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Thursday, 28.03.2024, 18:33
Foreign trade balance has improved in Latvia in October
In October Latvia exported goods in amount of 1,053.6 mln euros, but imported – in amount of 1,135.6 mln euros. Therefore foreign trade balance improved and exports in total foreign trade value increased to 48.1% (in September 2014 – 44.5%).
Latvia’s foreign trade, in mln euros (1) |
Foreign trade balance in October was significantly affected by the increase in exports of vegetable products by 41.5 mln euros or 64.9%, compared to September. Of which exports of wheat and meslin, and brans rose by 27.5 mln euros or 75.6%.In October it was mostly exported to Iran – 25.7 mln euros, South Africa – 11.3 mln euros, Germany – 7.0 mln euros and Lithuania – 6.0 mln euros.
Main changes in exports in October, compared to September:
· exports of machinery and mechanical appliances; electrical equipment grew by 26.7 mln euros or 19.1%,
· exports of prepared foodstuffs rose by 26.2 mln euros or 26.2%,
· exports of mineral products increased by 12.7 mln euros or 14.8%,
· exports of products of the chemical and allied industries reduced by 2.1 mln euros or 3.1%.
Main changes in imports in October, compared to September:
· imports of vehicles and associated transport equipment dropped by 11.6 mln euros or 15.2%,
· imports of vegetable products reduced by 8.8 mln euros or 18.3%,
· imports of textiles and textile articles decreased by 7.2 mln euros or 11.6%,
· imports of mineral products rose by 14.0 mln euros or 8.4%,
· imports of wood and articles of wood increased by 6.3 mln euros or 23.3%.
Foreign trade of Latvia by country group in October 2014, at current prices
|
Exports |
Imports |
||||
|
mln euros |
% of total |
In % (+, –) over September 2014 |
mln euros |
% of total |
In % (+, –) over September 2014 |
Total |
1 053.6 |
100 |
+15.3 |
1 135.6 |
100 |
-0.2 |
Member States of the European Union |
723.4 |
68.7 |
+12.2 |
909.2 |
80.1 |
-1.2 |
Euro area countries |
308.7 |
29.3 |
+14.0 |
451.2 |
39.7 |
-2.8 |
CIS countries |
166.1 |
15.8 |
+7.3 |
125.8 |
11.1 |
+6.2 |
Other countries |
164.1 |
15.6 |
+43.2 |
100.6 |
8.9 |
+1.5 |
In October main export partners were Lithuania (18.5% of total export), Estonia (10.4%), Germany (7.0%) and Sweden (5.3%); main import partners were Lithuania (18.5% of total import), Poland (11.9%), Germany (9.7%) and Estonia (8.1%).
Main partner in trade with third countries was Russia, share of which in total exports of Latvia in October comprised 11.9%, but in imports – 8.4%.
In October 2014, compared to October 2013, exports value of goods rose by 7.2%, but exports value of goods – dropped by 5.4%.
Changes of main commodities in Latvia’s exports in October 2014, at current prices
|
thsd euros |
% of total |
% (+, –) over |
||
October 2013 |
September 2014 |
average of previous 12 months |
|||
Total |
1 053 567 |
100 |
+7.2 |
+15.3 |
+24.5 |
wood and wood products; wood charcoal |
156 254 |
14.8 |
+9.9 |
+6.4 |
+9.5 |
electrical machinery and equipment |
118 489 |
11.2 |
+29.4 |
+32.0 |
+30.1 |
mineral fuels, mineral oils and products of their distillation |
93 144 |
8.8 |
+11.2 |
+17.1 |
+43.7 |
cereals |
81 439 |
7.7 |
+28.6 |
+92.4 |
+3.2 times |
beverages, spirits and vinegar |
81 146 |
7.7 |
+41.8 |
+31.2 |
+91.6 |
machinery and mechanical appliances |
48 410 |
4.6 |
+1.2 |
-3.9 |
+10.7 |
articles of iron and steel |
34 865 |
3.3 |
+11.5 |
+9.6 |
+22.0 |
vehicles other than railway or tramway |
34 149 |
3.2 |
+0.9 |
+11.9 |
+3.1 |
iron and steel |
31 750 |
3.0 |
+31.2 |
+25.5 |
-0.5 |
other furniture and furnishings |
27 155 |
2.6 |
+27.2 |
+24.1 |
+33.4 |
pharmaceutical products |
26 608 |
2.5 |
-14.5 |
-16.1 |
-3.6 |
Rise of exports of alcoholic and non-alcoholic beverages in October 2014, as compared to October 2013, was affected by the increase in exports of spirits by 15.0 mln euros or 31.9%. In turn, exports of pharmaceutical products dropped as exports of medicaments decreased by 5.3 mln euros or 19.4%.
Changes of main commodities in Latvia’s imports in October 2014, at current prices
|
thsd euros |
% of total |
% (+, –) over |
||
October 2013 |
September 2014 |
average of previous 12 months |
|||
Total |
1 135 644 |
100 |
-5.4 |
-0.2 |
+8.6 |
mineral fuels, mineral oils and products of their distillation |
175 322 |
15.4 |
-11.0 |
+9.0 |
+16.2 |
electrical machinery and equipment |
134 887 |
11.9 |
+16.5 |
+2.5 |
+23.8 |
machinery and mechanical appliances |
92 079 |
8.1 |
-6.4 |
-0.01 |
+2.9 |
vehicles other than railway or tramway |
59 227 |
5.2 |
-35.5 |
-5.6 |
-16.1 |
plastics and articles thereof |
46 131 |
4.1 |
-1.5 |
-1.9 |
+8.8 |
iron and steel |
45 580 |
4.0 |
-4.8 |
+3.6 |
+15.6 |
pharmaceutical products |
40 192 |
3.5 |
-21.2 |
-10.0 |
-6.6 |
wood and wood products; wood charcoal |
32 994 |
2.9 |
+46.8 |
+24.1 |
+29.7 |
Rise of imports of wood and wood products; wood charcoal in October 2014, as compared to October 2013, was mostly affected by the increase in imports of sawn wood of 4.0 mln euros or 2 times. In turn, decline in imports of passenger cars by 14.7 mln euros or by 37.3% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.
More information on Latvia’s foreign trade by month and quarter, by country group and commodity group is available in the CSB data base section "Foreign trade" Short term statistical data.
1 Data on January and July 2014 have been revised.