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Export volumes in Latvia up 5.1% in September; timber remains at the top

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn September 2018 foreign trade turnover of Latvia amounted to EUR 2.42 billion, which at current prices was 5.1 % more than in September 2017, of which the exports value of goods was 1.0 % lower, but imports value of goods was 10.3 % higher.

In September, Latvia exported goods in the amount of EUR 1.03 billion, but imported in the amount of EUR 1.38 billion. Compared to September 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.4 % to 42.8 %, according to data from the Central Statistical Bureau of Latvia.

Over the first nine months of this year, the foreign trade turnover of Latvia at current prices reached EUR 20.49 billion – EUR 1.75 billion or 9.3 % more than in the corresponding period of 2017. The exports value constituted EUR 9.05 billion (an increase of EUR 695.0 million or 8.3 %), whereas the imports value – EUR 11.44 billion (an upturn of EUR 1.06 million or 10.2 %).

Calendar and seasonally adjusted data show that, compared to September 2017, in September 2018 the exports value at current prices went up by 4.5 % and the imports value by 17.6 %, whereas, compared to the previous month, the exports value decreased by 3.4 %, but the imports value increased by 2.3 %.

Main changes in exports in September 2018, compared to September 2017, included the following: exports of wood and articles of wood up by EUR 26.7 million or 17.7 %; exports of basic metals and articles of basic metals up by EUR 7.1 million or 7.9 %; exports of vegetable products down by EUR 25.1 million or 25.4 %; exports of machinery and mechanical appliances; electrical equipment down by EUR 14.2 million or 6.8 %; exports of live animals, animal products down by EUR 8.1 million or 17.4 %.

Main changes in imports in September 2018, compared to September 2017, included the following: imports of mineral products up by EUR 38.7 million or 24.2 %; imports of vehicles and associated transport equipment up by EUR 30.7 million or 24.2 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 23.8 million or 9.2 %; imports of basic metals and articles of basic metals up by EUR 17.3 million or 18.5 %; imports of plastics and articles thereof down by EUR 4.5 million or 6.1 %.

In September, the main export partners of Latvia in trade with EU countries were Lithuania (15.6 % of total exports), Estonia (10.7 %), Germany (7.4 %) and Sweden (7.1 %), whereas the main import partners were Lithuania (17.2 % of total imports), Germany (9.4 %), Poland (8.2 %) and Estonia (6.8 %).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in September accounted for 9.1 %, but in imports – for 12.4 %.

Rise of exports of wood and wood products; wood charcoal in September 2018, as compared to September 2017, was affected by the increase in exports of round timber of EUR 9.4 million or 91.2 %. In turn, exports of machinery and mechanical appliances reduced, as exports of turbojets, turbopropellers and other gas turbines decreased by EUR 7.0 million or 14.7 %, but exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof fell as exports of passenger cars reduced by EUR 7.7 million or 37.4 %.

Compared to September 2017, rise of imports in commodity group “Aircraft, Spacecraft, and Parts Thereof” in September 2018, was affected by purchase of aircrafts – increase of EUR 45.1 million or 3.5 times, but imports of iron and steel grew as imports of flat rolled products of iron and steel rose by EUR 17.1 million or 94.5 %. In turn, decline in imports of passenger cars by EUR 10.9 million or by 23.1 % significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.


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