Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Sunday, 24.03.2019, 03:15

In January foreign trade turnover of Latvia was 0.1 % smaller than a year ago

Lilita Laganovska Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 12.03.2019.Print version
Provisional data of the Central Statistical Bureau (CSB) show that in January 2019, the foreign trade turnover of Latvia amounted to EUR 2.07 billion, which at current prices was 0.1% less than a year ago, of which the exports value of goods was 0.6 % lower, but imports value of goods was 0.3% higher. In January, Latvia exported goods in the amount of EUR 962.5 mln, but imported – in the amount of EUR 1.11 bn. Compared to January 2018, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.8% to 46.5%.



Calendar and seasonally adjusted data show that, compared to January 2018, in January 2019 the exports value at current prices went down by 1.8%, but the imports value – up by 0.6%, whereas, compared to the previous month, the exports value increased by 0.2%, but the imports value – reduced by 3.2%.


Main changes in exports in January 2019, compared to January 2018:

  • exports of wood and articles of wood up by EUR 49.5 mln or 31.2%,
  • exports of prepared foodstuffs up by EUR 7.8 mln or 10.6%,
  • exports of machinery and mechanical appliances; electrical equipment down by EUR 39.3 mln or 20.1%,
  • exports of basic metals and articles of basic metals down by EUR 26.2 mln or 29.7%,  
  • exports of vegetable products down by EUR 11.5 mln or 16.4%.

Main changes in imports in January 2019, compared to January 2018:

  • imports of prepared foodstuffs up by EUR 8.9 mln or 10.1%,
  • imports of wood and articles of wood up by EUR 7 mln or 16.9%,
  • imports of mineral products down by EUR 14.1 mln or 16.7%,
  • imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 11.1 mln or 10.9%,
  • imports of machinery and mechanical appliances; electrical equipment down by EUR 8.6 mln or 3.2%.

In January, the main export partners of Latvia in trade with EU countries were Lithuania (16% of total exports), Estonia (12.2%), Germany (8.4%) and Sweden (7.8%), whereas the main import partners were Lithuania (17.2% of total imports), Germany (10.7%), Poland (9.4%) and Estonia (8.2%).


Russia was the main partner in trade with third countries; its share in total Latvian exports in January accounted for 7.1%, whereas in imports – for 7.3%.




In January 2019, compared to January 2018, share of the European Union countries increased both in total exports and imports value – by 4.5 percentage points and 1 percentage point, respectively. Rise in share of CIS countries comprised 1.4 percentage points in exports and 0.2 percentage points – in imports.

Foreign trade of Latvia in January 2019 by country group
(at current prices)

Exports

Imports

 

million EUR

% of

total

changes as %, compared to January 2018

million EUR

% of

total

changes as %, compared to January 2018

Total

962.5

100

-0.6

1 106.7

100

0.3

European Union countries

735.0

76.4

5.5

839.0

75.8

1.7

euro area countries

486.1

50.5

3.8

614.9

55.6

0.1

CIS countries

101.9

10.6

14.9

120.5

10.9

2.5

other countries

125.6

13.0

-31.4

147.2

13.3

-8.4


As exports value of goods in January 2019 exceeded imports value of goods, foreign trade balance of Latvia was positive with 116 partner countries. It was negative in trade with 49 countries.




Rise of exports of wood and wood products; wood charcoal in January 2019, as compared to January 2018, was affected by the increase in exports of fuelwood of EUR 23 mln or 97.1%. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 41.1 mln or 98.9%.


Main commodities in exports of Latvia in January 2019
(at current prices)

 

thousand EUR

as % of

total

Changes as %, compared to

January 2018

December 2018

average of previous 12 months

Total

962 523

100

-0.6

2.0

-6.5

wood and articles of wood; wood charcoal

208 088

21.6

31.3

23.3

11.3

electrical machinery and equipment

106 669

11.1

3.3

-0.1

2.0

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

59 935

6.2

10.9

17.1

1.9

machinery and mechanical appliances

49 642

5.2

-46.3

-12.1

-40.1

beverages, spirits and vinegar

40 211

4.2

18.9

-26.6

-23.0

mineral fuels, mineral oils and products of their distillation

39 255

4.1

-13.0

7.4

-2.8

cereals

35 287

3.7

-6.9

13.7

19.8

pharmaceutical products

32 596

3.4

1.5

-12.3

-10.5

articles of iron and steel

30 092

3.1

-5.0

8.3

-11.9

plastics and articles thereof

28 015

2.9

16.9

18.0

2.5


Rise of imports of alcoholic and non-alcoholic beverages in January 2019, as compared to January 2018, was affected by the increase in imports of whiskey by EUR 3.8 mln or 58.9%. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of diesel oil by EUR 6 mln or 14.6%.


Main commodities in imports of Latvia in January 2019
(at current prices)

 

thousand EUR

as % of

total

Changes as %, compared to

January 2018

December 2018

average of previous 12 months

Total

1 106 743

100

0.3

-8.0

-14.2

electrical machinery and equipment

143 934

13.0

-3.3

18.2

9.5

machinery and mechanical appliances

116 368

10.5

-3.1

-19.8

-22.7

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

86 706

7.8

-13.3

-19.8

-21.6

mineral fuels, mineral oils and products of their distillation

64 122

5.8

-19.5

-8.4

-45.2

iron and steel

54 898

5.0

0.4

7.5

-1.0

pharmaceutical products

48 566

4.4

3.5

17.3

-2.4

wood and articles of wood; wood charcoal

48 493

4.4

16.7

12.5

-0.4

plastics and articles thereof

47 931

4.3

-1.0

15.8

-8.1

beverages, spirits and vinegar

35 001

3.2

18.7

-26.3

-28.6

articles of iron and steel

25 448

2.3

-7.9

-6.3

-18.7






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