bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Sunday 04.12.2016 | Name days: Baiba, Barba, Barbara
LatviaLatvia

Latvia’s foreign trade turnover rises 10.8%

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn February 2016, Latvia’s foreign trade turnover at current prices increased by 10.8 % as compared to January. Of this amount exports value of goods rose by 9.5 % and imports value of goods – by 11.8 %.

In February Latvia exported goods in the amount of EUR 778.5 million, and imported – in the amount of EUR 918.0 million. As exports in total foreign trade value declined to 45.9 % (in January 2016 – 46.4 %), foreign trade balance slightly worsened.

The main changes in exports in February, compared to January, include the following: exports of wood and articles of wood grew by EUR 26.6 million or 19.4 %; exports of machinery and mechanical appliances; electrical equipment rose by EUR 18.9 million or 17.3 %; exports of basic metals and articles of basic metals grew by EUR 16.2 million or 29.6 %; exports of prepared foodstuffs rose by EUR 7.9 million or 15.7 %; exports of vegetable products dropped by EUR 7.6 million or 11.9 %.

The main changes in imports in February, compared to January, include the following: imports of products of the chemical and allied industries grew by EUR 23.5 million or 25.0 %; imports of machinery and mechanical appliances; electrical equipment rose by EUR 21.6 million or 12.9 %; imports of vehicles and associated transport equipment increased by EUR 19.5 million or 35.2 %; imports of prepared foodstuffs rose by EUR 11.5 million or 17.5 %; imports of mineral products dropped by EUR 44.6 million or 38.5 %.

In February main export partners in trade with the EU countries were Lithuania (16.4 % of total export), Estonia (12.6 %), Germany (7.4 %) and the United Kingdom (5.7 %); main import partners were Lithuania (16.6 % of total imports), Germany (12.1 %), Poland (11.3 %) and Estonia (7.9 %).

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in February accounted for 6.0 %; in imports – for 8.3 %.

The rise in exports of cereals in February 2016 (as compared to February 2015) was affected by growth of EUR 19.2 million or 3.2 times in exports of wheat and wheat and rye mix. In turn, exports of products of distillation of mineral oils witnessed decrease, as exports of diesel oil decreased by EUR 27.1 million or 74.1 %.

Growth of imports of pharmaceutical products in February 2016 was mostly affected by increase in imports of medicines of EUR 7.6 million or 23.4 %, as compared to February 2015. In turn, decline in imports of iron and non-alloy steel of EUR 29.0 million or of 67.5 % had the most significant effect on imports of iron and steel.

Ref: 102.109.109.0898


Leave a reply

Week in Lithuania. Lithuania set to step up defence ties with the United States

Lithuania is set to step up defence ties with the United States by signing the first bilateral cooperation agreement.

Economic Diary of Latvia. To tempt Brexit defectors

Latvia had the slowest growth of GDP among Baltic States in Q3 2016, according to the latest data from the Central Statistical Bureau of Latvia. Nevertheless, this does not seem to prevent Prime Minister Maris Kucinskis from hoping for GDP growth of 4-5% a year in the future.

Following an investment of 3.3 million, K-rauta becomes K Senukai

On Friday, 2 December, Baltics’ largest construction, repair and household goods store network Kesko Senukai opened its first new concept shopping centre K Senukai in Riga, Lucavsalas Street. This venture cost the company EUR 3.3 million.

Saeima deputies allocated record-large amount of money for «friend projects»

The money of Latvia’s budget for next year allocated not with the intention to solve problems in priority industries but rather to satisfy desires of certain politicians and their lobby groups has reached an astonishing new peak – EUR 27.9 million, according to estimates, as reported by Ir.

Income from foreign travellers in Latvia declines

In Q3 2016, Latvia’s current account had a surplus of EUR 93.4 million or 1.5% of GDP, notes Bank of Latvia economist Linda Vecgaile.

airBaltic to sell Boeing 737 after replacing them with Bombardier CS300

Latvian national airBaltic airline intends to gradually update its fleet with Bombardier CS300 aircraft. The airline plans to sell its owned Boeing 737, says Martin Gauss, Chief Executive Officer of airBaltic.

Numbers of active voters in Latvia continue to decline before next year’s elections

47% of Latvian vote-ready citizens plan to take part in next year’s municipal elections, according to results of a survey carried out by SKDS following a request from the Central Election Commission in November.

BATL: transit industry’s potential is enormous, but not used to its fullest

Baltic Association – Transport and Logistics is satisfied that real and constructive work has commenced in cooperation with LDz Logistics and Transport and Communications Institute on Latvia’s transport and logistics, including the development of a strategy for the transit industry.

