In 2015, foreign trade turnover at current prices in Latvia had reached EUR 22 860.1 million, which is EUR 42.9 million or 0.2% less as compared to 2014. Exports value had increased by EUR 122.9 million or 1.2%, while imports value decreased by EUR or 165.8 million or 1.3%.
Compared to November 2015, foreign trade turnover at current prices in Latvia decreased by 10.3% in December 2015. Exports value of goods dropped by 12.6% and imports value – by 8.3%. In December the amount of goods exported by Latvia comprised EUR 817.0 million, while the amount of imported goods constituted EUR 972.5 million. The foreign trade balance became worse as exports in the total amount of foreign trade dropped to 45.7% (in November 2015 – 46.9%).
Main changes in exports in December compared to November include the following: exports of machinery and mechanical appliances, electrical equipment dropped by EUR 39.5 million (22.6%); exports of basic metals and articles of basic metals fell by EUR 18.6 million or (25.6%); exports of vegetable products dropped by EUR 16.7 million (16.9 %); exports of mineral products went down by EUR 9.7 million (17.9%); exports of wood and articles of wood decreased by EUR 9.6 million (6.9%); exports of optical instruments and apparatus (including medical); clocks and watches; musical instruments increased by EUR 8.0 million (51.9%).
Main changes in imports in December compared to November include the following: imports of machinery and mechanical appliances, electrical equipment dropped by EUR 28.0 million (11.9%); imports of products of the chemical and alien industries went down by EUR 18.9 million (15.5%); imports of mineral products dropped by EUR 10.0 million (8.1%); imports of plastics and articles of plastics, rubber and articles of rubber reduced by EUR 9.1 million (16.2%); imports of prepared foodstuffs fell by EUR8.3 million (8.6 %); imports of animals and animal products increased by EUR 4.5 million or (14.9%).
In December the most important exports partners in trade with EU countries were Lithuania (18.3 % of total exports), Estonia (11.8 %), the United Kingdom (5.3 %) and Germany (5.2 %), but main imports partners – Lithuania (18.2 % of total imports), Germany (11.4 %), Poland (9.7 %) and Estonia (7.5 %).
Russia was the key partner in trade with third countries, comprising 9.7 % in the total exports of Latvia and 10.6 % in the total imports of Latvia in December.
The rise in exports of cereals in December 2015 as compared to December 2014 was caused by the increase of exports of wheat and wheat and rye mix by EUR 31.1 million or 2.9 times. Whereas due to the decline in exports of diesel by EUR 9.3 million or 34.4%, exports of mineral fuels, mineral oils and products of their distillation diminished.
The rise in imports of alcoholic and non-alcoholic beverages in December 2015 as compared to December 2014 was caused by the increase in imports of strong alcoholic beverages by EUR 2.4 million or 23.2 %. While drop in imports of mineral fuel, oil and oil products was mostly affected by the drop in imports of diesel by EUR 19.7 million or 29.5%.