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Latvia’s exports increased 7% in November 2018

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn November 2018 Latvian foreign trade turnover amounted to EUR 2.47 billion, which at current prices was 7 % more than in November 2017, of which the exports value of goods was 5.2 % and imports value of goods was 8.6 % higher.

In November, Latvia exported goods in the amount of EUR 1.17 billion, but imported in the amount of EUR 1.3 billion. Compared to November 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 48.1 % to 47.3 %, according to provisional data from the Central Statistical Bureau of Latvia.

Over eleven months of 2018, the foreign trade turnover of Latvia at current prices reached EUR 25.64 billion – EUR 2.25 billion or 9.6 % more than in the corresponding period of 2017. The exports value comprised EUR 11.4 billion (an increase of EUR 844.8 million or 8 %), whereas the imports value – EUR 14.24 billion (an upturn of EUR 1.4 billion or 10.9 %).

Calendar and seasonally adjusted data show that, compared to November 2017, in November 2018 the exports value at current prices went up by 4.3 % and the imports value by 9.1 %, whereas, compared to the previous month, the exports value increased by 3.5 %, but the imports value – reduced by 7.5 %.

Main changes in exports in November 2018, compared to November 2017, included the following: exports of machinery and mechanical appliances; electrical equipment up by EUR 45.1 million or 26.2 %; exports of wood and articles of wood up by EUR 25.8 million or 14.8 %; exports of prepared foodstuffs up by EUR 11.6 million or 9.8 %; exports of products of the chemical and allied industries up by EUR 10.9 million or 13.7 %; exports of vegetable products down by EUR 54.5 million or 44.9 %.

Main changes in imports in November 2018, compared to November 2017, included the following: imports of basic metals and articles of basic metals up by EUR 24.1 million or 26.8%; imports of mineral products up by EUR 20.3 million or 21.8 %; imports of products of the chemical and allied industries up by EUR 18.2 million or 15.3 %; imports of wood and articles of wood up by EUR 17.4 million or 43.5 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 14.3 million or 11.7 %.

In November, the main export partners of Latvia in trade with EU countries were Lithuania (16.1 % of total exports), Estonia (11.6 %), Sweden (8.2 %) and Germany (6.6 %), whereas the main import partners were Lithuania (17.7 % of total imports), Germany (11.4 %), Poland (9 %) and Estonia (8.2 %).

Main partner in trade with third countries was Russia, share of which in total exports of Latvia in November comprised 11.2 %, but in imports – 7.8 %.

The rise in the exports of machinery and mechanical appliances in November 2018, as compared to November 2017, was facilitated by an increase in the exports of turbojets, turbopropellers and other gas turbines by EUR 20.5 million. But exports of cereals reduced as exports of wheat and meslin decreased by EUR 52.0 million or 67.6 %.

Rise of imports of iron and steel in November 2018, as compared to November 2017, was mostly affected by the increase in imports of flat rolled products of iron and steel of EUR 11.1 million or 79.9%.  In turn, decline in imports of tractors of EUR 6.9 million or 52.9 % significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.


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