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Tuesday 24.10.2017 | Name days: Renāte, Modrīte, Mudrīte

Foreign trade turnover in Latvia up 14.3% in March

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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 %).


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