Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Friday, 22.10.2021, 02:35

In August foreign trade turnover of Latvia was 4.3% less than a year ago

Ieva Jansone Foreign Trade Statistics Section, 12.10.2020.Print version
Provisional data of the Central Statistical Bureau show that in August 2020 the foreign trade turnover of Latvia amounted to EUR 2.31 bn, which at current prices was 4.3% less than a year ago, of which the exports value of goods dropped by 3.7 %, but imports value of goods – by 4.8%. In August Latvia exported goods in the amount of EUR 1.07 bn, but imported – in the amount of EUR 1.23 bn. Compared to August 2019, foreign trade balance has improved slightly as exports in total foreign trade amount increased from 46.3% to 46.6%.

During the eight months of this year foreign trade turnover of Latvia at current prices reached EUR 17.64 bn – EUR 1.3 bn or 6.8% less than in the corresponding period of the previous year. The exports value constituted EUR 8.18 bn (a drop of EUR 271.8 mln or 3.2%), whereas the imports value comprised EUR 9.46 bn (a fall of EUR 1.02 bn or 9.8%).




Calendar and seasonally adjusted data show that, compared to August 2019, in August 2020 the exports value at current prices went up by 0.5%, but the imports value – down by 3%, whereas, compared to the previous month, the exports value went up by 3.7% ,but the imports value – down by 1.5%.


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

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





 

In August 2020, compared to August 2019, share of the European Union countries in total exports value increased by 1.2 percentage points, but in imports value – fell by 0.2 percentage points. Share of CIS countries in exports fell by 1.2 percentage points, but in imports – by 1.6 percentage points.

  

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

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to August 2019

million EUR

% of

total

changes as %, compared to August 2019

Total

1 074.6

100

-3.7

1 232.4

100

-4.8

European Union countries*

717.1

66.7

-1.9

941.5

76.4

-5.0

euro area countries

551.2

51.3

-0.6

709.2

57.6

-6.6

CIS countries

135.0

12.6

-12.4

121.1

9.8

-17.9

other countries

222.5

20.7

-3.8

169.8

13.8

8.9

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


In August 2020 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.


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



 

Rise of exports of miscellaneous grains, seeds and fruit; industrial or medicinal plants in August 2020, compared to August 2019, was mostly affected by increase of exports of rape and colza seeds by EUR 14.3 mln or 60.2%. Exports of cereals fell as exports of wheat and meslin reduced by EUR 14.5 mln or 20.7%. In turn, compared to July 2020, exports of wheat and meslin increased significantly (by EUR 54 mln), which mostly was exported to Saudi Arabia (EUR 12.9 mln), Algeria (EUR 10.7 mln) and Israel (EUR 10.2 mln).

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

 

thousand EUR

% of

total

Changes as %, compared to

August 2019

July 2020

average of previous 12 months

Total

 1 074 607

100

-3.7

2.4

1.3

wood and articles of wood; wood charcoal

 168 627

15.7

-6.9

-8.5

-3.9

electrical machinery and equipment

 131 927

12.3

13.6

-10.7

6.9

machinery and mechanical appliances

 66 214

6.2

2.8

-7.8

1.6

cereals

 58 192

5.4

-23.8

21.9 times

31.6

beverages, spirits and vinegar

 52 729

4.9

-10.1

32.7

3.2

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

 40 270

3.7

-22.8

-20.8

-18.4

miscellaneous grains, seeds and fruit; industrial or medicinal plants

 39 919

3.7

50.9

6.4 times

2.8 times

furniture, other furnishing articles; prefabricated buildings

 35 277

3.3

8.2

5.1

4.0

articles of iron or steel

 35 155

3.3

-11.3

-8.2

-5.6

mineral fuels, mineral oils and products of their distillation

 34 828

3.2

-23.1

-2.7

-14.1

 

The rise in imports of electrical machinery and equipment in August 2020, as compared to August 2019, was facilitated by an increase in imports of mobile telephones by EUR 12.7 mln or 36.6%. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil by EUR 22.2 mln or 36.1%.


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

 

thousand EUR

% of

total

Changes as %, compared to

August 2019

July 2020

average of previous 12 months

Total

 1 232 370

 100

-4.8

-7.3

-1.1

electrical machinery and equipment

 162 942

 13.2

 20.7

-2.5

 10.9

machinery and mechanical appliances

 115 555

 9.4

 1.3

-7.9

-4.3

mineral fuels, mineral oils and products of their distillation

 92 198

 7.5

-38.3

-7.6

 0.8

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

 69 971

 5.7

-25.7

-26.8

-23.7

beverages, spirits and vinegar

 56 234

 4.6

 4.0

-0.1

 21.7

pharmaceutical products

 53 090

 4.3

 9.3

-5.9

-1.0

plastics and articles thereof

 49 399

 4.0

-4.7

-15.7

-6.0

wood and articles of wood; wood charcoal

 48 080

 3.9

 1.7

 0.8

 5.3

iron and steel

 38 688

 3.1

 5.6

-31.1

-11.2

articles of iron or steel

 35 838

 2.9

-8.1

-5.3

 13.4







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