Analytics, Baltic Export, Foreign trade , Latvia

The provisional data of the Central Statistical Bureau show that in the first half of this year the volume of goods exported at current prices increased by 74.5 mln euros or 1.6%, but volume of imports reduced by 55.0 mln euros or 0.9% as compared to the first half of previous year.

In the result foreign trade balance of goods in the first half of 2014 has improved slightly – share of exports in total foreign trade value has reached 44.5%. In the corresponding period of 2013 it was 43.9%.

Foreign trade of Latvia at current prices by quarters, mln euros

Data source: Central Statistical Bureau of Latvia

Excluding impact of price changes, in the first six months of this year exports volume at constant prices grew by 3.4%, but imports volume reduced by 0.1%.

Changes of exports at current and constant prices by quarters

Changes of imports at current and constant prices by quarters

Grouping exporters and importers of goods by their main economic activity, information on how many goods are imported or exported by enterprises belonging to certain sector can be obtained.

Structure of foreign trade of Latvia according to the kind of economic activity of enterprises by NACE Rev. 2 classification in January – June 2014, at current prices

In the first half of 2014 the largest amount of goods – two fifths of the total value of exports – was exported by enterprises whose main activity is wholesale and retail trade. Compared to the corresponding period of the previous year exports of these enterprises rose by 3.5 mln euros or 0.2%.At the same time exports of enterprises of the second largest sector – manufacturing (almost two fifths of the total value of exports) reduced by 127.0 mln euros or 6.3%.

Also in imports the largest amount of goods – three fifths of the total value of imports –was imported by enterprises whose main activity is wholesale and retail trade.However, compared to the first six months of 2013, amount of goods imported by these enterprises shrank by 52.6 mln euros or 1.4%.

Growth both of exports and imports was observed in enterprises of the construction sector – in exports by 9.9 mln euros or 27.3% and imports – 10.2 mln euros or 14.2%.

Statistical data grouped on foreign trade accordingly final consumption of goods show that in the first six months of the year, compared to the first half of 2013, exports of capital goods has reduced by 1.7%, but imports – by 8.2%. Share of these goods in exports comprised 11.2%, but in imports – 12.2%. Capital goods consist of fixed assets, raw materials and other materials foreseen for the further processing.

More information on Latvia’s foreign trade by quarters by kind of activity of enterprises (NACE Rev. 2) and by classification of Broad Economic Categories, Rev. 4 (BEC) is available in CSB database "Foreign trade" section Short term statistics.