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Sunday 23.10.2016 | Name days: Daina, Dainida, Dainis

Latvia’s foreign trade turnover down 7.0%

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn August 2015, compared to July, foreign trade turnover at current prices fell by 7.0%, of which exports value of goods reduced by 7.8% and imports value of goods – by 6.4%.

In August Latvia exported goods in amount of 784.9 million euros, but imported – in amount of 1 032.7 million euros. Foreign trade balance slightly worsened as exports in total foreign trade value declined to 43.2% (in July 2015 – 43.5%).

The main changes in exports in August, compared to July, include the following: exports of basic metals and articles of basic metals fell by 24.5 million euros or 28.1%; exports of machinery and mechanical appliances; electrical equipment fell by 10.7 million euros or 6.3%; exports of vehicles and associated transport equipment dropped by 8.0 million euros or 23.6%; exports of live animals and animal products decreased by 7.4 million euros or 19.3%; exports of pulp of wood; paper and paper board rose by 3.3 million euros or 17.2%.

The main changes in imports in August, compared to July, include the following: imports of machinery and mechanical appliances; electrical equipment fell by 44.7 million euros or 17.3%; imports of products of the chemical and allied industries declined by 25.5 million euros or 20.7%; imports of vehicles and associated transport equipment dropped by 24.5 million euros or 32.0%; imports of mineral products rose by 17.5 million euros or 13.3%; imports of vegetable products grew by 6.9 million euros or 18.9%.

In August, the main export partners in trade with the EU countries were Lithuania (21.4% of total export), Estonia (12.6%), Germany (6.8%) and the United Kingdom (6.3%); main import partners were Lithuania (20.2% of total import), Poland (10.7%), Germany (10.1%) and Estonia (7.7%).

Reduction in exports was mainly affected by its decrease in trade with third countries – with Algeria of 13.2 million euros or 97.2%, with Saudi Arabia of 6.5 million euros or 93.8%, with Turkey of 5.2 million euros or 51.1%. Also decrease in exports to Russia, which is the largest partner in this group of countries, was significant – by 12.0 million euros or 15.6%. Russia’s share in total exports of Latvia reduced by 8.3% (in July 9.1%). At the same time its share in imports grew to 8.7% (in July 7.0%). Increase of exports of machinery and mechanical appliances; electrical equipment in August 2015, as compared to August 2014, was affected by the increase in exports of computers and units thereof by 9.5 million euros or 2.1 time. In turn, exports of iron and steel dropped as exports of waste and scrap of cast iron decreased by 13.8 million euros or 94.8%.Rise of imports of alcoholic and non-alcoholic beverages in August 2015, as compared to August 2014, was affected by the increase in imports of spirits by 7.3 million euros or 72.8%. In turn, decline in imports of passenger cars by 7.9 million euros or by 32.6% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.


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