Analytics, Foreign trade , Latvia, Statistics

International Internet Magazine. Baltic States news & analytics Saturday, 29.02.2020, 00:12

In December foreign trade turnover of Latvia was 8.2% larger than a year ago

Lilita Laganovska Foreign Trade Statistics Methodology, Analysis and Dissemination Section, 12.02.2020.Print version
Provisional data of the Central Statistical Bureau show that in December 2019 the foreign trade turnover of Latvia amounted to EUR 2.4 bn, which at current prices was 8.2% larger than a year ago, of which the exports value of goods was 3.9 % higher, but imports value of goods – 11.6% higher.

In December, Latvia exported goods in the amount of EUR 1.01 bn, but imported in the amount of EUR 1.38 bn. Compared to December 2018, foreign trade balance has worsened as exports in total foreign trade amount decreased from 44% to 42.3%.


In 2019, the foreign trade turnover of Latvia at current prices reached EUR 28.52 bn – EUR 14.7 mln or 0.1% less than in 2018. The exports value constituted EUR 12.8 bn (an increase of EUR 52 mln or 0.4%), whereas the imports value – EUR 15.73 bn (a drop of EUR 66.7 mln or 0.4%).



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Calendar and seasonally adjusted data show that, compared to December 2018, in December 2019 the exports value at current prices went up by 2.7% and the imports value by 7.4%, whereas, compared to the previous month, the exports value went up by 4.1% and the imports value – by 11.6%.


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

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

In December, the main export partners of Latvia in trade with EU countries were Lithuania (16.4% of total exports), Estonia (11.4%), Germany (6.1%) and Sweden (5.6%), whereas the main import partners were Lithuania (16.2% of total imports), Germany (10.9%), Poland (8%) and Estonia (7.1%).


In exports Russia was the main partner in trade with third countries; its share in total Latvian exports in December accounted for 10.1%, whereas Canada was the main partner in imports – 12.6% of total imports.






In December 2019, compared to December 2018, share of the European Union countries in total exports value fell by 3.7 percentage points and in imports value – by 1.2 percentage points. Rise in share of CIS countries comprised 0.7 percentage points in exports and drop of 3.7 percentage points in imports.


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

 

Exports

Imports

 

mln EUR

% of

total

changes as %, compared to December 2018

mln EUR

% of

total

changes as %, compared to December 2018

Total

1 013.0

100

3.9

1 383.4

100

11.6

European Union countries

682.5

67.4

-1.5

993.1

71.8

9.7

euro area countries

476.9

47.1

3.1

737.9

53.3

10.2

CIS countries

155.8

15.4

8.7

109.2

7.9

-23.8

other countries

174.7

17.2

26.0

281.1

20.3

46.5

In December 2019 foreign trade balance of Latvia was positive with 122 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 46 countries.

Balance of foreign trade of Latvia

(difference between value of goods exports and imports, mln euros)




The rise in the exports of cereals in December 2019, as compared to December 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 28.3 mln or 2.4 times. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 7.9 mln or 45.5%.


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

 

thousand EUR

as % of

total

Changes as %, compared to

December 2018

November 2019

average of previous 12 months

Total

1 012 971

100

3.9

-10.8

-4.7

wood and articles of wood; wood charcoal

151 872

15.0

-11.3

-10.9

-17.9

electrical machinery and equipment

108 070

10.7

-2.9

-15.0

-3.9

machinery and mechanical appliances

72 203

7.1

22.7

9.0

16.5

beverages, spirits and vinegar

62 370

6.2

14.8

-23.5

14.2

cereals

60 118

5.9

96.6

68.4

47.6

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

42 706

4.2

-12.0

-20.3

-26.9

mineral fuels, mineral oils and products of their distillation

41 703

4.1

-19.6

-6.1

-15.9

pharmaceutical products

35 920

3.5

-17.5

-9.1

-11.7

furniture, other furnishing articles; prefabricated buildings

32 240

3.2

35.6

-15.3

2.2

articles of iron or steel

26 136

2.6

-5.5

-32.1

-29.5


Rise of imports in commodity group “aircraft, spacecraft, and parts thereof” in December 2019, compared to December 2018, was affected by purchase of aircrafts – increase of EUR 113.4 mln. In turn, decline in imports of iron and steel by EUR 15.1 mln or by 45.8% significantly influenced drop in imports of flat-rolled products of iron or non-alloy steel.


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

 

thousand EUR

as % of

total

Changes as %, compared to

December 2018

November 2019

average of previous 12 months

Total

1 383 389

100

11.6

10.7

6.5

aircraft, spacecraft and parts thereof

189 806

13.7

2.8 times

15.2 times

4.5 times

electrical machinery and equipment

149 729

10.8

19.4

-8.6

9.8

machinery and mechanical appliances

135 698

9.8

-8.7

17.6

7.5

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

107 171

7.7

1.5

10.2

-1.6

mineral fuels, mineral oils and products of their distillation

85 300

6.2

-9.8

-8.0

-27.2

pharmaceutical products

49 700

3.6

3.5

-2.8

-6.7

beverages, spirits and vinegar

45 066

3.3

4.6

-8.6

-7.7

plastics and articles thereof

43 617

3.2

6.4

-8.7

-17.7

wood and articles of wood; wood charcoal

43 129

3.1

3.3

-10.4

-9.6

iron and steel

33 435

2.4

-37.0

-16.1

-28.4

 

 







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