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Sunday 28.05.2017 | Name days: Vilhelms, Vilis
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Latvia’s export value grows by 9.9%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to July, Latvian foreign trade turnover at current prices grew by 8.5%, as the exports value of goods rose by 9.9% and the imports value increased by 7.4% in August 2016.

In August, Latvia exported goods in the amount of EUR 868.6 million, and imported goods in the amount of EUR 1,045.7 million. The foreign trade balance improved, as exports in the total foreign trade value increased up to 45.4% (in July 2016 – 44.8%).

The main changes in exports in August, compared to July, included the following: exports of vegetable products increased by EUR 73.0 million or 4.9 times; exports of basic metals and articles of basic metals grew by EUR 17.9 million or 30.1 %; exports of wood and articles of wood grew by EUR 8.5 million or 6.5%; exports of vehicles and associated transport equipment dropped by EUR 35.3 million or 41.6 %; exports of machinery and mechanical appliances; electrical equipment decreased by EUR 9.2 million or 6.4%.

The main changes in imports in August, compared to July, included the following: imports of basic metals and articles of basic metals increased by EUR 16.0 million or 22.8%; imports of textiles and textile articles grew by EUR 13.1 million or 33.2%; imports of products of the chemical and allied industries rose by EUR 11.2 million or 10.8%; imports of plastics and articles thereof, rubber and articles thereof increased by EUR 8.0 million or 14.1%; imports of machinery and mechanical appliances; electrical equipment decreased by EUR 6.7 million or 3.1%.

In August, the main export partners in trade with the EU countries were Lithuania (16.7% of total export), Estonia (12.1%), Germany (8.3%) and Sweden (6.2%), whereas the main import partners were Lithuania (18.9 % of total imports), Germany (11.6%), Poland (11.1%) and Estonia (8.0%).

Russia was the main partner in trade with third countries; its share in total Latvian exports in August accounted for 6.8%, whereas in imports – for 6.7%.

The growth in the exports of cereals in August 2016, as compared to August 2015, was mostly influenced by an increase in the exports of wheat and meslin (of EUR 49.3 million or 10 times). In turn, exports of mineral fuels, mineral oils and products of their distillation decreased, as exports of diesel oil dropped by EUR 26.8 million or 67.8%.

The growth in the imports of pharmaceutical products in August 2016, as compared to August 2015, was mostly affected by an increase in the imports of medicines (of EUR 12.6 million or 47.0%). In turn, the drop in the imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by a decrease in the imports of diesel oil (of EUR 40.1 million or 46.4 %).

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