bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Monday 17.02.2020 | Name days: Konstance, Donats
LatviaLatvia

Latvia’s foreign trade turnover declines 10.3% in June

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

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 %.


Leave a reply

101 applications submitted for project on preservation of cultural and historical heritage

A total of 101 applications for a total amount of EUR 1.68 million have been received for Riga City Council’s announced tender, as reported by Riga City Council chairman’s advisor Baiba Gailīte.

FKTK chief: Latvia has earned the right to avoid being «greylisted»

Latvia has earned the right to avoid being added to Financial Action Task Force «grey list», said the head of Latvia’s Finance and Capital Market Commission Santa Purgaile in an interview to Latvijas Radio on Monday, 17 February.

Latvian government signs new contract for Latvia’s pavilion in Expo 2020

The government has signed a 1.4 million euros worth contract for the construction of Latvia’s pavilion at Expo 2020, which will be held in Dubai, as confirmed by Economy Minister Ralfs Nemiro

Eurostat: Latvia’s GDP growth reportedly below average in EU in Q4 2019

When compared to the same period of the previous year, Latvia had a lower GDP than the average in the European Union in Q4 2019, according to data published by Eurostat for 20 of the union’s countries.

Signature collection for a referendum on municipal snap election regulations fails

According to provisional results from the Central Election Commission, it has not been possible to collect enough signatures to initiate a referendum over Saeima’s approved changes to municipal snap elections regulations.

Denmark plans to have Latvian citizen Misāne handed over to South African Republic

On Friday, 14 February, the Danish court ruled not to release Latvian citizen Kristīne Misāne from custody. In the South African Republic the woman is accused of kidnapping her own child, as LTV was informed by Misāne lawyer.

Week in Lithuania: retailer Maxima got in trouble, Turkish firm’s assets frozen, New Agency set up

Lithuania's concessions provided to the Polish business group Orlen, operating an oil refinery in Lithuania's Mažeikiai, have helped to improve bilateral relations but were not the key element in their thaw, Lithuanian President Gitanas Nausėda said this week.

BNN summary of the week: Levits urges protecting officials. Riga City Council toppled. Tax changes planned

The BNN gives you a summary of the key events of the past week, told in news stories of the following topics: Serious signals; Perseverance; Dismissal; Tax changes; Media supervisors; Inflation; Slower over the bridge and Belief protectors.

Prime minister orders development of proper government MPC monitoring rules

Latvian Prime Minister Krišjānis Kariņš has ordered Economy Minister Ralfs Nemiro to immediately commence work on a new mandatory procurement component monitoring project and submit it as soon as possible to ensure efficient control over the system, as confirmed by the prime minister’s office.

1 700 medics infected with coronavirus in China; six dead so far

More than 1 700 medics in China are confirmed infected with the new coronavirus. Six of them have already died, as confirmed by healthcare officials.

Number of foreign guests hosted in Latvian places of accommodation up 1.6%

2.85 million foreign and Latvian visitors stayed at Latvian tourist accommodation establishments in 2019, which is 1.6 % more than in 2018. Compared to the previous year, the number of nights spent by visitors increased by 2.6 %, reaching 5.51 million in 2019.

Experts approve Riga Central Station’s Rail Baltica regional train reception solution

A solution has been found to install a four-lane railway section at Riga Central Railway Station to replace the existing two-lane section. This will help secure not only international and airport connectivity for Rail Baltica trains but also further improve intercity and suburban train services, as reported by the project’s representatives.

Beness Aijo asks Vladimir Putin for political asylum; claims Russia has released him

Beness Aijo, who fled Latvia to avoid criminal prosecution for calls of a violent overthrowing of the government, has asked Russian President Vladimir Putin to provide him political asylum. He also claims Russian authorities have released him from custody.

Share prices plummet on stock markets over concerns for coronavirus

On Thursday, 13 February, share prices around the world plummeted as concerns over the Covid-19 coronavirus epidemic in China. London Stock Exchange index declined shortly after British Finance Minister Sajid Javid’s sudden resignation.

Saeima to add considerable amendments to Criminal Procedure Law

On Thursday, 13 February, Latvian Saeima approved amendments to the Criminal Procedure Law that provide the duty to provide truth in testimony if a person uses the right to testify.

Week’s end in Latvia will be snowy, rainy and windy

Strong wind, which may reach a speed of 25 m/sec along the coast, is expected at this week’s end in Latvia. Air temperature, however, will remain mostly unchanged, as reported by Latvian State Environment, Geology and Meteorology Centre.

National Alliance and New Unity may run in Riga City Council elections separately

Following the decision made by the New Conservative Party to run in upcoming Riga City Council snap elections separately, a similar decision will likely be made by the National Alliance «All for Latvia – For Fatherland and Freedom/LNNK» and New Unity.

Airbnb and Vilnius sign «historic» agreement, taxmen to zero in on short-term rentals

Long chastised for little regulation, Airbnb, a popular short-term rentals platform, was praised this week in Lithuania after capital city Vilnius and Airbnb inked an agreement, envisioning that from February 1 onwards Airbnb will automatically collect Vilnius city tourism tax due per night and per person and transfer the sum directly to the City of Vilnius on behalf of hosts.

Latvian parliament dissolves Riga City Council

The Saeima has decided to dissolve Riga City Council. The city council remains active, however, because the law on its dismissal will come to force the next day after its promulgation. Now President Egils Levits has ten days to make his decision on the promulgation.

Tallinn residents reject proposal to limit driving speed to 40 km/h

Residents of Tallinn have rejected mayor Mihhail Kõlvart’s proposal to limit driving speed within city limits to 40 km/h, forcing the municipality to look for other ways to control road traffic speed, as reported by Estonian public media ERR.

Journalists Kalderauska and Eglītis approved as members of National Electronic Mass Media Council

On Thursday, 13 February, Latvia’s Saeima approved journalists Ieva Kalderauska and Jānis Eglītis as new members of the National Electronic Mass Media Council.

European Parliament urges putting an end to illegal pet trade

To protect animal welfare, pet owners and public health, the European Parliament urges the European Union to come up with an action plan to put an end to illegal pet trade, BNN was informed by EP press-secretary in Latvia Jānis Krastiņš.

Kariņš: Baltic and Nordic region should become Europe’s leader

«Baltic and Nordic countries region will be a leader in Europe when it comes to climate policy, innovations and hybrid-security matters. It is in our interest to enhance this commitment by implementing a reasonable and ambitious policy in these sectors,» said Latvian Prime Minister Krišjānis Kariņš during his meeting with Finnish Prime Minister Sanna Marin.

Animal rights activists show footage of cruel treatment of animals at Lithuanian fur farm

Animal rights activists have made a video recording depicting unacceptable conditions in which minks are kept in some fur mark in Lithuania, as reported by Lithuanian public media LRT with reference to Daily Mail.

Latvian government proposes increasing state family benefits

In the context of expected tax changes it is proposed to increase the family state benefit for children, estimating that this may cost an additional amount from EUR 81 to EUR 97 million a year, according to information available to LETA in regards to the offer for tax policy guidelines for 2021 to 2025.


Do NOT follow this link or you will be banned from the site!