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Saturday 22.10.2016 | Name days: Irīda, Īrisa

Latvia’s foreign trade balance improves

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to August, exports value of goods at current prices grew by 23.1% and imports value of goods – by 4.8% in September 2015.

In September, Latvia exported goods in the amount of 966.0 million euros, but imported – in the amount of 1 081.9 million euros. Foreign trade balance improved as exports in total foreign trade value increased to 47.2% (in August 2015 – 43.2%), according to data from the Central Statistical Bureau of Latvia.

Foreign trade balance in September was significantly affected by increase in seasonal exports of vegetable products of 114.8 million euros or 5.4 times, compared to August. Of which exports of wheat and meslin, and brans rose by 73.2 million euros or 26 times. In September it was mostly exported to Algeria – 44.5 million euros, Saudi Arabia – 9.4 million euros, France – 6.8 million euros and Spain – 5.1 million euros.

Main changes in exports in September, compared to August include the following: exports of basic metals and articles of basic metals grew by 26.2 million euros or 41.8%; exports of vehicles and associated transport equipment increased by 19.5 million euros or 75.7%; exports of prepared foodstuffs rose by 9.7 million euros or 15.0%; exports of products of the chemical and allied industries increased by 8.7 million euros or 15.2%; exports of machinery and mechanical appliances; electrical equipment decreased by 18.4 million euros or 11.6%.

Main changes in imports in September, compared to August include the following: imports of vehicles and associated transport equipment increased by 40.3 million euros or 77.6%; imports of products of the chemical and allied industries increased by 25.2 million euros or 25.8%; imports of prepared foodstuffs rose by 8.8 million euros or 9.9%; imports of mineral products dropped by 25.3 million euros or 16.9%.

In September main export partners in trade with the EU countries were Lithuania (18.9% of total exports), Estonia (10.7%), Germany (6.4%) and Poland (5.7%); main import partners were Lithuania (17.8% of total imports), Germany (11.6%), Poland (11.0%) and Estonia (7.5%).

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in September accounted for 7.0%, and in imports – for 7.6%. Increase in exports of oil seeds, oleaginous fruits, industrial or medicinal plants in September 2015, as compared to September 2014 was affected by growth in exports of rape and colza seeds of 23.5 million euros or 4.1 times. In turn exports of beverages, spirits and vinegar decreased, as exports of spirits dropped by 17.6 million euros or 37.0%. Growth of imports of pharmaceutical products in September 2015, as compared to September 2014, was mostly affected by increase in imports of medicines of 4.7 million euros or 13.8%. In turn, the drop in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil of 26.9 million euros or 27.1%.


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