Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Monday, 21.01.2019, 03:54

In November foreign trade turnover in goods in Latvia was 7% larger than year before

Lilita Laganovska Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 09.01.2019.Print version
Provisional data of the Central Statistical Bureau show that in November 2018 Latvian foreign trade turnover amounted to EUR 2.47 bn, which at current prices was 7% more than in November 2017, of which the exports value of goods was 5.2% and imports value of goods was 8.6% higher. In November, Latvia exported goods in the amount of EUR 1.17 bn, but imported in the amount of EUR 1.3 bn. Compared to November 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.1% to 47.3%.

Over eleven months of 2018, the foreign trade turnover of Latvia at current prices reached EUR 25.64 bn – EUR 2.25 bn or 9.6% more than in the corresponding period of 2017. The exports value comprised EUR 11.4 bn (an increase of EUR 844.8 mln or 8%), whereas the imports value – EUR 14.24 bn (an upturn of EUR 1.4 bn or 10.9%).




Calendar and seasonally adjusted data show that, compared to November 2017, in November 2018 the exports value at current prices went up by 4.3% and the imports value by 9.1%, whereas, compared to the previous month, the exports value increased by 3.5%, but the imports value – reduced by 7.5%.

 

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

  • exports of machinery and mechanical appliances; electrical equipment up by EUR 45.1 mln or 26.2%,
  • exports of wood and articles of wood up by EUR 25.8 mln or 14.8%,
  • exports of prepared foodstuffs up by EUR 11.6 mln or 9.8%,
  • exports of products of the chemical and allied industries up by EUR 10.9 mln or 13.7%,
  • exports of vegetable products down by EUR 54.5 mln or 44.9%.

 

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

  • imports of basic metals and articles of basic metals up by EUR 24.1 mln or 26.8%,
  • imports of mineral products up by EUR 20.3 mln or 21.8%,
  • imports of products of the chemical and allied industries up by EUR 18.2 mln or 15.3%,
  • imports of wood and articles of wood up by EUR 17.4 mln or 43.5%,
  • imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 14.3 mln or 11.7%.

 

In November, the main export partners of Latvia in trade with EU countries were Lithuania (16.1% of total exports), Estonia (11.6%), Sweden (8.2%) and Germany (6.6%), whereas the main import partners were Lithuania (17.7% of total imports), Germany (11.4%), Poland (9%) and Estonia (8.2%).


Main partner in trade with third countries was Russia, share of which in total exports of Latvia in November comprised 11.2%, but in imports – 7.8%.


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

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to November 2017

million EUR

% of

total

changes as %, compared to November 2017

Total

1 168.2

100

5.2

1 300.6

100

8.6

European Union countries

817.7

70.0

7.8

1 009.1

77.6

3.9

euro area countries

541.5

46.4

4.5

750.8

57.7

3.2

CIS countries

176.7

15.1

10.7

145.4

11.2

33.2

other countries

173.8

14.9

-9.4

146.1

11.2

24.8

 


The rise in the exports of machinery and mechanical appliances in November 2018, as compared to November 2017, was facilitated by an increase in the exports of turbojets, turbopropellers and other gas turbines by EUR 20.5 mln. But exports of cereals reduced as exports of wheat and meslin decreased by EUR 52.0 mln or 67.6%.

 

Rise of imports of iron and steel in November 2018, as compared to November 2017, was mostly affected by the increase in imports of flat rolled products of iron and steel of EUR 11.1 mln or 79.9%.  In turn, decline in imports of tractors of EUR 6.9 mln or 52.9% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.


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

 

thousand EUR

as % of

total

Changes as %, compared to

November 2017

October 2018

average of previous 12 months

Total

1 300 643

100

8.6

-13.2

1.7

electrical machinery and equipment

145 484

11.2

-1.5

-8.2

9.6

machinery and mechanical appliances

139 458

10.7

2.6

-13.8

-7.4

mineral fuels, mineral oils and products of their distillation

108 757

8.4

22.5

-28.9

-6.8

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

103 134

7.9

-12.9

-11.1

-6.1

pharmaceutical products

58 750

4.5

22.7

-7.3

18.0

beverages, spirits and vinegar

58 353

4.5

2.1

2.8

18.5

wood and articles of wood; wood charcoal

57 291

4.4

43.4

0.9

22.4

iron and steel

55 763

4.3

65.0

-13.7

3.6

plastics and articles thereof

54 419

4.2

9.9

0.5

5.5

articles of iron and steel

32 684

2.5

14.9

-15.0

5.3






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