Analytics, Foreign trade , Latvia, Statistics

Over the first seven months of this year, the foreign trade turnover of Latvia at current prices reached EUR 16.25 bn – EUR 356.7 mln or 2.2% more than in the corresponding period of 2018. The exports value constituted EUR 7.22 bn (an increase of EUR 47.3 mln or 0.7 %), whereas the imports value – EUR 9.03 bn (an upturn of EUR 309.4 mln or 3.5%).

Calendar and seasonally adjusted data show that, compared to July 2018, in July 2019 the exports value at current prices went down by 1.5% and the imports value – by 6.7%, whereas, compared to the previous month, the exports value went up by 1.6% and the imports value – by 3.8%.

Main changes in exports in July 2019, compared to July 2018:

• exports of basic metals and articles of basic metals up by EUR 12.1 mln or 12.9%,
• exports of prepared foodstuffs up by EUR 11.2 mln or 12%,
• exports of products of the chemical and allied industries up by EUR 8.1 mln or 11.2%,
• exports of wood and articles of wood up by EUR 14.3 mln or 7.5%,
• exports of machinery and mechanical appliances; electrical equipment down by EUR 11.4 mln or 5.8%.
• 
  

Main changes in imports in July 2019, compared to July 2018:

• imports of mineral products up by EUR 29.6 mln or 20.6%,
• imports of products of the chemical and allied industries up by EUR 16.5 mln or 14.3%,
• imports of plastics and articles thereof up by EUR 10 mln or 13.6%,
• imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 68.6 mln or 35.2%, 
• imports of machinery and mechanical appliances; electrical equipment down by EUR 32.2 mln or 10.4%.
• 
  

In July, the main export partners of Latvia in trade with EU countries were Lithuania (19.2% of total exports), Estonia (11.4%), Germany (7.2%) and United Kingdom (5.8%). whereas the main import partners were Lithuania (18.7% of total imports), Germany (11. %), Poland (9.1%) and Estonia (8.9%). The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.8%, and in imports – for 8.2%.

In July 2019, compared to July 2018, share of the European Union countries in Latvian foreign trade grew – by 1.1 percentage point in the total exports value and by 4.5 percentage points in the imports value. Rise in share of CIS countries comprised 1.4 percentage points in exports and 2.5 percentage points in imports.

Foreign trade of Latvia in July 2019 by country group
(at current prices)

In July 2019 foreign trade balance of Latvia was positive with 114 partner countries as exports value of goods exceeded imports value of goods. It was negative in trade with 53 countries.

Rise of exports of iron and steel in July 2019, as compared to July 2018, was mostly affected by the increase in exports of structural iron and steel of EUR 2.8 mln or 26.9%. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 39.6 mln or 99.2%.

Main commodities in exports of Latvia in July 2019
(at current prices)

Rise of imports of mineral fuels, mineral oils and products of their distillation in July 2019, as compared to July 2018, was affected by the increase in imports of natural gas of EUR 31.9 mln. In turn, reduction in imports of machinery and mechanical appliances was mostly influenced by decrease in imports of turbojets, turbopropellers and other gas turbines by EUR 49.1 mln or 96%.

Main commodities in imports of Latvia in July 2019
(at current prices)