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Monday 19.03.2018 | Name days: Jāzeps

Latvia's metalworking industry experiences reductions in export and import

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Аuthor: SXCIn February 2013, compared to January of this year, exports value of goods at current prices increased by 1.9%, but the import value of goods – reduced by 1.6%. In February foreign trade balance improved as exports in total foreign trade value increased to 45.5% (in January of this year – 44.7%), according to provisional data of the Central Statistical Bureau of Latvia.

The main changes in exports in February, compared to January of 2013 include: growth of exports of machinery and mechanical appliances; electrical equipment comprised 10.3 million LVL or 13.7%; exports of vegetable products increased by 7.7 million LVL or 25.6%; increase of exports of food products comprised 4.1 million LVL or 10.0%.

The main changes in imports in February, compared to January of 2013 include: imports of products of the chemical and allied industries grew by 7.7 million LVL or 12.8%; imports of footwear and haberdashery rose by 3.5 million LVL or 84.4%; imports of mineral products dropped by 17.5 million LVL or 12.8%.

Exports of basic metals and articles of basic metals in February, compared to January, dropped by 9.3 million LVL or 11.7% – to Algeria by 4.1 million LVL or 27.8% and to Turkey – by 3.6 million LVL or 38.0%. In its turn, imports reduced by 7.7 million LVL or 10.5% – from Russia by 3.2 million LVL or 14.3%, from Netherlands by 1.3 million LVL or 58.2%, from Finland by 1.2 million LVL or 60.2%.

In February the most significant share of Latvia’s exports – 71.0% had exported to the countries of the European Union, followed by the exports to CIS countries by 13.7%. Main export partners were Lithuania (15.7% of total exports), Estonia (13.7%), Russia (9.8%), Germany (8.9%) and Poland (5.8%).

In its turn the most significant share in Latvia’s imports – 74.4% had imports from the countries of European Union, followed by the imports from CIS countries with 17.7%. Main imports partners were Lithuania (17.2% of total imports), Russia (12.1%), Germany (10.8%), Poland (9.5%) and Estonia (7.4%).

Rapid growth of exports of cereals in February 2013, compared to February of previous year, was mostly impacted by the increase of exports of wheat and meslin, and brans – by 9.8 million LVL or 72.4%. In its turn, exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof decreased as exports of cars and other mechanical vehicles dropped by 8.0 million LVL or 71.7%. In February, compared to February of the previous year, imports of pharmaceutical products rose as imports of medical products increased by 6.8 million LVL or 42.4%.


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