.1%).

Foreign trade of Latvia by country group in July 2018
(at current prices)

Main commodities in exports of Latvia in July 2018
(at current prices)

Main commodities in imports of Latvia in July 2018
(at current prices)