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Latvia’s exports in February was 9.9% higher in 2018 than it was last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn February 2018, the foreign trade turnover of Latvia amounted to EUR 2.02 billion, which at current prices was 9.9 % more than in February 2017, of which the exports value of goods was 11.6 % and imports value of goods was 8.4 % higher.

In February, Latvia exported goods in the amount of EUR 932.7 million but imported – in the amount of EUR 1.09 billion. Compared to February 2017, foreign trade balance has improved as exports in total foreign trade amount increased from 45.4 % to 46.1 %, according to data from the Central Statistical Bureau of Latvia.

Over the first two months of this year, the foreign trade turnover of Latvia at current prices reached EUR 4.07 billion – EUR 408.2 million or 11.2 % more than in the corresponding period of 2017. The exports value constituted EUR 1.89 billion (an increase of EUR 244.0 million or 14.8 %), whereas the imports value – EUR 2.18 billion (an upturn of EUR 164.2 million or 8.2 %).

Calendar and seasonally adjusted data at current prices show that, compared to February 2017, in February 2018 the exports value at current prices went up by 11.5 % and the imports value by 8.2 %, whereas, compared to the previous month, the exports value decreased by 3.2 % and the imports value by 1.4 %.

Main changes in exports in February 2018, compared to February 2017, included the following: exports of vegetable products up by EUR 23.0 million or 56.8 %; exports of wood and articles of wood up by EUR 21.7 million or 15.0 %; exports of machinery and mechanical appliances; electrical equipment up by EUR 21.2 million or 13.6 %; exports of products of the chemical and allied industries up by EUR 11.8 million or 19.4 %; exports of basic metals and articles of basic metals down by EUR 6.8 million or 8.4 %.

Main changes in imports in February 2018, compared to February 2017, included the following: imports of machinery and mechanical appliances; electrical equipment up by EUR 37.4 million or 19.4 %; imports of basic metals and articles of basic metals up by EUR 21.3 million or 28.5 %; imports of wood and articles of wood up by EUR 12.5 million or 39.4 %; imports of mineral products down by EUR 20.2 million or 19.1 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 14.7 million or 15.1 %.

In February, the main export partners of Latvia in trade with EU countries were Lithuania (15.5 % of total exports), Estonia (10.2 %), Sweden (8.1 %) and Germany (7.2 %), whereas the main import partners were Lithuania (18.1 % of total imports), Germany (10.5 %), Poland (8.6 %) and Estonia (8.0 %).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in February accounted for 8.4 %, but in imports – 6.8 %. The rise in the exports of cereals in February 2018, as compared to February 2017, was facilitated by an increase in the exports of wheat and meslin by EUR 19.1 million or 3 times. But exports of iron and steel reduced as exports of flat-rolled products of iron and non-alloy steel decreased by EUR 13.1 million or 64.9 %.

Rise of imports of iron and steel in February 2018, as compared to February 2017, was mostly affected by the increase in imports of flat-rolled products of iron and non-alloy steel of EUR 13.6 million or 2 times. In turn, a drop was experienced in the imports of mineral fuels, mineral oils and products of their distillation, as the imports of natural gas in gaseous state dropped by EUR 28.4 million or 85.7 %.


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