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Monday 21.05.2018 | Name days: Ingmārs, Ernestīne, Akvelīna

Foreign trade turnover in Latvia in July exceeded last year’s result by 14.4%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn July 2017, Latvian foreign trade turnover amounted to EUR 2.04 billion, which at current prices was 14.4 % more than in July 2016, of which the exports and imports values of goods were 6.9 % and 20.5 % higher, respectively.

In June, Latvia exported goods in the amount of EUR 858.2 million, and imported goods in the amount of EUR 1.18 billion.  The foreign trade balance worsened, as exports in the total foreign trade value fell to 42.1 % (in July 2016 – 45.1 %), according to data from the Central Statistical Bureau of Latvia.

During the first seven months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 14.06 billion – EUR 1.58 billion or 12.6 % more than in the corresponding period of 2016. The exports value constituted EUR 6.25 billion (an increase of EUR 551.1 million or 9.7 %), whereas the imports value comprised EUR 7.82 billion (an upturn of EUR 1.03 million or 15.1 %).

Calendar and seasonally adjusted data show that, compared to July 2016, in July of the present year, the exports value at current prices went up by 7.0 % and the imports value by 19.9 %, whereas compared to the month before, the exports value fell by 1.4 % and the imports value by 3.1 %.

Main changes in exports in July 2017, compared to July 2016, included the following: exports of prepared foodstuffs up by EUR 34.0 million or 60.1 %; exports of base metals and articles of base metals up by EUR 16.0 million or 26.8 %; exports of machinery and mechanical appliances; electrical equipment up by EUR 15.4 million or 10.7 %; exports of live animals and animal products up by EUR 9.9 million or 30.3 %; exports of vehicles, aircraft, vessels and associated transport equipment down by EUR 39.9 million or 46.6 %.

Main changes in imports in July 2017, compared to July 2016, included the following: imports of machinery and mechanical appliances; electrical equipment up by EUR 43.1 million or 20.5 %; imports of prepared foodstuffs up by EUR 33.7 million or 41.1 %; imports of base metals and articles of base metals up by EUR 30.4 million or 43.1 %; imports of mineral products up by EUR 18.1 million or 20.4 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 23.0 million or 22.0 %.

In July, Lithuania (with 17.1 % of the total exports), Estonia (10.7 %), Germany (7.8 %) and Sweden (6.1 %) were the main export partners of Latvia in trade with the EU countries, and Lithuania (with 18.0 % of the total imports), Germany (11.2 %), Poland (8.4 %) and Estonia (7.2 %) were the main import partners.

Russia was the main partner in trade with the third countries; in July, its share accounted for 10.5 % in the total Latvian exports and for 7.5 % in the total Latvian imports.

Rise in exports of alcoholic and non-alcoholic beverages in July 2017, compared to July 2016, was facilitated by the increase in exports of spirits by EUR 19.9 million or 2.3 times. In its turn, exports of mineral fuels, mineral oils and products of their distillation reduced, as exports of diesel oil dropped by EUR 9.7 million or 45.2 %.

Growth in the imports of beverages, spirits and vinegar in July 2017, compared to July 2016, was facilitated by the increase in imports of spirits by EUR 17.5 million or 2.6 times. Meanwhile, decline in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mainly influenced by the reduction in imports of passenger cars of EUR 14.2 million or 34.0 %.


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