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Monday 18.06.2018 | Name days: Madis, Alberts

Foreign trade turnover in Latvia up 10.3% in October

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn October 2017, Latvian foreign trade turnover amounted to EUR 2.31 billion, which at current prices was 10.3 % more than in October 2016, of which the exports value of goods was 9.7 % and imports value of goods was 10.9 % higher.

In October, Latvia exported goods in the amount of EUR 1.07 billion, and imported goods in the amount EUR 1.24 billion. The foreign trade balance worsened slightly, as exports in the total foreign trade value dropped to 46.4 % (in October 2016 – 46.7 %), according to data from the Central Statistical Bureau of Latvia.

Over the first ten months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 20.95 billion – EUR 2.41 billion or 13.0 % more than in the corresponding period of 2016. The exports value constituted EUR 9.33 billion (an increase of EUR 814.8 million or 9.6 %), whereas the imports value comprised EUR 11.62 billion (an upturn of EUR 1.6 billion or 16.0 %).

Calendar and seasonally adjusted data at current prices show that, compared to October 2016, in October 2017 the exports value at current prices went up by 7.0 % and the imports value by 8.4 %, whereas, compared to the previous month, the exports value decreased by 1.5 % and the imports value by 6.4 %.

Main changes in exports in October 2017 included the following: exports of prepared foodstuffs up by EUR 32.9 million or 37.8 %; exports of base metals and articles of base metals up by EUR 28.9 million or 43.3 %; exports of wood and articles of wood up by EUR 27.4 million or 18.8 %; exports of products of the chemical and allied industries up by EUR 12.7 million or 18.2 %; exports of vegetable products down by EUR 21.8 million or 17.8 %.

Main changes in imports in October 2017 included the following: imports of products of the chemical and allied industries up by EUR 28.3 million or 28.1 %; imports of prepared foodstuffs up by EUR 24.7 million or 23.7 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 18.9 million or 8.0 %; imports of base metals and articles of base metals up by EUR 13.1 million or 13.7 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 6.0 million or 5.7 %.

In October, the main export partners of Latvia in trade with EU countries were Lithuania (16.0 % of total exports), Estonia (11.3 %), Germany (6.7 %) and Sweden (6.2 %), whereas the main import partners were Lithuania (18.3 % of total imports), Germany (11.4 %), Poland (8.9 %) and Estonia (7.4 %).

Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 10.1 %, whereas in imports – for 7.4 %.The rise in the exports of iron and steel in October 2017, as compared to October 2016, was facilitated by an increase in the exports of waste and scrap of cast iron by EUR 6.8 million or 2.8 times. In turn, a drop was experienced in the exports of cereals, as the exports of wheat and meslin dropped by EUR 33.7 million or 37.8 %.The increase in the imports of beverages, spirits and vinegar in October 2017, as compared to October 2016, was facilitated by an increase in the imports of spirits by EUR 9.4 million or 41.0 %. Meanwhile, the decline in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mainly influenced by drop in imports of passenger cars of EUR 8.3 million or 17.3 %.


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