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Latvia’s foreign trade turnover rises 10.8%

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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


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