In November, Latvia exported goods in the amount of EUR 970.3 million and imported goods in the amount of EUR 1.1 billion. The foreign trade balance improved slightly, as the exports in the total foreign trade value increased up to 47.0 % (46.8 % in October), according to data from the Central Statistical Bureau of Latvia.
During the eleven months of 2016, the foreign trade turnover of Latvia at current prices reached EUR 20.57 billion – EUR 450.2 million or 2.1 % less than in the corresponding period of 2015. The exports value amounted to EUR 9.44 billion (a drop of EUR 103.8 million or 1.1 %), whereas the imports value amounted to EUR 11.14 billion (a decline of EUR 346.4 million or 3.0 %).
Main changes in exports in November, compared to October, included the following: exports of vegetable products dropped by EUR 65.6 million or 54.6 %; exports of articles of stone, plaster, cement, glassware and ceramic products fell by EUR 6.4 million or 21.4 %; exports of machinery and mechanical appliances; electrical equipment grew by EUR 25.4 million or 17.4 %; exports of wood and articles of wood rose by EUR 25.4 million or 17.2 %; exports of prepared foodstuffs increased by EUR 15.4 million or 17.6 %.
Main changes in imports in November, compared to October, included the following: imports of basic metals and articles of basic metals dropped by EUR 22.0 million or 22.7 %; imports of prepared foodstuffs fell by EUR 10.3 million or 9.4 %; imports of textiles and textile articles declined by EUR 7.6 million or 16.7 %; exports of machinery and mechanical appliances; electrical equipment grew by EUR 20.2 million or 8.9 %; imports of products of the chemical and allied industries increased by EUR 9.5 million or 9.1 %.
In November, Lithuania (17.8 % of total exports), Estonia (11.6 %), Germany (8.3) and the United Kingdom (6.3 %) were the main export partners in trade with the EU countries, and Lithuania (18.2 % of total imports), Germany (12.6 %), Poland (9.9 %) and Estonia (7.5 %) were the main import partners.
Russia was the main partner in the trade with third countries; in November its share in the total Latvian exports grew up to 9.5 % (8.1 % in October), and the greatest increase was observed in the exports of spirits – of EUR 6.7 million or 29.4 %. In the meantime, the share of imports constituted 8.5 % (8.4 % in October).
Compared to November 2015, in November 2016 growth in exports of furniture, other furnishing articles; prefabricated buildings was influenced by the increase in exports of prefabricated buildings of EUR 5.8 million (of which rise of EUR 3.4 million in exports of iron and steel greenhouses).
Whereas, due to the drop of EUR 43.5 million or 62.4 % in the exports of wheat and meslin, a decline was recorded in the exports of cereals.
Compared to November 2015, in November 2016 rise in the imports of wood, wood products and wood charcoal was affected by the increase in imports of sawn wood – of EUR 2.3 million or 34.2 %. In turn, the drop in imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by the decrease in imports of diesel oil – of EUR 9.0 million or 14.9 %.