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

In June, Latvia exported goods in the amount of EUR 858.2 mln, and imported goods in the amount of EUR 1.18 bln.  The foreign trade balance worsened, as exports in the total foreign trade value fell to 42.1% (in July 2016 – 45.1%).

During the first seven months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 14.06 bln – EUR 1.58 bln or 12.6% more than in the corresponding period of 2016. The exports value constituted EUR 6.25 bln (an increase of EUR 551.1 mln or 9.7%), whereas the imports value comprised EUR 7.82 bln (an upturn of EUR 1.03 mln or 15.1%).

Calendar and seasonally adjusted data show that, compared to July 2016, in July of the present year, the exports value at current prices went up by 7.0% and the imports value by 19.9%, whereas compared to the month before, the exports value fell by 1.4% and the imports value by 3.1%.

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

-       exports of prepared foodstuffs up by EUR 34.0 mln or 60.1%;
-       exports of base metals and articles of base metals up by EUR 16.0 mln or 26.8%;
-       exports of machinery and mechanical appliances; electrical equipment up by EUR 15.4 mln or 10.7%;
-       exports of live animals and animal products up by EUR 9.9 mln or 30.3%;
-       exports of vehicles, aircraft, vessels and associated transport equipment down by EUR 39.9 mln or 46.6%.

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

-       imports of machinery and mechanical appliances; electrical equipment up by EUR 43.1 mln or 20.5%;
-       imports of prepared foodstuffs up by EUR 33.7 mln or 41.1%;
-       imports of base metals and articles of base metals up by EUR 30.4 mln or 43.1%;
-       imports of mineral products up by EUR 18.1 mln or 20.4%;
-       imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 23.0 mln or 22.0%.

In July, Lithuania (with 17.1% of the total exports), Estonia (10.7%), Germany (7.8%) and Sweden (6.1%) were the main export partners of Latvia in trade with the EU countries, and Lithuania (with 18.0% of the total imports), Germany (11.2%), Poland (8.4%) and Estonia (7.2%) were the main import partners.

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

Russia was the main partner in trade with the third countries; in July, its share accounted for 10.5% in the total Latvian exports and for 7.5% in the total Latvian imports.

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

Rise in exports of alcoholic and non-alcoholic beverages in July 2017, compared to July 2016, was facilitated by the increase in exports of spirits by EUR 19.9 mln or 2.3 times. In its turn, exports of mineral fuels, mineral oils and products of their distillation reduced, as exports of diesel oil dropped by EUR 9.7 mln or 45.2%.

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

Growth in the imports of beverages, spirits and vinegar in July 2017, compared to July 2016, was facilitated by the increase in imports of spirits by EUR 17.5 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 passenger cars of EUR 14.2 mln or 34.0%.

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.