In July 2015, compared to June, exports value of goods at current prices grew by 5.0% and imports value of goods – by 6.1%. In July Latvia exported goods in the amount of 851.3 million euros, but imported – in the amount of 1 103.7 million euros.
Foreign trade balance slightly worsened as exports in total foreign trade value declined to 43.5% (in June 2015 – 43.8%), according to data from the Central Statistical Bureau of Latvia.
The largest contribution in the increase of foreign trade turnover in July 2015, compared to June, was in trade in machinery, mechanical appliances and electrical equipment. Exports of these goods rose by 23.1 million euros or 15.8% as exports of monitors, projectors and television reception apparatus grew by 6.2 million euros or 78.5% (majority was exported to Lithuania and Spain). At the same time imports of machinery, mechanical appliances and electrical equipment rose by 29.6 million euros or 12.9% as imports of electronic integrated circuits grew by 6.8 million euros or 3 times (majority was imported from Taiwan and Poland).
Main changes in exports in July, compared to June, include: exports of basic metals and articles of basic metals grew by 11.8 million euros or 15.8%; exports of live animals and animal products increased by 8.5 million euros or 28.4%; exports of prepared foodstuffs rose by 6.6 million euros or 10.5%; exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments reduced by 8.5 million euros or 37.7%.
Main changes in imports in July, compared to June, include: imports of mineral products rose by 11.4 million euros or 9.5%; imports of products of the chemical and allied industries grew by 10.7 million euros or 9.5%; imports of textiles and textile articles increased by 5.4 million euros or 15.3%; imports of vehicles and associated transport equipment dropped by 9.6 million euros or 11.2%.
In July main export partners were Lithuania (20.0% of total export), Estonia (12.2%), Germany (6.4%) and Poland (5.5%), but main import partners were Lithuania (18.4% of total import), Germany (11.5%), Poland (9.6%) and Estonia (8.1%).
The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.1%, and in imports – for 7.0%.
In July 2015, compared to July 2014, rise was observed in trade with pharmaceutical products which was affected by increase in exports of medicaments of 7.3 million euros or 44.7% and in imports – by 7.9 million euros or 28.9%. In turn, trade in vehicles other than railway or tramway, parts and accessories witnessed a drop as exports of passenger cars decreased by 12.3 million euros or 64.0% and imports – by 18.5 million euros or 47.9%.
Increase of exports of machinery and mechanical appliances in July 2015, as compared to July 2014, was affected by the increase in exports of industrial or laboratory equipment for the heat treatment of materials by 4.2 million euros or 4.8 times. In its turn, exports of mineral fuels, mineral oils and products of their distillation reduced as exports of diesel oil decreased by 10.9 million euros or 24.5%.Rise of imports of wood, wood products and wood charcoal in July 2015, as compared to July 2014, was affected by the increase in imports of laminated wood of 1.5 million euros or 70.9%. In turn, decline in imports of mobile telephones by 22.0 million euros or by 39.7% influenced drop in imports of electrical machinery and equipment.