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Monday 21.05.2018 | Name days: Ingmārs, Ernestīne, Akvelīna

Latvia’s export decline was 2.7% in March

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn March 2018, the foreign trade turnover of Latvia amounted to EUR 2.19 billion, which at current prices was 2.7 % smaller than in March 2017, of which the exports value of goods was 6.1 % smaller, but imports value of goods was 0.2 % higher.

In March, Latvia exported goods in the amount of EUR 966.2 million but imported – in the amount of EUR 1.22 billion. Compared to March 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.8 % to 44.2 %, according to data from the Central Statistical Bureau of Latvia.

Over the first quarter of this year, the foreign trade turnover of Latvia at current prices reached EUR 6.26 billion – EUR 344.7 million or 5.8 % more than in the corresponding period of 2017. The exports value constituted EUR 2.86 billion (an increase of EUR 176.6 million or 6.6 %), whereas the imports value – EUR 3.4 billion (an upturn of EUR 168.1 million or 5.2 %).

Calendar and seasonally adjusted data at current prices show that, compared to March 2017, in March 2018 the exports value at current prices reduced by 1.1 %, but the imports value – went up by 5.9 %, whereas, compared to the previous month, the exports value decreased by 5.7 %, the imports value – increased by 0.2 %.

Compared to March 2017, the main changes in exports in March 2018 included: exports of vegetable products down by EUR 41.0 million or 60.2 %; exports of vehicles and associated transport equipment down by EUR 19.5 million or 23.6 %; exports of machinery and mechanical appliances; electrical equipment down by EUR 8.2 million or 4.7 %; exports of products of the chemical and allied industries down by EUR 7.8 million or 9.5 %; exports of basic metals and articles of basic metals up by EUR 14.8 million or 16.8 %.

Compared to March 2017, the main changes in imports in March 2018 included: imports of basic metals and articles of basic metals up by EUR 26.8 million or 28.8 %; imports of mineral products up by EUR 14.3 million or 14.4 %; imports of products of the chemical and allied industries up by EUR 10.4 million or 7.4 %; imports of vegetable products up by EUR 7.4 million or 13.5 %; imports of textiles and textile articles down by EUR 6.5 million or 13.6 %.

In March, the main export partners of Latvia in trade with EU countries were Lithuania (16.4 % of total exports), Estonia (12.6 %), Germany (7.6 %) and Sweden (7.3 %), whereas the main import partners were Lithuania (16.4 % of total imports), Germany (11.5 %), Poland (10.2 %) and Estonia (7.3 %).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in March accounted for 9.1 %, but in imports – 9.6 %.

Rise of exports of iron and steel in March 2018, as compared to March 2017, was affected by the increase in exports of waste and scrap of cast iron of EUR 8.6 million or 2.4 times. In turn, a drop was experienced in the exports of furniture, other furnishing articles; prefabricated buildings as exports of wooden furniture fell by EUR 4.3 million or by 37.5 %.

Rise of imports of iron and steel in March 2018, as compared to March 2017, was mostly affected by the increase in imports of flat rolled products of iron and non-alloy steel of EUR 18.1 million or 94.3 %. In turn, a drop was experienced in the imports of electrical machinery and equipment, as the imports of telephone sets and of other apparatus for the transmission or reception of voice, images or other data dropped by EUR 7.4 million or 15.1 %.

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