Latviski English По-русски
Wednesday 24.05.2017 | Name days: Marlēna, Ilvija, Ziedone

Foreign trade turnover in Latvia up 14.3% in March

(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn March 2017, Latvian foreign trade turnover amounted to EUR 2.15 billion, which was 14.3 % higher than in March 2016, and the exports and imports values of goods were 13.2 % and 15.2 % higher, respectively.

In March, Latvia exported goods in the amount of EUR 960.2 million, and imported goods in the amount of EUR 1.19 billion. The foreign trade balance worsened slightly, as exports in the total foreign trade value declined to 44.7 %, according to data from the Central Statistical Bureau of Latvia.

Over the first quarter of 2017, the foreign trade turnover of Latvia at current prices reached EUR 5.76 billion – EUR 609.2 million or 11.8 % more than in the corresponding period of 2016. The exports value constituted EUR 2.6 billion (an increase of EUR 239.1 million or 10.1 %), whereas the imports value comprised EUR 3.16 billion (an upturn of EUR 370.1 million or 13.3 %).

Main changes in exports in March 2017, compared to March 2016, included the following: exports of wood and articles of wood up by EUR 30.2 million or 19.7 %; exports of prepared foodstuffs up by EUR 21.1 million or 34.4 %; exports of live animals and animal products up by EUR 15.0 million or 50.6 %; exports of machinery and mechanical appliances; electrical equipment up by EUR 12.3 million or 8.2 %; exports of base metals and articles of base metals down by EUR 4.5 million or 6.3 %.

Main changes in imports in March 2017, included the following: imports of mineral products up by EUR 22.4 million or 28.3 % compared to March 2016; imports of prepared foodstuffs up by EUR 17.6 million or 21.7 %; imports of base metals and articles of base metals up by EUR 17.0 million or 22.7 %; imports of plastics and articles thereof; rubber and articles thereof up by EUR 11.4 million or 19.2 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 9.1 million or 8.6 %.

In March, the main export partners in trade with EU countries were Lithuania (16.6 % of total exports), Estonia (12.9 %), Germany (7.4 %) and Sweden (6.5 %), whereas the main import partners were Lithuania (17.4 % of total imports), Poland (10.1 %), Germany (9.8 %) and Estonia (8.0 %).

Russia was the main partner in trade with third countries; its share in total Latvian exports in March accounted for 8.4 %, whereas in imports – for 6.4 %.

The 45.7 % rise in exports of beverages, spirits and vinegar in March 2017, as compared to March 2016, was mostly affected by an increase in the exports of spirits (of EUR 5.8 million or 32.7 %). In turn, exports of machinery and mechanical appliances reduced by 12.1 %, as exports of computers and components thereof dropped by EUR 11.3 million or 67.2 %.

The 45.2 % rise in imports of iron and steel in March 2017, as compared to March 2016, was affected by an increase in the imports of metal waste and scrap (of EUR 2.2 million or 2.8 times), as well as growth in the imports of angles, shapes and sections of iron and non-alloy steel (of EUR 2.2 million or 2.3 times). In turn, the 6.3 % drop in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mostly affected by a decline in the imports of passenger cars (of EUR 11.5 million or 23.5 %).


Leave a reply

Interest of Indian youth for study opportunities in Latvia increases year after year

Indian Foreign Affairs Minister Mobashar Jawed Akbar emphasized during his meeting with Latvian Foreign Affairs Minister Edgars Rinkevics that India has experienced very rapid economic growth in the past year. He added that the upcoming Latvian-Indian business forum will be an important step towards closer cooperation in economy.

Latvian government reduces administrative burden on amelioration

Latvian government has agreed to support Agriculture Ministry’s prepared amendments to requirements that dictate construction requirements for waterworks and amelioration systems, as well as cadastral rules. Changes were prepared to reduce administrative burden, Agriculture Ministry reports.

Survey: 32% of Latvian residents have no savings

Losing their income, 23% of respondents would not be able to cover everyday expenses, 5% would be able to maintain payments for less than a month and 20% of respondents would be able to cover a whole month’s worth of expenses, shows the survey performed by Nordea on personal finances.

Producer prices in April grew 0.1% in Latvia

Compared to March, the level of producer prices in Latvian industry grew by 0.1 % in April 2017. The prices of products sold on the domestic market increased by 0.5 %, whereas the prices of exported products dropped by 0.2 %.

LSBA: closure of gambling halls is an attempt by officials to promote their image for elections

Latvian Association of Gaming Business asks deputies of Riga City Council to reconsider their actions in relation to the planned decision to prohibit gambling halls in Riga’s historic centre.

More people have moved to Estonia than left it in 2016

13,792 people have emigrated from Estonia in 2016 and 14,822 have immigrated, Estonian statisticians have estimated, concluding that net migration in the Baltic country has been positive for the second consecutive year.

