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Wednesday 26.06.2019 | Name days: Inguna, Inguns, Ausma, Ausmis
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FM: exports to Russia may decline by 10% during the year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvia’s foreign trade turnover had reduced by 1.8% this June, which was impacted by the worsening of the political and economic situation in the region. Export value of goods in comparison with the previous month had reduced by 3.8% and that of import had reduced by 0.2%, as Finance Ministry comments the latest data of the Central Statistical Bureau of Latvia.

In spite of the fact that exports to Russia had increased by 24% over the course of the month, annual exports had reduced by 10%, which is mostly because of the 31% decline in pharmaceutical goods, 2.7% decline in mechanical goods and 73.5% decline in transport resources.

After a 13-month decline, exports to Estonia demonstrated a small increase (0.4%) in comparison with the same period of 2013.

The decline in exports of goods is also noted in an annual perspective, reducing by 0.7% in comparison with the same month of last year. This was mostly affected by a decline in exports of agricultural goods and food products (15.5%), decline in transport resources (23.6%) and mechanical goods (1.2%). It should be noted, however, that there has been a decline in transport resources in imports as well.

Exports of non-alcoholic beverages, fish products and grains have been in decline for several consecutive months, reducing by 2.9%, 30.6% and 85.1% respectively in June, in comparison with June 2013. Volumes of beverages and fish products have been in decline for the second consecutive month. A positive trend remains in chemical industry (45.8%) and wood and wood products industry (11.2%).

Import decline has been noted for food products (0.6%), mechanical goods (2.9%) and mineral products (6.1%). It should be noted that imports of these groups of goods have been in decline for the past nine months. A strong increase has also been noted in production output of chemical industry (19.6%), which is mostly because of imports of pharmaceutical products. All this considered, it is said that import volume had increased by 2% this June. Considering that export volumes are currently in decline, it will have a negative impact on trade balance in June, increasing deficit to EUR 208 million.

The ECI index has been in decline for the second consecutive month. Nevertheless, it remains above 100 points, demonstrating a positive economic trend. European businessmen’s view on upcoming production output volumes had improved slightly this July. That of exports, on the other hand, had reduced slightly.

Export growth will remain reliant on geopolitical risks related to the development of the Russian-Ukrainian conflict and bilateral economic sanctions between Europe and Russia.

Ref: 103.109.109.6345


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  1. B says:

    How come we havent had Walshs opinion yet ? He has plenty to say about everything else. Maybe Walsh is taking a sickie today.

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