Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Friday, 18.09.2020, 17:33

Latvia: In October value of goods exported from Latvia was 0.5% larger than a year ago

Lilita Laganovska Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 13.12.2019.Print version
Provisional data of the Central Statistical Bureau show that in October 2019 the foreign trade turnover of Latvia amounted to EUR 2.56 bn, which at current prices was 7% less than a year ago, of which the exports value of goods was 0.5% higher, but imports value of goods was 12.8% lower.

In October, Latvia exported goods in the amount of EUR 1.21 bn, but imported in the amount of EUR 1.35 bn. Compared to October 2018, foreign trade balance has improved as exports in total foreign trade amount increased from 43.8% to 47.3 %.


Over the ten months of this year, the foreign trade turnover of Latvia at current prices reached EUR 23.68 bn – EUR 77.7 mln or 0.3% less than in the corresponding period of 2018. The exports value constituted EUR 10.62 bn (an increase of EUR 62.5 mln or 0.6%), whereas the imports value – EUR 13.06 bn (a drop of EUR 140.2 mln or 1.1%).




Calendar and seasonally adjusted data show that, compared to October 2018, in October 2019 the exports value at current prices went down by 0.9% and the imports value by 12.8%, whereas, compared to the previous month, the exports value went up by 1%, but the imports value reduced by 4.4%.


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

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

In October, the main export partners of Latvia in trade with EU countries were Lithuania (16.4% of total exports), Estonia (12.2%), Germany (6.7%) and Sweden (5.9%), whereas the main import partners were Lithuania (19.5% of total imports), Germany (10.9%), Poland (9.6%) and Estonia (8.2%). Main partner in trade with third countries was Russia, share of which in total exports of Latvia in October comprised 11.2%, but in imports – 6.8%.






In October 2019, compared to October 2018, share of the European Union countries in total exports value fell by 1.3 percentage points, but in imports value – grew by 8.3 percentage points. Rise in share of CIS countries comprised 1.9 percentage points in exports and drop of 2.6 percentage points in imports.


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

 

Exports

Imports

 

million EUR

% of total

changes as %, compared to October 2018

million EUR

% of total

changes as %, compared to October 2018

Total

1 210.2

100

0.5

1 350.1

100

-12.8

European Union countries

841.2

69.5

-1.4

1 080.1

80.0

-2.6

euro area countries

589.8

48.7

3.1

800.8

59.3

-2.9

CIS countries

186.0

15.4

14.7

140.9

10.4

-30.0

other countries

183.0

15.1

-3.1

129.1

9.6

-45.6

 

In October 2019 foreign trade balance of Latvia was positive with 132 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 43 countries.


Balance of foreign trade of Latvia
(difference between value of goods exports and imports, million euros)



 

The rise in the exports of cereals in October 2019, as compared to October 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 16.4 mln or 51.7%. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 6.6 mln or 44.4%.


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

 

thousand EUR

as % of

total

Changes as %, compared to

October

2018

September 

2019

average of previous 12 months

Total

1 210 237

100

0.5

11.3

13.4

wood and articles of wood; wood charcoal

182 897

15.1

-12.4

12.5

-3.3

electrical machinery and equipment

127 857

10.6

2.2

13.5

13.9

beverages, spirits and vinegar

79 353

6.6

16.9

20.6

48.6

cereals

75 283

6.2

2 times

26.8

2 times

machinery and mechanical appliances

65 571

5.4

-23.4

6.9

-1.4

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

61 794

5.1

-5.5

6.1

2.8

pharmaceutical products

54 751

4.5

16.9

40.1

37.1

mineral fuels, mineral oils and products of their distillation

44 018

3.6

-33.1

3.6

-16.5

articles of iron or steel

38 979

3.2

2.6

-8.7

5.8

furniture, other furnishing articles; prefabricated buildings

38 949

3.2

17.5

14.7

27.9

 

The rise in the imports of alcoholic and non-alcoholic beverages in October 2019, as compared to October 2018, was facilitated by an increase in the imports of sparkling wine by EUR 2.6 mln or 49.3%. 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 26.2 mln or 50.4%.


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

 

thousand EUR

as % of

total

Changes as %, compared to

October 2018

September 

2019

average of previous 12 months

Total

1 350 135

100

-12.8

-0.4

2.2

electrical machinery and equipment

162 313

12.0

-0.7

17.1

19.8

machinery and mechanical appliances

124 840

9.2

-25.6

4.1

-5.0

mineral fuels, mineral oils and products of their distillation

122 926

9.1

-31.6

-8.7

-2.1

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

105 250

7.8

-22.4

4.5

-6.9

pharmaceutical products

59 392

4.4

-1.8

20.1

11.8

beverages, spirits and vinegar

58 407

4.3

10.5

-3.5

20.1

plastics and articles thereof

55 158

4.1

-3.5

1.5

2.9

iron and steel

49 824

3.7

-21.1

24.9

1.8

wood and articles of wood; wood charcoal

49 351

3.7

-11.4

8.7

1.3

articles of iron or steel

33 040

2.4

-11.3

2.2

0.9







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