Saeima to discuss the role of the Security Department of the Bank of Latvia

Saeima’s Defence, Internal Affairs and Corruption Prevention Committee will visit the Bank of Latvia on Wednesday, 24 May, to discuss the role of the bank’s Security Department, as BNN was informed by Saeima’s press-service.

Razuks hints healthcare budget’s increase would require new fees

Sides involved in discussions about finding additional finances for healthcare have yet to reach a definite agreement. It is possible there may be a new fee introduced, said Saeima Public Health sub-committee chairman Romualds Razuks told Rīta panorama on Tuesday, 23 May.

Twelve million euros invested in creation of car wash network in Latvia

Wash & Drive opens the largest self-service car wash station in Riga. In cooperation with Citadele Bank, EUR 800,000 was invested in the creation of this seven-box car wash, as confirmed by the bank.

EC: Latvia’s tax system is less progressive than systems in other EU countries

The European Commission recommends Latvia to reduce the tax burden for small wage recipients and move it to other sources that are less impacting on growth and motivate people to pay taxes.

Latvia to lead joint air and land military exercises this year

Annual international military exercises Saber Strike will be taking place in Latvia from 3 – 15 June. Allied troops and armoured vehicles have begun arriving in Latvia for the upcoming exercises, as reported by Defence Ministry.

Tragic blast shakes Manchester, UK

In an explosion, which has occurred in a mass sports and music events venue in the British city of Manchester, 22 people have died and over 59 have suffered injuries.

Experts: Rail Baltica – connection that benefits everyone

The essence of Rail Baltica project is not combating the trends currently present in the world, but rather using them as an advantage, says advisor to the Bank of Latvia Andris Strazds. He adds that more and more economic and social development is centered in large and urban city centres.

Latvian companies ahead of neighbours in organization of business trips

Latvian businesses are more progressive in the organization of business trips than Lithuania. They do, however, spend a lot of money on planning and organizing of those trips. In addition, they also use inefficient financing methods – 20% of employees are forced to pre-finance their business trips from their own pockets, according to results of an international study.

Riga Eastern Clinical Hospital to identify patients using fingerprint data

Riga Eastern Clinical Hospital has introduced biometric data identification system that will be used to identify patients using fingerprint data, BNN was informed by the hospital.

FDC: micro-enterprise tax has created serious defects

The micro-enterprise tax has created serious defects for Latvia’s tax system, said Fiscal Discipline Council chairman Janis Platais in an interview to Latvijas Avīze.

Microsoft software licences cost Estonia millions each year

Estonian ministries and their subordinated institutions pay a total of under five million euros each year in Microsoft software licence fees.

Latvia’s unemployment rate was 9.4% in Q1 2017

In Q1 2017 the Latvian unemployment rate constituted 9.4 %. Compared to the previous quarter, the unemployment rate increased by 0.1 percentage points, whereas, compared to the same period of the year before, the rate reduced by 0.9 percentage points.

Pension expert: how far can index funds root themselves in Latvian pension plans?

Latvian pension plan clients can still pick existing pension plans with sufficiently flexible deposit policy and possibilities to receive consultations. It should be added, however, that pension plans based on index funds can find clients in Latvia for whom low-price guarantees is important the most, Nordea Pensions Latvia board member Ilya Arefjevs predicts.

Latvian Defence Ministry plans the largest tendering process in country’s history

This summer, Latvian Defence Ministry plans to announce the largest tendering procedure in the history of Latvia’s army. It is planned to procure heavy vehicles to transport armoured vehicles and troops. The total amount for the next ten years may reach EUR 200 million, as reported by Nekā personīga.

Study: engaging in business improves satisfaction with life

It has been concluded that psychological aspects are far more important than financial aspects in business operations – stability, family support, exchange of experience and realization of ideas are important for emerging businessmen, as concluded in a study performed by Altum.

Following use of EU funds, demand for loans increases in municipalities

Demand for loans from the State Treasury has increased after use of EU funds became more active, said Kaspars Abolins, chief of State Treasury, in an interview.

Swiss voters decide to move away from nuclear energy

Switzerland has decided to quit nuclear power stations and opt for renewable energy, show the results of a referendum held on Sunday, May 21, where 58% voters backed phasing out nuclear power.

Child vaccination made mandatory in Italy

Reacting to lower child protection against measles, the government of Italy has decided to make vaccination against 12 illnesses mandatory for children before they start going to state schools.

Deputies to decide on prohibiting gambling in Riga’s historic centre

On Monday, 22 May, deputies will discuss the matter on sorting out Riga’s historic centre. It is stated in new territorial plans that it will be prohibited for gambling halls to be located in this area.

Newest comments