Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Wednesday, 23.09.2020, 20:32

In June foreign trade turnover of Latvia was 3.5% less than a year ago

Ieva Jansone Foreign Trade Statistics Section, 11.08.2020.Print version
Provisional data of the Central Statistical Bureau show that in June 2020 the foreign trade turnover of Latvia amounted to EUR 2.1 bn, which at current prices was 3.5 % less than a year ago, of which the exports value of goods dropped by 1.4%, but imports value of goods – by 5.2%.

In June Latvia exported goods in the amount of EUR 978.6 mln, but imported – in the amount of EUR 1.16 bn. Compared to June 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 44.8% to 45.8%.

 

During the first half of this year foreign trade turnover of Latvia at current prices reached EUR 12.92 bn – EUR 1.14 bn or 8.1% less than in the corresponding period of the previous year. The exports value constituted EUR 6.05 bn (a drop of EUR 230.4 mln or 3.7%), whereas the imports value comprised EUR 6.87 bn (a fall of EUR 905.9 mln or 11.7%).



 

Calendar and seasonally adjusted data show that, compared to June 2019, in June 2020 the exports value at current prices went down by 3.5% and the imports value by 9%, whereas, compared to the previous month, the exports value went up by 8.6% ,but the imports value – by 11.2%.

 

Main changes in exports in June 2020, compared to June 2019:

 

Main changes in imports in June 2020, compared to June 2019:

 

In June 2020 imports of protective oral-nasal masks increased by EUR 1.2 mln or 12.3 % as compared to May. They mainly were imported from China (74.5 % or EUR 8.1 mln). Since epidemiological crisis caused by coronavirus Covid-19 had started, demand for these goods still remains high. As compared to June 2019, imports has risen by EUR 10.4 mln.

 

In June, the main export partners of Latvia in trade with EU countries were Lithuania (17.9% of total exports), Estonia (11.9%), Sweden and Germany (6.6%), whereas the main import partners were Lithuania (17.4% of total imports), Poland (9.9%), Germany (9.5%) and Estonia (8.4%). Russia was the main partner in trade with third countries; its share in total Latvian exports in June accounted for 8.6%, whereas in imports – for 6.5%.





 

In June 2020, compared to June 2019, share of the European Union countries in total exports value increased by 0.2 percentage points, but in imports value – fell by 1.2 percentage points. Share of CIS countries in exports didn't change (12.7 % of total exports value), but in imports – decreased by 1.6 percentage points.

 

Foreign trade of Latvia in June 2020 by country group
(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to June 2019

million EUR

% of

total

changes as %, compared to June 2019

Total

978.6

100

-1.4

1 158.7

100

-5.2

European Union countries*

661.9

67.6

-1.0

884.7

76.3

-6.5

euro area countries

495.6

50.6

-1.7

649.1

56.0

-11.0

CIS countries

124.7

12.7

-0.9

115.3

10.0

-18.3

other countries

192.0

19.7

-3.0

158.7

13.7

18.4

*The United Kingdom is not included in the European Union.

 


In June 2020 foreign trade balance of Latvia was positive with 121 partner country, as exports value of goods exceeded imports value of goods. It was negative in trade with 42 countries.


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

 



The rise in exports of pharmaceutical products in June 2020, as compared to June 2019, was mostly facilitated by an increase in exports of medicines by EUR 3.6 mln or 10.9%. 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 6.3 mln or 38.3%.


Main commodities in exports of Latvia in June 2020
(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

June 2019

May 2020

average of previous 12 months

Total

 978 614

100

-1.4

8.0

-7.9

wood and articles of wood; wood charcoal

 164 578

16.8

-7.4

-6.4

-6.6

electrical machinery and equipment

 129 598

13.2

30.0

9.1

9.3

machinery and mechanical appliances

 61 975

6.3

-4.7

11.2

-5.0

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

 46 143

4.7

-23.9

42.8

-9.7

pharmaceutical products

 45 232

4.6

30.5

49.3

17.3

mineral fuels, mineral oils and products of their distillation

 38 022

3.9

-25.4

10.7

-11.1

beverages, spirits and vinegar

 35 741

3.7

-17.4

27.1

-32.5

articles of iron or steel

 35 133

3.6

-1.3

-1.7

-5.9

furniture, other furnishing articles; prefabricated buildings

 31 262

3.2

7.3

6.9

-6.8

iron and steel

 28 687

2.9

4.3

20.0

-10.7

 

The rise in imports of electrical machinery and equipment in June 2020, as compared to June 2019, was facilitated by an increase in imports of mobile telephones by EUR 10.2 mln or 35.8%. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas by EUR 24.1 mln or 67.7%.


Main commodities in imports of Latvia in June 2020
(at current prices)

 

thousand EUR

% of

total

Changes as %, compared to

June 2019

May 2020

average of previous 12 months

Total

 1 158 715

100

-5.2

13.0

-7.7

electrical machinery and equipment

 153 025

13.2

27.3

18.5

7.5

machinery and mechanical appliances

 115 438

10.0

-4.8

6.6

-6.2

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

 80 117

6.9

-34.3

25.0

-17.4

mineral fuels, mineral oils and products of their distillation

 77 039

6.6

-47.0

-1.5

-25.0

plastics and articles thereof

 53 953

4.7

-0.8

4.0

2.4

wood and articles of wood; wood charcoal

 47 904

4.1

5.3

10.2

6.5

pharmaceutical products

 47 894

4.1

-1.9

0.4

-9.5

beverages, spirits and vinegar

 42 942

3.7

-23.0

33.6

-8.7

iron and steel

 37 811

3.3

18.1

0.02

-10.8

articles of iron or steel

 28 349

2.4

-19.1

7.3

-11.8







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