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Saturday 19.08.2017 | Name days: Melānija, Imanta

Latvia’s export proportion in foreign trade declines

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to January, exports value of goods at current prices reduced by 2.0% in February 2015, but imports value of goods had increased by 1.2%.

In February Latvia exported goods in amount of 770.7 million euros, but imported – in amount of 925.6 million euros. Foreign trade balance slightly worsened as exports in total foreign trade value declined to 45.4% (in January 2015 – 46.2%), according to data compiled by the Central Statistical Bureau of Latvia.

In February 2015, compared to January, there were changes in trade with basic metals and articles of basic metals. Exports of these goods reduced by 25.2 million euros or 29.5% as exports of waste and scrap of cast iron dropped by 6.6 million euros or 80.6%. At the same time imports of basic metals and articles of basic metals rose by 18.7 million euros or 25.8% as imports of semi-finished products of iron or non-alloy steel grew from 198 thousand euros to 12.5 million euros or 63 times (majority was imported from Belarus and Russia).

Main changes in exports in February, compared to January: exports of vegetable products decreased by 11.0 million euros or 25.2%; exports of textiles and textile articles increased by 7.5 million euros or 21.9%; exports of machinery and mechanical appliances; electrical equipment grew by 20.6 million euros or 13.6%; exports of plastics and articles thereof increased by 4.7 million euros or 24.3%.

Main changes in imports in February, compared to January: imports of vehicles, aircraft, vessels and associated transport equipment increased by 16.7 million euros or 31.3%; imports of products of the chemical and allied industries grew by 8.9 million euros or 9.7%; imports of mineral products dropped by 28.8 million euros or 22.2%; imports of machinery and mechanical appliances; electrical equipment reduced by 25.2 million euros or 11.6%.

In February main export partners were Lithuania (18.9% of total export), Estonia (12.0%), Poland (6.6%), and Germany (6.3%), but main import partners were Lithuania (16.2% of total import), Poland (11.0%), Germany (10.5%) and Estonia (7.0%).

Increase of exports to CIS countries was affected by its rise to Russia by 18.5 million euros or 41.7% and to Belarus by 13.7 million euros or 3 times (mostly increase was observed in exports of machinery and mechanical appliances; electrical equipment; parts thereof).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in February accounted for 8.2%, but in imports – 8.8%.

In February 2015, compared to February 2014, rise in exports of furniture, other furnishing articles; prefabricated buildings was affected by increase in exports of prefabricated buildings by 3.2 million euros or 2.3 times. But exports of beverages, spirits and vinegar reduced as exports of spirits dropped by 7.7 million euros or 32.3%. Rise in imports of wood and wood products; wood charcoal in February 2015, as compared to February 2014, was affected by the increase in imports of round timber of 1.8 million euros or 27.3%. In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas in the gaseous state by 33.3 million euros or 77.0%.


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