In June, Latvia exported goods in the amount of EUR 815 million, and imported goods in the amount of EUR 984 million. The foreign trade balance worsened slightly, as exports in the total foreign trade value dropped to 45.3% (45.6% in May 2016), according to data from the Central Statistical Bureau of Latvia.
The main changes in exports in June, as compared to May, included the following: exports of basic metals and articles of basic metals fell by EUR 20.2 million or 22.4%; exports of vegetable products decreased by EUR 15.0 million or 35.8%; exports of wood and articles of wood reduced by EUR 11.2 million or 7.1%; exports of machinery and mechanical appliances; electrical equipment increased by EUR 13.0 million or 10.1%; exports of prepared foodstuffs grew by EUR 6.5 million or 10.0%.
The main changes in imports in June, as compared to May, included the following: imports of vehicles and associated transport equipment dropped by EUR 21.9 million or 17.0%; imports of products of the chemical and allied industries declined by EUR 6.8 million or 6.1%; imports of vegetable products decreased by EUR 3.3 million or 8.2%; imports of machinery and mechanical appliances; electrical equipment rose by EUR 10.8 million or 5.5%; imports of prepared foodstuffs increased by EUR 4.1 million or 5.0%.
In June, the main export partners in trade with the EU countries were Lithuania (19.0% of total export), Estonia (12.7%), Germany (6.9%) and Sweden (6.8%), whereas the main import partners were Lithuania (16.5% of total imports), Germany (12.6%), Poland (11.7%) and Estonia (7.7%).
Russia was the main partner in trade with third countries; its share in total Latvian exports in June accounted for 7.9%, whereas in imports – for 7.1%.
The rise in exports of articles of iron and steel in June 2016, as compared to June 2015, was affected by the increase in exports of welded tubes, pipes and hollow profiles of iron and steel with a non-circular cross-section by EUR 0.6 million or 33.0%. In turn, exports of iron and steel reduced, as the exports of iron and non-alloy steel bars decreased by EUR 10.1 million or 88.6%.
The rise in imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof in June 2016, as compared to June 2015, was affected by the increase in imports of passenger cars by EUR 8.7 million or 26.4%. In turn, a decline in the imports of semi-finished products of iron or non-alloy steel of EUR 6.9 million or of 98.5% had the most significant effect on the imports of iron and steel.