Analytics, Foreign trade , Good for Business, Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Thursday, 16.08.2018, 14:39

June, foreign trade turnover in goods in Latvia was 9.1% higher than in 2017 i

Lilita Laganovska, Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 09.08.2018.Print version
Provisional data of the Central Statistical Bureau (CSB) show that in June 2018 foreign trade turnover of Latvia amounted to EUR 2.37 bln, which at current prices was 9.1% more than in June 2017, of which the exports value of goods rose by 10.7% and imports value of goods by 7.9%.

In June, Latvia exported goods in the amount of EUR 1.03 bln and imported in the amount of EUR 1.33 bln. Compared to the June 2017, foreign trade balance improved slightly, as exports in the total foreign trade amount rose from 43.1% to 43.7%.




During the first half of this year, Latvian foreign trade turnover at current prices reached EUR 13.14 bln – EUR 1.06 mln or 8.7% more than in the corresponding period of 2017. Exports value constituted EUR 5.96 bln (rise of EUR 524.6 mln or 9.7%), while imports value EUR 7.18 bln (increase of EUR 531.7 mln or 8.0%).


Calendar and seasonally adjusted data at current prices show that, compared to June 2017, in June 2018 exports value went up by 11.2% and imports value by 7.7%, whereas, compared to the previous month, exports value increased by 1.5%, and imports value by 6.6%.

Main changes in exports in June 2018, compared to June 2017:

  • exports of vegetable products up by EUR 39.2 mln or 2.2 times;
  • exports of wood and articles of wood up by EUR 27.5 mln or 17.0%,
  • exports of machinery and mechanical appliances; electrical equipment up by EU 13.4 mln or 7.5%;
  • exports of the chemical and allied industries up by EUR 10.3 mln or 14.2%;
  • exports of live animals; animal products down by EUR 2.4 mln or 5.3%.

Main changes in imports in June 2018, compared to June 2017:

  • imports of machinery and mechanical appliances; electrical equipment up by EUR 60.2 mln or 24.1%;
  • imports of the chemical and allied industries up by EUR 18.1 mln or 15.7%;
  • imports of wood and articles of wood up by EUR 16.1 mln or 43.8%;
  • imports of vegetable products up by EUR 10.9 mln or 28.3%;
  • imports of mineral products down by EUR 5.9 mln or 5.3%.


In June, Lithuania (15.5% of the total exports), Estonia (11.4%), Sweden (6.7%) and Germany (6.4%) were the main export partners of Latvia in trade with the EU countries, whereas Lithuania (17.1% of the total imports), Germany (10.4%), Poland (9.6%) and Estonia (7.8%) were the main import partners.


Russia was the main partner in trade with third countries; in June its share in the total Latvian exports accounted for 9.0% and in imports for 5.1%.


Foreign trade of Latvia in June 2018 by country group

(at current prices)

 

Exports

Imports

 

million euros

% of total

changes as %, compared to June 2017

million euros

% of total

changes as %, compared to June 2017

Total

1 033.8

100

10.7

1 331.5

100

7.9

European Union countries

708.9

68.6

9.5

977.9

73.4

4.4

euro area countries

477.8

46.2

8.2

727.6

54.6

4.2

CIS countries

132.6

12.8

7.7

112.1

8.4

-5.0

other countries

192.3

18.6

18.0

241.5

18.2

34.2

Rapid growth in exports of cereals in June 2018, compared to June of the previous year, was mostly influenced by the increase in exports of wheat and meslin of EUR 19.7 mln or 2.8 times. Exports of electrical machinery and equipment fell as exports of telephones for cellular networks dropped by EUR 28.5 mln or 61.6%.


Main commodities in exports of Latvia in June 2018
(at current prices)

 

thousand euros

% of

total

Changes as %, compared to

June 2017

May 2018

average of previous 12 months

Total

1 033 752

100

10.7

-1.3

4.0

wood and articles of wood; wood charcoal

188 648

18.2

17.0

-4.6

13.6

machinery and mechanical appliances

96 159

9.3

52.4

-0.5

26.8

electrical machinery and equipment

94 874

9.2

-17.2

-2.7

-8.9

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

55 041

5.3

11.5

-7.3

-0.7

cereals

45 167

4.4

3.4 times

4.1 times

28.4

beverages, spirits and vinegar

43 980

4.3

1.2

-20.0

-15.6

iron and steel

43 752

4.2

0.1

-13.5

11.7

pharmaceutical products

42 042

4.1

8.8

29.3

18.3

mineral fuels, mineral oils and products of their distillation

41 495

4.0

11.7

0.4

1.1

articles of iron or steel

34 936

3.4

8.9

0.2

6.7


In June 2018, compared to June 2017, the rise in imports of machinery and mechanical appliances; electrical equipment was influenced by the increase in imports of turbojets, turbopropellers and other gas turbines – of EUR 62.9 mln. At the same time, the decline in imports of electrical machinery and equipment was mainly affected by the drop in imports of telephones for cellular networks – of EUR 27.1 mln or 53.0%.

Main commodities in imports of Latvia in June 2018
(at current prices)

 

thousand euros

% of

total

Changes as %, compared to

June 2017

May 2018

average of previous 12 months

Total

1 331 462

100

7.9

4.2

10.4

machinery and mechanical appliances

193 618

14.5

71.4

0.6

42.9

electrical machinery and equipment

116 311

8.7

-14.9

-2.2

-11.1

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

114 019

8.6

8.5

6.7

9.5

mineral fuels, mineral oils and products of their distillation

97 699

7.3

-7.3

4.7

-4.7

pharmaceutical products

59 603

4.5

11.8

16.6

19.1

plastics and articles thereof

57 817

4.3

8.0

2.4

13.0

beverages, spirits and vinegar

57 409

4.3

21.2

-3.1

19.4

wood and articles of wood; wood charcoal

52 479

3.9

44.1

-3.4

26.1

iron and steel

50 579

3.8

-6.9

-17.4

1.6

articles of iron or steel

34 454

2.6

19.8

4.8

18.3

 


 






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