Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Wednesday, 21.11.2018, 06:08

In July foreign trade turnover in goods was 11.9 % larger than last year in Latvia

Lilita Laganovska, Foreign Trade Statistics Methodology, Analysis and Dissemination Section, Central Statistical Bureau of Latvia, 11.09.2018.Print version
Provisional data of the Central Statistical Bureau (CSB) show that in July 2018 the foreign trade turnover of Latvia amounted to 2.31 bln euros, which at current prices was 11.9% more than in July 2017, of which the exports value of goods was 8.3% and imports value of goods was 14.5% higher.

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)


 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to July 2017

million EUR

% of

total

changes as %, compared to July 2017

Total

949.8

100

8.3

1 355.4

100

14.5

European Union countries

692.7

72.9

13.3

996.6

73.5

10.0

euro area countries

475.6

50.1

15.1

740.5

54.6

8.9

CIS countries

121.5

12.8

-6.0

120.1

8.9

-4.8

other countries

135.6

14.3

-0.5

238.7

17.6

57.7

 

 

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


 

Thousand EUR

As % of

total

Changes as %, compared to

July 2017

June 2018

average of previous 12 months

Total

949 754

100

8.3

-8.1

-5.3

wood and articles of wood; wood charcoal

187 745

19.8

28.4

-0.5

11.3

electrical machinery and equipment

95 289

10.0

-9.8

0.4

-7.1

machinery and mechanical appliances

73 681

7.8

24.2

-23.4

-6.3

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

56 751

6.0

24.1

3.1

1.6

beverages, spirits and vinegar

49 130

5.2

2.7

11.7

-6.1

iron and steel

44 220

4.7

18.4

1.1

12.7

mineral fuels, mineral oils and products of their distillation

41 891

4.4

18.1

1.0

1.6

articles of iron and steel

30 734

3.2

9.6

-12.0

-6.3

pharmaceutical products

30 711

3.2

-18.6

-27.0

-14.9

furniture, other furnishing articles; prefabricated buildings

27 151

2.9

-10.2

-4.5

-9.4

 

 

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


 

Thousand EUR

As % of

total

Changes as %, compared to

July 2017

June 2018

average of previous 12 months

Total

1 355 422

100

14.5

1.8

11.5

machinery and mechanical appliances

185 862

13.7

43.0

-4.0

30.3

electrical machinery and equipment

126 290

9.3

0.5

8.6

-2.2

mineral fuels, mineral oils and products of their distillation

109 713

8.1

7.4

12.3

7.8

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

106 097

7.8

8.4

-6.9

0.2

beverages, spirits and vinegar

66 995

4.9

30.2

16.7

36.8

plastics and articles thereof

53 959

4.0

2.3

-6.7

4.8

iron and steel

50 833

3.8

7.1

0.5

3.1

pharmaceutical products

49 672

3.7

13.8

-16.7

-1.0

wood and articles of wood; wood charcoal

48 034

3.5

35.1

-8.5

12.1

articles of iron and steel

32 070

2.4

9.0

-6.9

8.3

 

 






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