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Wednesday 26.09.2018 | Name days: Kurts, Knuts, Gundars

Latvia’s exports up 11.9% in July; wood exports on a rise the most

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn July 2018, the foreign trade turnover of Latvia amounted to EUR 2.31 billion, which at current prices was 11.9 % more than in July 2017, of which the exports value of goods was 8.3 % and imports value of goods was 14.5 % higher.

In July, Latvia exported goods in the amount of EUR 949.8 million but imported – in the amount of EUR 1.36 billion. Compared to July 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 42.6 % to 41.2 %, according to data from the Central Statistical Bureau of Latvia.

Calendar and seasonally adjusted data at current prices show that, compared to July 2017, in July 2018 the exports value at current prices went up by 8.2 % and the imports value by 15.2 %, whereas, compared to the previous month, the exports value decreased by 0.01 %, but the imports value increased by 1.8 %.

Main changes in exports in July 2018, compared to July 2017, included the following: exports of wood and articles of wood up by EUR 41.5 million or 28.3 %; exports of basic metals and articles of basic metals up by EUR 12.1 million or 14.7 %; exports of vehicles and associated transport equipment up by EUR 10.4 million or 21.2 %; exports of prepared foodstuffs up by EUR 8.5 million or 10.0 %; exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments down by EUR 5.0 million or 24.4 %.

Main changes in imports in July 2018, compared to July 2017, included the following: imports of machinery and mechanical appliances; electrical equipment up by EUR 56.5 million or 22.1 %; imports of prepared foodstuffs up by EUR 27.1 million or 25.3 %; imports of vegetable products up by EUR 16.7 million or 42.3 %; imports of wood and articles of wood up by EUR 12.4 million or 34.8 %; imports of textiles and textile articles down by EUR 5.5 million or 12.7 %.

In July, the main export partners of Latvia in trade with EU countries were Lithuania (18.0 % of total exports), Estonia (11.4 %), Germany (7.7 %) and United Kingdom (6.4 %), whereas the main import partners were Lithuania (17.5 % of total imports), Germany (11.5 %), Poland (8.8 %) and Estonia (6.7 %).

The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.3 %, and in imports – for 5.3 %.

Rise of exports of wood and wood products; wood charcoal in July 2018, as compared to July 2017, was affected by the increase in exports of round timber of EUR 14.3 million or 2.2 times. In turn, exports of pharmaceutical products dropped as exports of medicaments decreased by EUR 8.0 million or 23.3 %.

The rise in the imports of machinery and mechanical appliances in July 2018, as compared to July 2017, was facilitated by an increase in the imports of turbojets, turbo-propellers and other gas turbines by EUR 40.5 million. In turn, rise in imports of wood and articles of wood were mainly affected by growth in imports of sawn wood – of EUR 3.8 million or 33.7 %.

Over the first seven months of this year, the foreign trade turnover of Latvia at current prices reached EUR 15.46 billion – EUR 1.32 billion or 9.3 % more than in the corresponding period of 2017. The exports value constituted EUR 6.91 billion (an increase of EUR 601.9 million or 9.5 %), whereas the imports value – EUR 8.55 billion (an upturn of EUR 714.2 million or 9.1 %).

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