In October, Latvia exported goods in the amount of EUR 971.3 million, and imported goods in the amount of EUR 1.1 billion. The foreign trade balance worsened, as exports in the total foreign trade value dropped to 46.8% (in September – 47.8%), according to the data from the Central Statistical Bureau of Latvia.
During the first ten months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 18.47 billion – EUR 556.9 million or 2.9% less than in the corresponding period of 2015. The exports value amounted to EUR 8.45 billion (a drop of EUR 150.1 million or 1.7%), whereas the imports value amounted to EUR 10.02 billion (a drop of EUR 406.8 million or 3.9 %).
Main changes in exports in October, compared to September, included the following: exports of vegetable products rose by EUR 13.6 million or 12.7%; exports of mineral products increased by EUR 6.5 million or 14.4%; exports of articles of stone, plaster, cement, glassware and ceramic products grew by EUR 5.2 million or 21.0%; exports of basic metals and articles of basic metals fell by EUR 9.9 million or 13.1%; exports of wood and articles of wood dropped by EUR 6.1 million or 4.0%.
Main changes in imports in October, compared to September, included the following: imports of machinery and mechanical appliances; electrical equipment grew by EUR 26.6 million or 13.2%; imports of mineral products rose by EUR 14.2 million or 15.4%; imports of basic metals and articles of basic metals increased by EUR 10.5 million or 12.2%; imports of prepared foodstuffs grew by EUR 9.3 million or 9.3%; imports of vehicles and associated transport equipment dropped by EUR 10.3 million or 10.0%.
In October, the main export partners in trade with EU countries were Lithuania (18.2% of total exports), Estonia (11.2%), Germany (7.0%) and Sweden (6.8 %), whereas the main import partners were Lithuania (17.2% of total imports), Germany (12.0%), Poland (10.6%) and Estonia (7.3%).
Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 8.1%, whereas in imports – for 8.4 %.
Growth in the exports of pharmaceutical products in October 2016, as compared to October 2015, was influenced by an increase in the exports of medicines (of EUR 6.5 million or 27.1%).
In turn, there was a drop in the exports of electrical machinery and equipment, as the exports of monitors, projectors and television receivers decreased by EUR 7.1 million or 22.6%.
Growth in the imports of iron and steel in October 2016, as compared to October 2015, was affected by an increase in the imports of flat-rolled products of iron and non-alloy steel (of EUR 23.6 million or 2.6 times). In turn, the drop in the imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by a decrease in the imports of diesel oil (of EUR 17.3 million or 24.3%).