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Wednesday 24.05.2017 | Name days: Marlēna, Ilvija, Ziedone
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Economic expert: export is like hockey – three victories in a row

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvia’s team has got three great victories in the World Hockey Championship. The situation is similar in exports – three months of capable growth at the beginning of the year. According to data from the Central Statistical Bureau of Latvia, the value of export goods in March exceeded 13.2% in comparison with the year before, comments Swedbank economic expert Agnese Buceniece.

The expert also mentioned that part of the increase can be explained with export price increase, which was 2% in March. The good news is that there has been mainly an increase in volumes. The value of import goods reached 15.2% for that month. In imports, the largest contribution was provided by metals and their products, which means increasing activity in the construction sector. According to initial data from CSB, added value in the industry has grown by approximately 8%.

Export value has grown in nearly all of the largest categories of goods. The value of exported agricultural and food products has grown by 23.9%. This was contributed by exports of drinks (mainly to Russia), dairy products (to Lithuania) and fish (to Poland and Norway). In February, the expected export value decline for wood and its products turned out to be nothing more than a transition, because in March wood-workers experienced an increase close to 20% annually. This industry has managed to more than compensate the export value decline to Britain in March (-5% or EUR 1.6 million) by exporting Sweden, Estonia and Germany.

«It is possible that Brexit’s caused uncertainty and slowing of Britain’s economic growth in Q1 and lowered value of pound sterling is starting to negatively affect the logging industry. Nevertheless, it is too early for conclusions, considering that the total export value to Britain had grown 10% in March,» the economic expert comments on CSB data.

She comments on export data the following way: «If we look at the results table, exports turned out ahead. CSB’s flash estimate shows that Latvia’s economic growth had sped up in Q1, reaching 3.9%. Export growth of goods and services in Q1 seemed like it had exceeded 10%. Because there is no way to win with export alone, it is important to maintain high export growth in future months.»

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