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In May, Latvia exported goods in the amount of EUR 936.9 mln, and imported goods in the amount of EUR 1.15 bln. The foreign trade balance worsened slightly, as exports in the total foreign trade value fell to 45.0% (in May 2016 – 45.7%).

During the first five months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 9.78 bln – EUR 876.3 mln or 9.8% more than in the corresponding period of 2016.  The exports value constituted EUR 4.4 bln (an increase of EUR 332.4 mln or 8.2%), whereas the imports value comprised EUR 5.37 bln (an upturn of EUR 543.8 mln or 11.3%).

Foreign trade of Latvia, mln EUR

Data source: CSB
Notes: data on July, August, September 2016 and February 2017 have been revised.

Main changes in exports in May 2017, compared to May 2016:

-       exports of prepared foodstuffs up by EUR 21.0 mln or 33.7%;

-       exports of wood and articles of wood up by EUR 10.8 mln or 7.0%;

-       exports of live animals and animal products up by 10.2 mln euros or 34.5%;

-       exports of machinery and mechanical appliances; electrical equipment up by EUR 9.8 mln or 6.4%;

-       exports of base metals and articles of base metals down by EUR 9.6 mln or 10.6%.

Main changes in imports in May 2017, compared to May 2016:

-       imports of prepared foodstuffs up by EUR 29.2 mln or 36.5%;

-       imports of mineral products up by EUR 25.2 mln or 29.2%;

-       imports of machinery and mechanical appliances; electrical equipment up by EUR 22.7 mln or 10.6%;

-       imports of base metals and articles of base metals up by EUR 20.2 mln or 25.5%;

-       imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 32.1 mln or 24.0%.

In May, the main export partners in trade with the EU countries were Lithuania (17.6% of total exports), Estonia (11.5%), Germany (7.2%) and Sweden (6.4%), whereas the main import partners were Lithuania (20.5% of total imports), Germany (11.2%), Poland (9.1%) and Estonia (8.4%).

Foreign trade of Latvia in May 2017 by country group, at current prices

Russia was the main partner in trade with third countries; its share in the total Latvian exports in May accounted for 8.2%, whereas in imports – for 6.1%.

Main commodities in exports of Latvia in May 2017, at current prices

Growth in the exports of beverages, spirits and vinegar in May 2017, as compared to May 2016, was facilitated by an increase in the exports of spirits (of EUR 6.5 mln or 35.3%) as well as rise in exports of fresh grape wine (of EUR 3.4 mln or 87.0%). In turn, exports of articles of iron and steel reduced, as exports of waste and scrap of cast iron dropped by EUR 15.0 mln or 73.8%.

Main commodities in imports of Latvia in May 2017, at current prices

Growth in the imports of beverages, spirits and vinegar in May 2017, as compared to May 2016, was facilitated by an increase in the imports of spirits (of EUR 6.2 mln or 52.5%) as well as rise in imports of fresh grape wine (of EUR 2.3 mln or 44.4%). Meanwhile, decline in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mainly influenced by reduction in the imports of passenger cars (of EUR 9.0 mln or 18.2%).

More information on foreign trade of Latvia in breakdown by month and quarter, as well as by country group and commodity group is available in the CSB database section Foreign Trade.