Analytics, Baltic Export, Foreign trade , Good for Business, Latvia, Markets and Companies

In June, Latvia exported goods in the amount of EUR 920.3 mln, and imported goods in the amount of EUR 1.23 bln. The foreign trade balance worsened, as exports in the total foreign trade value fell to 42.8% (in June 2016 – 45.5%).

During the first half of the present year, the foreign trade turnover of Latvia at current prices reached EUR 12.02 bln – EUR 1.31 bln or 12.3% more than in the corresponding period of 2016. The exports value constituted EUR 5.39 bln (an increase of EUR 501.5 mln or 10.3%), whereas the imports value comprised EUR 6.62 bln (an upturn of EUR 810.6 mln or 13.9%).

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

-       exports of base metals and articles of base metals up by EUR 29.0 mln or 41.7%;

-       exports of machinery and mechanical appliances; electrical equipment up by EUR 20.6 mln or 13.7%;

-       exports of prepared foodstuffs up by EUR 16.9 mln or 25.7%;

-       exports of live animals and animal products up by EUR 8.9 mln or 28.6%;

-       exports of wood and articles of wood up by EUR 7.7 mln or 5.0%;

-       exports of vehicles, aircraft, vessels and associated transport equipment down by EUR 4.8 mln or 8.2%.

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

-       imports of base metals and articles of base metals up by EUR 32.5 mln or 42.4%;

-       imports of prepared foodstuffs up by EUR 27.2 mln or 33.7%;

-       imports of machinery and mechanical appliances; electrical equipment up by EUR 26.4 mln or 12.2%;

-       imports of products of the chemical and allied industries up by EUR 25.4 mln or 25.9%;

-       imports of mineral products up by EUR 18.0 mln or 19.2%.

In June, the main export partners of Latvia in trade with the EU countries were Lithuania (16.8% of total exports), Estonia (11.5%), Germany (6.9%) and Sweden (6.6%), whereas the main import partners – Lithuania (19.5% of total imports), Germany (10.6%), Poland (9.1%) and Estonia (7.3%).

Foreign trade of Latvia in June 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 June accounted for 9.0%, whereas in imports – for 6.3%.

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

Rise in the exports of iron and steel in June 2017, compared to June 2016, was facilitated by the increase in exports of waste and scrap of cast iron of EUR 17.0 mln or 12 times. In its turn, exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof reduced, as exports of passenger cars dropped by EUR 4.8 mln or 23.3%.

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

Growth in the imports of beverages, spirits and vinegar in June 2017, compared to June 2016, was facilitated by the increase in imports of spirits of EUR 15.6 mln or 2.6 times. Meanwhile, decline in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mainly influenced by the reduction in imports of transport vehicles for transportation of 10 and more persons of EUR 5.3 mln or 90.5%.

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.