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Monday 21.05.2018 | Name days: Ingmārs, Ernestīne, Akvelīna
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Latvian foreign trade balance improves

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to August, Latvian foreign trade turnover at current prices grew by 4.2 %, as the exports value of goods rose by 9.8 %, whereas the imports value decreased by 0.5 % in September 2016.

In September, Latvia exported goods in the amount of EUR 953.6 million, and imported goods in the amount of EUR 1.04 billion. The foreign trade balance improved, as exports in the total foreign trade value increased up to 47.8 % (in August – 45.4 %), according to provisional data of the Central Statistical Bureau of Latvia.

During the first nine months of the present year, Latvian foreign trade turnover at current prices reached EUR 16.37 billion – EUR 584.6 million or 3.2 % less than in the corresponding period of the previous year. The exports value amounted to EUR 7.47 billion (a drop of EUR 125.3 million or 1.6 %), whereas the imports value amounted to EUR 8.9 billion (a drop of EUR 423.3 million or 4.5 %).

The main changes in exports in September, compared to August, included the following: exports of machinery and mechanical appliances; electrical equipment increased by EUR 17.6 million or 13.1 %; exports of prepared foodstuffs grew by EUR 14.9 million or 21.8 %; exports of vegetable products rose by EUR 14.8 million or 16.1 %; exports of products of the chemical and allied industries increased by EUR 13.9 million or 23.5 %; exports of wood and articles of wood grew by EUR 13.9 million or 9.9 %; exports of basic metals and articles of basic metals fell by EUR 1.9 million or 2.4 %.

The main changes in imports in September, compared to August, included the following: imports of products of the chemical and allied industries declined by EUR 11.1 million or 9.6 %; imports of textiles and textile articles dropped by EUR 8.1 million or 15.5 %; imports of articles of stone, plaster, cement, glassware and ceramic products decreased by EUR 6.0 million or 22.4 %; imports of vehicles and associated transport equipment increased by EUR 16.7 million or 19.2 %; imports of prepared foodstuffs grew by EUR 7.3 million or 7.9 %.

In September, the main export partners in trade with EU countries were Lithuania (17.7 % of total export), Estonia (11.6 %), Germany (8.7 %) and Sweden (5.6 %), whereas the main import partners were Lithuania (18.4 % of total imports), Germany (11.9 %), Poland (11.4 %) and Estonia (8.0 %).

Russia was the main partner in trade with third countries; its share in total Latvian exports in September accounted for 7.8 %, whereas in imports – for 6.6 %.

The growth in the exports of miscellaneous grains and seeds (including oleaginous fruits), industrial or medicinal plants in September 2016, as compared to September 2015, was influenced by an increase in the exports of rape and colza seeds (of EUR 7.3 million or 23.5 %). In turn, exports of cereals decreased due to a drop in the exports of wheat and meslin (of EUR 41.4 million or 53.2 %).

The increase in the imports of alcoholic and non-alcoholic beverages in September 2016, as compared to September 2015, was mostly affected by an increase in the imports of spirits (of EUR 6.0 million or 30.3 %). 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 19.6 million or 26.9 %).

Ref: 102.109.109.0901


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