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Monday 17.02.2020 | Name days: Konstance, Donats

Latvia’s foreign trade turnover declines 10.3% in June

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn June 2019 foreign trade turnover of Latvia amounted to EUR 2.19 billion at current prices constituting 10.3 % less than a year before, of which exports value of goods fell by 8.2 % and imports value of goods by 11.9 %.

In June, Latvia exported goods in the amount of EUR 982.9 billion and imported in the amount of EUR 1.21 billion, according to data from the Central Statistical Bureau of Latvia.

During the first half of the year, Latvian foreign trade turnover at current prices reached EUR 13.83 billion – EUR 336.1 million or 2.5 % more than in the corresponding period of 2018. Exports value constituted EUR 6.18 billion (rise of EUR 20.6 million or 0.3 %), while imports value EUR 7.65 billion (increase of EUR 315.5 million or 4.3 %).

Calendar and seasonally adjusted data show that, compared to June 2018, in June 2019 exports value at current prices went down by 3.4 % and imports value by 7.2 %, whereas, compared to the previous month, exports value increased by 0.1 % while imports value fell by 12.2 %.

Main changes in exports in June 2019, compared to June 2018, included the following: exports of prepared foodstuffs up by EUR 7.3 million or 8.8 %; exports of machinery and mechanical appliances; electrical equipment down by EUR 40.1 million or 20 %; exports of basic metals and articles of basic metals down by EUR 20.8 million or 20.4 %; exports of wood and articles of wood down by EUR 17.5 million or 9 %; exports of vegetable products down by EUR 6.2 million or 9 %;

Main changes in imports in June 2019, compared to June 2018, included the following: imports of mineral products down by EUR 17.8 million or 13.5 %; imports of machinery and mechanical appliances; electrical equipment down by EUR 79.2 million or 25.2 %; imports of motor vehicles and parts and accessories thereof down by EUR 66.3 million or 34.8 %;  imports of basic metals and articles of basic metals down by EUR 21.9 million or 19.4 %; imports of wood and articles of wood down by EUR 6.7 million or 12.8 %,

In June, Lithuania (17.8 % of total exports), Estonia (12.5 %), Germany (6.7 %) and Sweden (6.6 %) were the main export partners of Latvia in trade with the EU countries. Lithuania (18.4 % of total imports), Germany (11.4 %), Poland (9.4 %) and Estonia (9.2 %) were the main import partners. Russia was the main partner in trade with third countries; in June its share in the total Latvian exports accounted for 8.5% and in imports for 8.3 %.

In June 2019, compared to June 2018, the share of the European Union countries in Latvian foreign trade grew – by 4.7 percentage points in the total exports value and by 5.9 percentage points in the imports value.  The share of CIS countries went up by 0.4 percentage points in exports and by 2.8 percentage points in imports.

In June 2019, foreign trade balance of Latvia, as the exports value of goods exceeded the imports value of goods, was positive with 124 partner countries. It was negative in trade with 40 countries.

In June 2019, compared to June 2018, the increase in exports of mineral fuels, mineral oils and products of their distillation was affected by exports of liquefied natural gas amounting to EUR 5.9 million (liquefied natural gas was not exported before). Exports of machinery and mechanical appliances, in turn, declined due to the lack of exports of turbojets, turbopropellers and other gas turbines (in June 2018, exports thereof amounted to EUR 36.6 million).

In June 2019, compared to June 2018, rise in imports of mineral fuels, mineral oils and products of their distillation was affected by the increase in imports of natural gas (in gaseous state) of EUR 27.8 million or 4.3 times. Decline in imports of machinery and mechanical appliances, in turn, was mainly influenced by the reduction in imports of turbojets, turbopropellers and other gas turbines of EUR 64.8 million or 99.8 %.

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