In February 2017, Latvian foreign trade turnover amounted to EUR 1.82 billion, which was 6.1 % higher than in February 2016, and the exports and imports values of goods were 5.7 % and 6.5 % higher, respectively.
In February, Latvia exported goods in the amount of EUR 832.8 million, and imported goods in the amount of EUR 984.6 million. The foreign trade balance worsened slightly, as exports in the total foreign trade value declined to 45.8 % (in February 2016 – 46.0 %), according to data from the Central Statistical Bureau of Latvia.
In January–February 2017, the foreign trade turnover of Latvia at current prices reached EUR 3.61 billion – EUR 353.8 million or 10.9 % more than in the corresponding period of 2016.The exports value constituted EUR 1.64 billion (an increase of EUR 140.1 million or 9.3 %), whereas the imports value comprised EUR 1.97 billion (an upturn of EUR 213.7 million or 12.2 %).
Main changes in exports in February 2017, compared to February 2016, included the following: exports of prepared foodstuffs up by EUR 14.0 million or 25.3 %; exports of base metals and articles of base metals up by EUR 10.6 million or 15.6 %; exports of products of the chemical and allied industries up by EUR 8.0 million or 14.4 %; exports of vegetable products down by EUR 13.1 million or 24.0 %; exports of wood and articles of wood down by EUR 9.5 million or 6.1 %.
Main changes in imports in February 2017, compared to February 2016, included the following: imports of mineral products up by EUR 36.2 million or 51.2 %; imports of products of the chemical and allied industries up by EUR 18.7 million or 17.2 %; imports of vegetable products up by EUR 7.9 million or 17.7 %; imports of basic metals and articles of basic metals up by EUR 7.9 million or 12.1 %; imports of machinery and mechanical appliances; electrical equipment down by EUR 18.1 million or 9.2 %.
In February, the main export partners in trade with EU countries were Lithuania (17.5 % of total exports), Estonia (11.6 %), Germany (7.6 %) and Denmark (6.1 %), whereas the main import partners were Lithuania (19.0 % of total imports), Germany (12.0 %), Poland (9.7 %) and Estonia (7.3 %).
Russia was the main partner in trade with third countries; its share in total Latvian exports in February accounted for 8.1 %, whereas in imports – for 9.6 %.The rise in exports of beverages, spirits and vinegar in February 2017, as compared to February 2016, was mostly affected by an increase in the exports of spirits (of EUR 6.7 million or 40.4 %). In turn, exports of wood and articles of wood; wood charcoal decreased, as there was a drop in the exports of timber (of EUR 8.3 million or 16.7 %).The rise in imports of fertilizers in February 2017, as compared to February 2016, was mostly affected by the fact that imports of mineral or chemical fertilizers containing three fertilizing elements (nitrogen, phosphorus and potassium) increased by EUR 8.2 million or 3.9 times. In turn, the drop in imports of machinery and mechanical appliances was mainly influenced by a decline in the imports of computers and components thereof (of EUR 11.4 million or 58.7 %).