Analytics, Foreign trade , Latvia, Statistics

In August, Latvia exported goods in the amount of EUR 1.1 bn, but imported in the amount of EUR 1.28 bn. Compared to August 2018, foreign trade balance has improved as exports in total foreign trade amount increased from 42.7% to 46.3%.

Over the first eight months of this year, the foreign trade turnover of Latvia at current prices reached EUR 18.65 bn – EUR 131.3 mln or 0.7% more than in the corresponding period of 2018. The exports value constituted EUR 8.32 bn (an increase of EUR 31.7 mln or 0.4 %), whereas the imports value – EUR 10.33 bn (an upturn of EUR 99.6 mln or 1%).

Calendar and seasonally adjusted data show that, compared to August 2018, in August 2019 the exports value at current prices went down by 0.5% and the imports value – by 13.2%, whereas, compared to the previous month, the exports value went up by 1.7% ,but the imports value – reduced by 2.8%.

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

• exports of vegetable products up by EUR 63.7 mln or 2.1 times,
• exports of products of the chemical and allied industries up by EUR 19.2 mln or 27.7%,
• exports of machinery and mechanical appliances; electrical equipment down by EUR 43.9 mln or 20.1%,
• exports of wood and articles of wood down by EUR 31.6 mln or 15%,
• exports of vehicles and associated transport equipment down by EUR 17.1 mln or 24.1%. 

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

• imports of textiles and textile articles up by EUR 7.7 mln or 15.8%,
• imports of mineral products down by EUR 112.6 mln or 41.8%,
• imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 70.3 mln or 41.9%, 
• imports of machinery and mechanical appliances; electrical equipment down by EUR 43.2 mln or 15.4%,
• imports of basic metals and articles of basic metals down by EUR 15.5 mln or 13.7%.
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In August, the main export partners of Latvia in trade with EU countries were Lithuania (18% of total exports), Estonia (11.2%), Germany (7.6%) and Sweden (6.6%), whereas the main import partners were Lithuania (20.3% of total imports), Germany (10.4%), Poland (9.3%) and Estonia (8.4%). Russia was the main partner in trade with third countries; its share in total Latvian exports in August accounted for 10.2 %, whereas in imports – for 7.9%.

In August 2019, compared to August 2018, share of the European Union countries in Latvian foreign trade grew – by 0.5 percentage points in the total exports value and by 9.6 percentage points in the imports value. Rise in share of CIS countries comprised 1.5 percentage points in exports and drop of 4.1 percentage point in imports.

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

In August 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 44 countries.

The rise in the exports of cereals in August 2019, as compared to August 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 52.9 mln or 4.1 time. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 51.1 mln.

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

Rise of imports of iron and steel in August 2019, as compared to August 2018, was mostly affected by the increase in imports of articles of iron and steel for railways and tramways of EUR 2.4 mln or 10.7%. In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas in the gaseous state by EUR 73.8 mln or 66.1%.

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