Ominous milestone: one-millionth Lithuanian to leave soon

The statisticians claim that, every day, 120 Lithuanians hop onto Scandinavia and Western Europe-bound planes in search of a better life. This month, Lithuania is likely to reach an ominous and heart-wrenching milestone with the country‘s émigré number expected to go over one million. To calm down the naysayers, the estimate is unofficial.

Snowy weekends expected in Latvia

The first days of December will go by under influence from a cyclone. Because of that, many regions of the country are expected to experience snowfall. Rain is only expected along the coast. Ice is expected to form as a result and visibility will likely reduce because of snowfall.

Three European cities plan to ban diesel cars

Looking for ways to improve their quality of air, the mayors of Madrid, Paris and Athens have on December 1 expressed readiness to introduce bans on cars and trucks with diesel engines by 2025.

French President Hollande refuses to run for re-election

France’s President François Hollande has unexpectedly announced that he would not run for re-election to the post.

Several hundred Estonian reserve soldiers summoned to unexpected drills

The cabinet of ministers of Estonia ordered on December 1 to hold snap military drills to test the ability of reserve troops to reach combat readiness in 24 hours.

Freight turnover and freight traffic declines at ports

Compared to Q3 2015, the volume of freights carried by land and pipeline transport has decreased by 1.8 million tonnes or 5.5 % in Q3 2016. The most notable drop in the volume of freights carried was recorded in rail transport – of 2.3 million tonnes or 18.9 %.

EU 2017 budget to provide the most support to youth and growth initiatives

In the next year’s budget, members of the European Parliament have secured larger support to unemployed youngsters and Erasmus+, as well as initiatives for support of small and medium-sized businesses, transport infrastructure projects and research. Commitment appropriations for 2017 total EUR 157.8578 billion, and payment appropriations EUR 134.49 billion.

Vejonis picks Kalnins as candidate for NAF commander

President of Latvia Raimonds Vejonis has decided to propose National Armed Forces Joint Staff Chief Leonids Kalnins for the post of commander of Latvia’s National Armed Forces. Kalnins was previously proposed by Defence Minister Raimonds Bergmanis, according to information from LETA.

Europol releases its Christmas calendar of EU’s most wanted criminals

European Union’s police body Europol has engaged in the often commercial pre-festive period by releasing Christmas advent calendar that will reveal one of bloc’s most wanted criminals every day up until Christmas.

Expert: Latvia’s real estate market is sick

In medical terms, Latvia’s real estate market is currently sick. It will only recover once all transactions are carried out using actual market price and those whose expectations are overestimated – drop out, said real estate specialist, member of Latvian Real Estate Association and board member of Real State Jurmala Igors Danilevics.

Prime Minister: Latvia’s economic growth is not as fast as it was expected in 2015

«Looking at national economy’s growth dynamics in 2016, we have noticed drastically different ratings. On the one hand, there are positive statistics that prove Latvia’s economic growth continues. It is not as fast as it was expected in 2015. It is expected that growth will continue in the future. A few days ago opinions of multiple banking experts appeared in the public space, saying that wage growth in Latvia will speed up next year. I would associate that with the government’s decisions and the Saeima’s approved budget for 2017,» – said Prime Minister Maris Kucinskis.

Estonia’s coalition distances itself from charges against ruling party

The coalition partners of Estonia’s Centre Party, which is headed by the Estonian Prime Minister, have this week distanced themselves from charges brought against the ruling party for allegedly receiving illegal political donations.

Finland’s Prime Minister blamed for attempts to limit press freedom

The Prime Minister of Finland Juha Sipilä has denied allegations that he has attempted to affect, how press covers allegations against him and his relatives.

Restrictions for alimony avoiders and other decisions viewed by the Saeima

On Thursday, 1 December, the Saeima will decide on the new Subsistence Guarantee Fund Law. This law states that driving rights can be revoked for alimony avoiders.

OPEC oil exporters agree to reduce oil output to increase price

The Organization of the Petroleum Exporting Countries agreed on November 30 for the first time since 2008 to reduce oil supply in an attempt to make global oil prices grow. The organisatrion’s head Mohammed Bin Saleh Al-Sada stated that a cut of 1.2 million barrels a day would start from January

Tragic dormitory fire in Turkey

Police in southern Turkey has detained six people after 11 pupils and a teacher died in a dorm fire.

Tick encephalitis infection cases increased by one-third in Latvia this year

Cold November forced ticks to enter hibernation. There is reason to believe tick activity in Latvia has ended for this year, admits entomologist Voldemars Spungis.

Newest comments