Latviski English По-русски
Friday 20.07.2018 | Name days: Ramona, Ritma

Latvia’s export decline was 2.7% in March

(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn March 2018, the foreign trade turnover of Latvia amounted to EUR 2.19 billion, which at current prices was 2.7 % smaller than in March 2017, of which the exports value of goods was 6.1 % smaller, but imports value of goods was 0.2 % higher.

In March, Latvia exported goods in the amount of EUR 966.2 million but imported – in the amount of EUR 1.22 billion. Compared to March 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.8 % to 44.2 %, according to data from the Central Statistical Bureau of Latvia.

Over the first quarter of this year, the foreign trade turnover of Latvia at current prices reached EUR 6.26 billion – EUR 344.7 million or 5.8 % more than in the corresponding period of 2017. The exports value constituted EUR 2.86 billion (an increase of EUR 176.6 million or 6.6 %), whereas the imports value – EUR 3.4 billion (an upturn of EUR 168.1 million or 5.2 %).

Calendar and seasonally adjusted data at current prices show that, compared to March 2017, in March 2018 the exports value at current prices reduced by 1.1 %, but the imports value – went up by 5.9 %, whereas, compared to the previous month, the exports value decreased by 5.7 %, the imports value – increased by 0.2 %.

Compared to March 2017, the main changes in exports in March 2018 included: exports of vegetable products down by EUR 41.0 million or 60.2 %; exports of vehicles and associated transport equipment down by EUR 19.5 million or 23.6 %; exports of machinery and mechanical appliances; electrical equipment down by EUR 8.2 million or 4.7 %; exports of products of the chemical and allied industries down by EUR 7.8 million or 9.5 %; exports of basic metals and articles of basic metals up by EUR 14.8 million or 16.8 %.

Compared to March 2017, the main changes in imports in March 2018 included: imports of basic metals and articles of basic metals up by EUR 26.8 million or 28.8 %; imports of mineral products up by EUR 14.3 million or 14.4 %; imports of products of the chemical and allied industries up by EUR 10.4 million or 7.4 %; imports of vegetable products up by EUR 7.4 million or 13.5 %; imports of textiles and textile articles down by EUR 6.5 million or 13.6 %.

In March, the main export partners of Latvia in trade with EU countries were Lithuania (16.4 % of total exports), Estonia (12.6 %), Germany (7.6 %) and Sweden (7.3 %), whereas the main import partners were Lithuania (16.4 % of total imports), Germany (11.5 %), Poland (10.2 %) and Estonia (7.3 %).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in March accounted for 9.1 %, but in imports – 9.6 %.

Rise of exports of iron and steel in March 2018, as compared to March 2017, was affected by the increase in exports of waste and scrap of cast iron of EUR 8.6 million or 2.4 times. In turn, a drop was experienced in the exports of furniture, other furnishing articles; prefabricated buildings as exports of wooden furniture fell by EUR 4.3 million or by 37.5 %.

Rise of imports of iron and steel in March 2018, as compared to March 2017, was mostly affected by the increase in imports of flat rolled products of iron and non-alloy steel of EUR 18.1 million or 94.3 %. In turn, a drop was experienced in the imports of electrical machinery and equipment, as the imports of telephone sets and of other apparatus for the transmission or reception of voice, images or other data dropped by EUR 7.4 million or 15.1 %.

Leave a reply

Weather in Latvia will remain warm and even hot at times

Weather in Latvia in the nearest couple of days will be dictated by a cyclone. Because of that the sky will be partially covered by clouds; thunderstorms are also expected, as reported by State Environment, Geology and Meteorology Centre.

Hungary sued in EU Court for criminalising help to illegal immigrants

The European Union's executive body has stated that a law in Hungary that criminalises support for illegal immigrants is in breach with EU law and Hungary has now been referred to the European Court of Justice for the alleged non-compliance.

Estonians buy alcohol in Latvia; country loses EUR 20 million in six months

Latvian stores located close to the Latvian-Estonian border have sold 1.6 million litres of strong alcoholic drinks in the first half year of 2019. This means Estonia has lost more than EUR 20 million in taxes, according to data from Association of Estonian Alcohol Producers and Importers.

Lithuania’s election watchdog slams ruling LFGU over popular TV series

Political messages can be channeled in various ways and the ruling now Lithuanian party, LFGU has chosen a very delicate way of the communications – through a TV series featuring the beauty and the ambiance of Naisiai, a picturesque settlement in Siauliai district.

Association: around 3,3000 people know of their HIV infection but receive no treatment

HIV remains a serious problem in Latvia – around 3,300 people are aware of their status but receive no treatment and continue spreading the infection. Because of that, it is necessary to act quickly for Latvia to lose its status as HIV kingdom and limit the spread of the infection, says Baltic HIV Association, informing decision-makers and responsible officials in institutions and hospitals about the HIV/AIDS situation.

