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Sunday 25.03.2018 | Name days: Māra, Marita, Mārīte

Latvia’s foreign trade balance improves

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAs compared to March, Latvian foreign trade turnover at current prices fell by 1.5 % in April 2016 Exports value of goods rose only by 0.04 % and imports value – decreased by 2.7 %.

In April, Latvia exported goods in the amount of 834.2 million euros, while imported – in the amount of 998.2 million euros. As exports in the total foreign trade value increased up to 45.5 % (in March 2016 – 44.8 %), foreign trade balance improved, according to data from the Central Statistical Bureau of Latvia.

Main exports changes in April, compared to March, include the following: exports of machinery and mechanical appliances; electrical equipment grew by 13.6 million euros or 10.7 %; exports of mineral products increased by 6.3 million euros or 14.2 %; exports of vehicles and associated transport equipment increased by 6.2 million euros or 17.3 %; exports of products of the chemical and allied industries reduced by 13.5 million euros or 16.8 %; exports of basic metals and articles of basic metals dropped by 6.8 million euros or 9.1%.

Main imports changes in April, compared to March, include the following: imports of mineral products fell by 12.7 million euros or 14.3 %; imports of vehicles and associated transport equipment decreased by 11.9 million euros or 14.5 %; imports of products of the chemical and allied industries reduced by 8.7 million euros or 6.3 %; imports of wood and articles of wood dropped by 5.5 million euros or 13.4%; imports of machinery and mechanical appliances; electrical equipment grew by 25.3 million euros or 12.7 %.

In April, Lithuania (17.8 % of total exports), Estonia (12.6 %), Germany (6.7 %) and Poland (6.3 %) were the main export partners in trade with the EU countries, whereas Lithuania (17.6 % of total imports), Poland (11.7 %), Germany (10.4 %) and Estonia (8.5 %) were the main import partners of Latvia.

Russia was the main partner in the trade with third countries. In April the share thereof in total Latvian exports accounted for 8.2 %, and for 6.8 % in Latvian imports.

As compared to April 2015, the rise in exports of cereals had an upward impact on the exports of wheat in April 2016 – of 7.4 million euros or 14.4 times. The drop of 34.3 million euros or 74.8 % in exports of mobile telephones had downward effect on the imports of electrical machinery and equipment.

As compared to April 2015, the growth in imports of chemical products recorded in April 2016 was mainly caused by the increase of 4.0 million euros or 23.9 % in imports of insecticides, fungicides, herbicides, disinfectants and similar products. While the drop in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by the decrease of 26.9 million euros or 42.5 % in imports of diesel oil.


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