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Sunday 18.03.2018 | Name days: Ilona, Adelīna

Foreign trade turnover in Latvia up 11.5% since last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn September 2017 Latvian foreign trade turnover amounted to EUR 2.28 billion, which at current prices was 13.3 % more than in September 2016, of which the exports value of goods was 7.7 % and imports value of goods was 18.4 % higher.

In September, Latvia exported goods in the amount of EUR 1.03 billion, and imported goods in the amount of EUR 1.25 billion.

The foreign trade balance worsened, as exports in the total foreign trade value dropped to 45.4 % (in September 2016 – 47.7 %), according to data from the Central Statistical Bureau of Latvia.

Over the first nine months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 18.63 billion – EUR 2.19 billion or 13.3 % more than in the corresponding period of 2016. The exports value constituted EUR 8.25 billion (an increase of EUR 716.0 million or 9.5 %), whereas the imports value comprised EUR 10.38 billion (an upturn of EUR 1.47 billion or 16.5 %).

Calendar and seasonally adjusted data at current prices show that, compared to September 2016, in September 2017 the exports value at current prices went up by 10.3 % and the imports value by 22.5 %, whereas, compared to the previous month, the exports value grew by 0.5 % and the imports value by 0.1 %.

Main changes in exports in September 2017, when compared to September 2016, included the following: exports of machinery and mechanical appliances; electrical equipment up by EUR 50.4 million or 32.4 %; exports of prepared foodstuffs up by EUR 20.9 million or 25.7 %; exports of base metals and articles of base metals up by EUR 15.5 million or 21.1 %; exports of mineral products up by EUR 7.0 million or 16.1 %; exports of vegetable products down by EUR 8.7 million or 7.8 %.

Main changes in imports in September 2017, when compared to September 2016, included the following: imports of mineral products up by EUR 68.2 million or 73.7 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 44.8 million or 21.4 %; imports of prepared foodstuffs up by EUR 24.6 million or 25.6 %; imports of products of the chemical and allied industries up by EUR 21.9 million or 22.3 %; imports of vehicles, aircraft, vessels and associated transport equipment up by EUR 13.9 million or 12.9 %.

In September, Lithuania (with 16.2 % of the total exports), Estonia (10.6 %), Germany (7.1 %) and United Kingdom (5.1 %) were the main export partners of Latvia in trade with the EU countries, and Lithuania (with 17.2 % of the total imports), Germany (10.8 %), Poland (8.7 %) and Estonia (7.1 %) were the main import partners.

Russia was the main partner in trade with the third countries; in September, its share accounted for 8.9 % in the total Latvian exports and for 10.5 % in the total Latvian imports.

In September 2017, compared to September 2016, rise in exports of machinery and mechanical appliances was facilitated by the increase of EUR 47.7 million in exports of turbojets, turbopropellers and other gas turbines. Exports of miscellaneous grains, seeds and fruit; industrial or medicinal plants, in its turn, reduced, as the exports of rape or colza seeds dropped by EUR 12.6 million or 29.7 %.

Compared to September 2016, growth in imports of mineral fuels, mineral oils and products of their distillation was influenced by the increase of EUR 62.5 million (7.8 times) in imports of natural gas (gaseous) in September 2017. Meanwhile, decline in the imports of iron and steel was mainly affected by the drop of EUR 8.3 million or 32.8 % in imports of flat-rolled products of iron or non-alloy steel.


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