Driver shortage may force reduction of international road haulage volumes

Latvia’s road haulage companies have started experiencing shortage of drivers. On top of that, if employment conditions for residents of non-EU member states do not change, it may be necessary to reduce the volume of road haulage volumes, says Latvijas auto president Valdis Trēziņš.

Lattelecom’s turnover up 9% in first half-year of 2018

Lattelecom Group’s turnover reached EUR 98.7 million in the first half-year of 2018, growing by 9% in comparison with the same period of 2017, according to unaudited financial results.

1,140 fewer births registered in Latvia in 2017

Since 2016 the number of births in Latvia is declining again. Compared to 2016, a total of 1,140 births fewer were registered in 2017. Also, the provisional number of births registered over the first six months of 2018 (9,664 children) is by 664 children smaller than that registered over the respective period of 2017.

Citadele Bank decides to reform Lithuanian subsidiary as a branch office

Citadele Bank has decided to reform its Lithuanian subsidiary as a branch office, as confirmed in the statement the bank submitted to Nasdaq Riga.

Russian pension age hike discussed amid protest outside Duma

As the Russian paliament votes on the proposal to gradually increase he pension age to 65 for men and 63 for women, some 200 people were seen protesting against the reform in Moscow.

Corruption watchdog chief says bureau has done no illegal actions

After going through Corruption Prevention and Combating Bureau’s past investigative activities, the bureau’s chief – Jēkabs Straume – found it confusing that officers often took no appropriate actions after acquiring evidence or receiving indications regarding necessary steps.

Illegal border crossings to Estonia on rise after Russia World Cup

Football fans with temporary residency permits of the Russia World Cup, or fan Ids, are trying to illegally cross the Russian border with Estonia, a member of the European Union.

Estonian 13-year-old lethally overdoses fentanyl

Estonian prosecutors have accused a 15-year old of negligent homicide after a girl, 13, passed away from fentanyl overdose.

Wild party competition and political chaos – what goes on during pre-election period?

If we compare who fought under 5% barrier some 8-12 years ago, we will see Daugava’s diggers, head nurse parties and eurosceptics parties whose ability to create some form of a working party programme was very weak. Now political parties’ competitiveness is so high that up to eight parties may successfully overcome the 5% barrier and this points to healthy competition. At the same time, in all this competitive mess it is impossible to understand where parties get financing and access to media resources, politologist and Providus think tank head researcher Iveta Kažoka commented on the pre-election period in an interview to BNN.

Google fined with EUR 4 billion for competition abuse with Android

Google has been fined by the European Commission with a fine of 4.34 billion euros illegal abuse of its dominant market position and the executive of the European Union is set to move on with investigations into other possible practices of unfair competition by the U.S. company.

Turkey removes post-coup attempt state of emergency

The government of Turkey has decided to end the nationwide state of emergency that was imposed in 2016 after a failed coup attempt, state media have reported.

House arrest of Russian theatre director Serebrennikov extended

A court in Russia prolonged the house arrest of Kirill Serebrennikov, a leading Russian theatre and cinema director, until August 22 as he waits for a criminal trial charged with of embezzlement of state funds.

NCP picks Jurašs, Strīķe, Bordāns, Feldmanis and Šuplinska as its headliners

Latvia’s New Conservative Party has picked Juris Jurašs, Juta Strīķe, Jānis Bordāns, Krišjānis Feldmanis and Ilga Šuplinska as its headliner candidates for Saeima elections.

Bank: residents spend an average of 50 to 100 euros on health every quarter

84% of residents aged 18 to 74 have used medical services in the past three months. Only 5% of all costs were covered by health insurance, according to a survey by Norvik Banka.

Countries sign third Rail Baltica co-financing agreement

Connecting Europe Facility co-financing agreement for the construction of Rail Baltica railway infrastructure was signed by participating member states on 13 July. The value of the agreement is EUR 130 million. CEF’s contribution will reach EUR 110 million, which is equal to 85% of all applicable costs, as confirmed by RB Rail communication consultant Ligita Brodiņa.

Saeima plans to increase compensations for child victims

Saeima’s Legal Affairs Committee supported for the third reading amendments that provide for increasing state compensations to child victims.

Sweden asks for help to fight wildfires behind Arctic Circle

Sweden has called for help of European Union neighbours to put out wildfires, some raging in territories behind the arctic circle.

Latvijas Krajbanka administrator recovered EUR 1,038 million in June

The administrator of the liquidated Latvijas Krajbanka recovered EUR 1,038 million in June, which is 6.9 times more than a month prior, according to the official outlook published in Latvian Herald.

Estonians warned of heat wave, high UV radiation

Weather forecasters in Estonia have warned the population of hot weather conditions, because temperatures are forecast to reach 30-31 degrees Celsius this week.

Minister says police have leads in Bunkus murder case

Police have found new leads in the murder case of former insolvency administrator Mārtiņš Bunkus, said Interior Affairs Minister Rihards Kozlovskis in an interview to 900 seconds programme of LNT.