Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Friday, 22.11.2019, 23:28

In August value of goods exported from Latvia was 2.1% smaller than a year ago

Lilita Laganovska Foreign Trade Statistics Section, 10.10.2019.Print version
Provisional data of the Central Statistical Bureau show that in August 2019 the foreign trade turnover of Latvia amounted to EUR 2.37 bn, which at current prices was 9.5% less than in August 2017, of which the exports value of goods was 2.1% lower, but imports value of goods – 15.1% lower.

In August, Latvia exported goods in the amount of EUR 1.1 bn, but imported in the amount of EUR 1.28 bn. Compared to August 2018, foreign trade balance has improved as exports in total foreign trade amount increased from 42.7% to 46.3%.


Over the first eight months of this year, the foreign trade turnover of Latvia at current prices reached EUR 18.65 bn – EUR 131.3 mln or 0.7% more than in the corresponding period of 2018. The exports value constituted EUR 8.32 bn (an increase of EUR 31.7 mln or 0.4 %), whereas the imports value – EUR 10.33 bn (an upturn of EUR 99.6 mln or 1%).




Calendar and seasonally adjusted data show that, compared to August 2018, in August 2019 the exports value at current prices went down by 0.5% and the imports value – by 13.2%, whereas, compared to the previous month, the exports value went up by 1.7% ,but the imports value – reduced by 2.8%.


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

  • exports of vegetable products up by EUR 63.7 mln or 2.1 times,
  • exports of products of the chemical and allied industries up by EUR 19.2 mln or 27.7%,
  • exports of machinery and mechanical appliances; electrical equipment down by EUR 43.9 mln or 20.1%,
  • exports of wood and articles of wood down by EUR 31.6 mln or 15%,
  • exports of vehicles and associated transport equipment down by EUR 17.1 mln or 24.1%. 

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

  • imports of textiles and textile articles up by EUR 7.7 mln or 15.8%,
  • imports of mineral products down by EUR 112.6 mln or 41.8%,
  • imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 70.3 mln or 41.9%, 
  • imports of machinery and mechanical appliances; electrical equipment down by EUR 43.2 mln or 15.4%,
  • imports of basic metals and articles of basic metals down by EUR 15.5 mln or 13.7%.

In August, the main export partners of Latvia in trade with EU countries were Lithuania (18% of total exports), Estonia (11.2%), Germany (7.6%) and Sweden (6.6%), whereas the main import partners were Lithuania (20.3% of total imports), Germany (10.4%), Poland (9.3%) and Estonia (8.4%). Russia was the main partner in trade with third countries; its share in total Latvian exports in August accounted for 10.2 %, whereas in imports – for 7.9%.






In August 2019, compared to August 2018, share of the European Union countries in Latvian foreign trade grew – by 0.5 percentage points in the total exports value and by 9.6 percentage points in the imports value. Rise in share of CIS countries comprised 1.5 percentage points in exports and drop of 4.1 percentage point in imports.


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


 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to August 2018

million EUR

% of

total

changes as %, compared to August 2018

Total

1 097.7

100

-2.1

1 275.2

100

-15.1

European Union countries

779.9

71.0

-1.3

1 004.8

78.8

-3.4

euro area countries

544.0

49.6

1.5

745.1

58.4

-2.9

CIS countries

153.5

14.0

9.8

147.3

11.5

-37.0

other countries

164.3

15.0

-13.7

123.1

9.7

-46.1

 


In August 2019 foreign trade balance of Latvia was positive with 114 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 44 countries.



 

The rise in the exports of cereals in August 2019, as compared to August 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 52.9 mln or 4.1 time. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 51.1 mln.



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

 

Thousand EUR

As % of

total

Changes as %, compared to

August 2018

July 2019

average of previous 12 months

Total

1 097 681

100

-2.1

5.6

2.9

wood and articles of wood; wood charcoal

178 142

16.2

-15.1

1.1

-7.9

electrical machinery and equipment

111 856

10.2

5.3

-3.4

1.0

cereals

80 037

7.3

3.1 time

19.3 times

2.5 times

machinery and mechanical appliances

62 386

5.7

-44.2

-10.6

-14.8

beverages, spirits and vinegar

58 330

5.3

-7.9

7.7

8.9

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

50 845

4.6

-7.0

-13.5

-15.0

mineral fuels, mineral oils and products of their distillation

44 630

4.1

-25.6

-10.0

-18.8

pharmaceutical products

43 046

3.9

41.0

8.2

11.3

articles of iron and steel

39 416

3.6

9.5

6.1

10.2

furniture, other furnishing articles; prefabricated buildings

31 684

2.9

-3.3

4.9

4.6


Rise of imports of iron and steel in August 2019, as compared to August 2018, was mostly affected by the increase in imports of articles of iron and steel for railways and tramways of EUR 2.4 mln or 10.7%. In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas in the gaseous state by EUR 73.8 mln or 66.1%.


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

 

Thousand EUR

As % of

total

Changes as %, compared to

August 2018

July 2019

average of previous 12 months

Total

1 275 235

100

-15.1

-7.6

-5.1

mineral fuels, mineral oils and products of their distillation

150 868

11.8

-42.6

-10.1

6.4

electrical machinery and equipment

131 723

10.3

-3.1

-7.2

-3.4

machinery and mechanical appliances

105 806

8.3

-26.9

-21.2

-22.3

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

93 003

7.3

0.3

-21.9

-16.9

beverages, spirits and vinegar

53 468

4.2

-9.6

-0.9

10.7

plastics and articles thereof

52 034

4.1

-3.7

-14.4

-2.8

wood and articles of wood; wood charcoal

46 239

3.6

-4.6

11.4

-5.8

pharmaceutical products

45 138

3.5

-3.9

-5.9

-14.6

articles of iron and steel

38 448

3.0

15.2

2.6

19.7

iron and steel

35 667

2.8

-33.7

-28.1

-31.4


 






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