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Thursday, 28.03.2024, 17:54
In July, exports value of goods increased by 5%, imports – by 6.1%
Foreign trade balance slightly worsened as exports in total foreign trade value declined to 43.5% (in June 2015 – 43.8%).
Latvia’s foreign trade, mln euros (1) |
Data source: Central Statistical Bureau of Latvia
The largest contribution in the increase of foreign trade turnover in July 2015, compared to June, was in trade in machinery, mechanical appliances and electrical equipment. Exports of these goods rose by 23.1 mln euros or 15.8% as exports of monitors, projectors and television reception apparatus grew by 6.2 mln euros or 78.5% (majority was exported to Lithuania and Spain). At the same time imports of machinery, mechanical appliances and electrical equipment rose by 29.6 mln euros or 12.9% as imports of electronic integrated circuits grew by 6.8 mln euros or 3 times (majority was imported from Taiwan and Poland).
Main changes in exports in July, compared to June:
· exports of basic metals and articles of basic metals grew by 11.8 mln euros or 15.8%,
· exports of live animals and animal products increased by 8.5 mln euros or 28.4%,
· exports of prepared foodstuffs rose by 6.6 mln euros or 10.5%,
· exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments reduced by 8.5 mln euros or 37.7%.
Main changes in imports in July, compared to June:
· imports of mineral products rose by 11.4 mln euros or 9.5%,
· imports of products of the chemical and allied industries grew by 10.7 mln euros or 9.5%,
· imports of textiles and textile articles increased by 5.4 mln euros or 15.3%,
· imports of vehicles and associated transport equipment dropped by 9.6 mln euros or 11.2%.
In July main export partners were Lithuania (20.0% of total export), Estonia (12.2%), Germany (6.4%) and Poland (5.5%), but main import partners were Lithuania (18.4% of total import), Germany (11.5%), Poland (9.6%) and Estonia (8.1%).
Foreign trade of Latvia by country group in July 2015, at current prices
|
Exports |
Imports |
||||
|
mln euros |
% of total |
In % (+, –) over June 2015 |
mln euros |
% of total |
% (+, –) over June 2015 |
Total |
851.3 |
100 |
+5.0 |
1 103.7 |
100 |
+6.1 |
Member States of the European Union |
608.0 |
71.4 |
+2.5 |
885.1 |
80.2 |
+5.3 |
Euro area countries |
425.8 |
50.0 |
+6.8 |
660.4 |
59.8 |
+8.1 |
CIS countries |
114.2 |
13.4 |
+7.2 |
115.8 |
10.5 |
+5.1 |
Other countries |
129.1 |
15.2 |
+16.4 |
102.8 |
9.3 |
+14.6 |
The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.1%, and in imports – for 7.0%.
In July 2015, compared to July 2014, rise was observed in trade with pharmaceutical products which was affected by increase in exports of medicaments of 7.3 mln euros or 44.7% and in imports – by 7.9 mln euros or 28.9%. In turn, trade in vehicles other than railway or tramway, parts and accessories witnessed a drop as exports of passenger cars decreased by 12.3 mln euros or 64.0% and imports – by 18.5 mln euros or 47.9%.
Changes of main commodities in Latvia’s export in July 2015, at current prices
|
thsd euros |
% of total |
% (+, –) over |
||
July 2014 |
June 2015 |
average of previous 12 months |
|||
Total |
851 336 |
100 |
+0.4 |
+5.0 |
-1.6 |
Wood, wood products and wood charcoal |
145 714 |
17.1 |
-1.0 |
-3.5 |
+1.3 |
electrical machinery and equipment |
112 331 |
13.2 |
+3.4 |
+16.4 |
+1.9 |
mineral fuels, mineral oils and products of their distillation |
61 694 |
7.2 |
-15.5 |
+10.6 |
-4.7 |
machinery and mechanical appliances |
56 972 |
6.7 |
+19.8 |
+14.8 |
+17.1 |
iron and steel |
42 045 |
4.9 |
+12.9 |
+29.4 |
+36.3 |
beverages, spirits and vinegar |
35 311 |
4.1 |
-3.5 |
+41.5 |
-12.2 |
vehicles other than railway or tramway, parts and accessories |
29 869 |
3.5 |
-29.3 |
-2.4 |
-20.1 |
pharmaceutical products |
29 370 |
3.4 |
+49.5 |
+0.6 |
+12.8 |
articles of iron and steel |
29 324 |
3.4 |
+7.1 |
+6.7 |
+4.7 |
plastics and articles thereof |
22 539 |
2.6 |
+3.7 |
+1.5 |
+7.1 |
furniture, other furnishing articles, prefabricated buildings |
20 869 |
2.5 |
-2.5 |
-16.4 |
-7.1 |
Increase of exports of machinery and mechanical appliances in July 2015, as compared to July 2014, was affected by the increase in exports of industrial or laboratory equipment for the heat treatment of materials by 4.2 mln euros or 4.8 times. In its turn, exports of mineral fuels, mineral oils and products of their distillation reduced as exports of diesel oil decreased by 10.9 mln euros or 24.5%.
Changes of main commodities in Latvia’s import in July 2015, at current prices
|
thsd euros |
% of total |
% (+, –) over |
||
July 2014 |
June 2015 |
average of previous 12 months |
|||
Total |
1 103 655 |
100 |
+2.2 |
+6.1 |
+4.2 |
electrical machinery and equipment |
130 233 |
11.8 |
-9.3 |
-1.0 |
-2.9 |
machinery and mechanical appliances |
128 992 |
11.7 |
+23.5 |
+31.6 |
+35.0 |
mineral fuels, mineral oils and products of their distillation |
123 421 |
11.2 |
-4.5 |
+8.4 |
-7.8 |
vehicles other than railway or tramway, parts and accessories |
66 656 |
6.0 |
-18.3 |
-11.6 |
-8.2 |
pharmaceutical products |
52 607 |
4.8 |
+39.5 |
+12.8 |
+24.9 |
plastics and articles thereof |
45 314 |
4.1 |
-1.2 |
-7.6 |
+2.5 |
iron and steel |
38 901 |
3.5 |
-0.1 |
-0.1 |
+1.9 |
Wood, wood products and wood charcoal |
31 086 |
2.8 |
+27.9 |
-0.7 |
+5.1 |
beverages, spirits and vinegar |
29 469 |
2.7 |
+13.0 |
+10.5 |
+3.2 |
Rise of imports of wood, wood products and wood charcoal in July 2015, as compared to July 2014, was affected by the increase in imports of laminated wood of 1.5 mln euros or 70.9%. In turn, decline in imports of mobile telephones by 22.0 mln euros or by 39.7% influenced drop in imports of electrical machinery and equipment.
More information on foreign trade of Latvia by month and quarter, by country group and commodity group is available in the CSB data base section Foreign Trade.
1 Data on April 2015 have been revised.