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

International Internet Magazine. Baltic States news & analytics Wednesday, 22.05.2019, 10:13

In October foreign trade turnover in goods in Latvia was 13.3% larger than last year

Lilita Laganovska Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 11.12.2018.Print version
Provisional data of the Central Statistical Bureau show that in October 2018 the foreign trade turnover of Latvia amounted to EUR 2.66 bn, which at current prices was 13.3% more than in October 2017, of which the exports value of goods was 6.8 % and imports value of goods was 18.8% higher. In October, Latvia exported goods in the amount of EUR 1.16 bn, but imported in the amount of EUR 1.50 bn. Compared to October 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.2% to 43.6%.

Over the first ten months of this year, the foreign trade turnover of Latvia at current prices reached EUR 23.16 bn – EUR 2.08 bn or 9.9% more than in the corresponding period of 2017. The exports value constituted EUR 10.22 bn (an increase of EUR 780.4 mln or 8.3%), whereas the imports value – EUR 12.94 bn (an upturn of EUR 1.30 mln or 11.1%).




Calendar and seasonally adjusted data show that, compared to October 2017, in October 2018 the exports value at current prices went up by 5.1% and the imports value – by 16.0%, whereas, compared to the previous month, the exports value decreased by 0.4% and the imports value – by 5.0%.

 

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

  • exports of wood and articles of wood up by EUR 34.9 mln or 20.1%,
  • exports of machinery and mechanical appliances; electrical equipment up by EUR 30.9 mln or 17.8%,
  • exports of products of the chemical and allied industries up by EUR 22.8 mln or 28.7%,
  • exports of basic metals and articles of basic metals up by EUR 10.7 mln or 11.3%,
  • exports of vegetable products down by EUR 38.9 mln or 38.5%.

 

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

  • imports of vehicles and associated transport equipment up by EUR 66.7 mln or 57.7%,
  • imports of machinery and mechanical appliances; electrical equipment up by EUR 62.9 mln or 24.4%,
  • imports of mineral products up by EUR 32.3 mln or 25.3%,
  • imports of basic metals and articles of basic metals up by EUR 22.7 mln or 20.6%,
  • imports of wood and articles of wood up by EUR 16.9 mln or 42.4%.

 

In October, the main export partners of Latvia in trade with EU countries were Lithuania (16.7% of total exports), Estonia (11.3%), Sweden (6.7 %) and Germany (6.6%), whereas the main import partners were Lithuania (17.1% of total imports), Germany (10.2%), Poland (8.7%) and Estonia (6.8%).


Foreign trade of Latvia by country group in October 2018
(at current prices)


Exports

Imports

 

million EUR

% of

total

changes as %, compared to October 2017

million EUR

% of

total

changes as %, compared to October 2017

Total

1 157.0

100

6.8

1 499.1

100

18.8

European Union countries

815.8

70.5

8.7

1 065.9

71.1

8.2

euro area countries

544.2

47.0

6.7

794.1

53.0

8.1

CIS countries

161.1

13.9

8.6

193.7

12.9

33.5

other countries

180.1

15.6

-2.2

239.5

16.0

81.3


The main partner in trade with third countries was Russia, share of which in total Latvian exports in October accounted for 9.9%, but in imports – for 9.6%.


Rise of exports of pharmaceutical products in October 2018, as compared to October 2017, was affected by the increase in exports of medicines by EUR 9.2 mln or 27.0%. But exports of beverages, spirits and vinegar reduced as exports of whiskey dropped by EUR 5.8 mln or 21.6%.


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



Thousand EUR

As % of

total

Changes as %, compared to

October 2017

September 2018

average of previous 12 months

Total

1 157 047

100

6.8

11.9

13.7

wood and articles of wood; wood charcoal

208 289

18.0

20.1

17.4

16.2

electrical machinery and equipment

119 904

10.4

21.8

19.7

17.8

machinery and mechanical appliances

84 625

7.3

12.7

-10.0

5.3

beverages, spirits and vinegar

68 330

5.9

-6.9

8.9

29.0

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

63 451

5.5

14.7

31.2

10.3

mineral fuels, mineral oils and products of their distillation

48 499

4.2

9.9

22.6

18.3

pharmaceutical products

48 200

4.2

33.8

33.6

34.5

iron and steel

42 705

3.7

13.7

-0.3

4.5

articles of iron and steel

39 725

3.4

12.6

16.1

19.4

furniture, other furnishing articles; prefabricated buildings

33 568

2.9

5.7

20.4

12.7

 


 

Rise of imports in commodity group "aircraft, spacecraft, and parts thereof” in October 2018, compared to October 2017, was affected by purchase of aircrafts – increase of EUR 61.3 mln and imports of wood and articles of wood; wood charcoal grew as imports of sawn wood rose by EUR 6.3 mln or 52.4%.


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


 

Thousand EUR

As % of

total

Changes as %, compared to

October 2017

September 2018

average of previous 12 months

Total

1 499 102

100

18.8

8.3

19.1

machinery and mechanical appliances

161 815

10.8

29.5

13.1

9.5

electrical machinery and equipment

158 428

10.6

19.6

12.7

21.5

mineral fuels, mineral oils and products of their distillation

152 885

10.2

24.4

-20.4

33.9

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

116 005

7.7

8.0

27.1

7.6

iron and steel

64 603

4.3

26.6

10.9

22.1

aircraft, spacecraft and parts thereof

64 162

4.3

24.5 times

-1.5

2.1 time

pharmaceutical products

63 382

4.2

5.4

31.9

27.0

beverages, spirits and vinegar

56 786

3.8

2.6

-0.3

14.6

wood and articles of wood; wood charcoal

56 780

3.8

42.9

16.6

25.0

plastics and articles thereof

54 146

3.6

4.2

8.7

5.4

 






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