International Internet Magazine. Baltic States news & analytics
Friday, 24.10.2014, 00:58
Lingerie manufacturer in Latvia and the other Baltic States, the public limited company New Rosme (along with partners) at the beginning of this month opened its first store in Iraq, the spokesperson for the company, Sigita Graudusa, told Nozare.lv, cites LETA.
Keyword tags: Baltic Export, Good for Business, Latvia, Markets and Companies, Textile
In his meeting with Lithuanian economic diplomats and representatives of Enterprise Lithuania (Versli Lietiva), Lithuania's Minister of Economy Evaldas Gustas presented the challenges posed to Lithuania by the Russian embargo and urged them not to give in in their search for new export markets for Lithuania's produce, informs LETA/ELTA.
The Ukrainian conflict has caused serious alterations in economy – business activity in Russia is hampered, however, Ukraine still offers excellent business opportunities, Girts Kronbergs, advisor to CEO of the Latvian Chamber of Commerce and Industry (LCCI), Janis Endzins, said in an interview with "Rietumu radio", writes LETA.
Managing Director of OÜ Krimelte Alar Salum said that their enterprise is aspiring to expand the geographic scope of its exports, and is targeting large Asian countries as potential new markets, writes Äripäev.ee/LETA.
Latvia's exports in the first seven months of the year 2014 increased by one% when compared with the same period last year, which is the smallest increase in the EU, according to Eurostat. Meanwhile, Lithuania saw a two% reduction in exports, while Estonia registered a 5% reduction, writes LETA.
Due to the difficult situation that emerged in Estonian dairy industry due to Russia's import embargo, Estonian milk producers call Estonians to drink more milk and launched on Wednesday a new brand "Estonian Milk", LETA/Postimees Online reports.
After being kicked out from the Russian market, Lithuania's food industry has rushed to refocus the directions of its exports and this way will prevent losses. However, as tensions in the East are not easing, industrialists expect some help from the government too, informs LETA/ELTA, referring to Vakaro zinios.
Regardless of the fact that current Latvian-Russian economic relations are troubled by the European Union and Russia's mutual sanctions, they could stabilize soon, reports LETA.
Statistics Lithuania informs that, based on non-final data obtained from customs declarations, Intrastat reporting and VAT returns data, exports in August 2014 amounted to LTL 7.1 billion (EUR 2 billion), imports – LTL 7.3 billion (EUR 2.1 billion).
Provisional data of the Central Statistical Bureau show that in August 2014 compared to the previous month exports value of goods at current prices decreased by 4.4%, and imports value of goods – by 6.3%.
According to Statistics Estonia, in August 2014, exports of goods decreased by 3% and imports by 6% at current prices compared to August of the previous year. The decrease in exports and imports was mostly influenced by the trade of mechanical appliances, electrical equipment and agricultural products and food preparations.
In his meeting on Wednesday with the United States Secretary of Agriculture, Thomas Vilsack, the Prime Minister of Lithuania was delivered good news about the final audit report on equivalence drafted by the United States Food Safety and Inspection Service (FSIS), confirming Lithuania’s compliance with the requirements of the United States and its equivalence to the US’s control system, informed BC governmental press service.
Russia's embargo has affected not only prices of milk, vegetables, and fruits, but also Latvia's pig-breeding industry, which is currently dominated by a critical situation with losses amounting to over EUR 1 million, the head of the Latvian Agricultural Organization Cooperation Council, Edgars Treibergs told the business portal Nozare.lv, cites LETA/NME.
Estonian food industry concern Premia Foods informed the Tallinn Stock Exchange that its unaudited consolidated turnover in the third quarter of 2014 increased, if compared to the third quarter of 2013, by 7.3%, i.e. 2.0 million euro, reaching 28.8 million euro, informs LETA.
Japan is interested in Lithuanian beef products and is waiting for them in the country's stores, said Japanese Ambassador to Lithuania Kazuko Shiraishi during her meeting with Lithuanian Minister of Agriculture Virginija Baltraitiene, informs LETA/ELTA.