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Tuesday 19.03.2019 | Name days: Jāzeps

Latvia’s foreign trade turnover down 0.1% when compared to previous year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn January 2019, the foreign trade turnover of Latvia amounted to EUR 2.07 billion, which at current prices was 0.1 % less than a year ago, of which the exports value of goods was 0.6 % lower, but imports value of goods was 0.3 % higher.

In January, Latvia exported goods in the amount of EUR 962.5 million, but imported – in the amount of EUR 1.11 billion. Compared to January 2018, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.8 % to 46.5 %, according to provisional data from the central Statistical Bureau of Latvia.

Calendar and seasonally adjusted data show that, compared to January 2018, in January 2019 the exports value at current prices went down by 1.8 %, but the imports value – up by 0.6 %, whereas, compared to the previous month, the exports value increased by 0.2 %, but the imports value – reduced by 3.2 %.

Main changes in exports in January 2019, compared to January 2018, included the following: exports of wood and articles of wood up by EUR 49.5 million or 31.2 %; exports of prepared foodstuffs up by EUR 7.8 million or 10.6 %; exports of machinery and mechanical appliances; electrical equipment down by EUR 39.3 million or 20.1 %; exports of basic metals and articles of basic metals down by EUR 26.2 million or 29.7 %; exports of vegetable products down by EUR 11.5 million or 16.4 %.

Main changes in imports in January 2019, when compared to January 2018, include the following: imports of prepared foodstuffs up by EUR 8.9 million or 10.1 %; imports of wood and articles of wood up by EUR 7 million or 16.9 %; imports of mineral products down by EUR 14.1 million or 16.7 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 11.1 million or 10.9 %; imports of machinery and mechanical appliances; electrical equipment down by EUR 8.6 million or 3.2 %.

In January, the main export partners of Latvia in trade with EU countries were Lithuania (16 % of total exports), Estonia (12.2 %), Germany (8.4 %) and Sweden (7.8 %), whereas the main import partners were Lithuania (17.2 % of total imports), Germany (10.7 %), Poland (9.4 %) and Estonia (8.2 %).

Russia was the main partner in trade with third countries; its share in total Latvian exports in January accounted for 7.1 %, whereas in imports – for 7.3 %.

In January 2019, compared to January 2018, share of the European Union countries increased both in total exports and imports value – by 4.5 percentage points and 1 percentage point, respectively. Rise in share of CIS countries comprised 1.4 percentage points in exports and 0.2 percentage points – in imports.As exports value of goods in January 2019 exceeded imports value of goods, foreign trade balance of Latvia was positive with 116 partner countries. It was negative in trade with 49 countries.

Rise of exports of wood and wood products; wood charcoal in January 2019, as compared to January 2018, was affected by the increase in exports of fuelwood of EUR 23 million or 97.1%. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 41.1 million or 98.9 %.

ise of imports of alcoholic and non-alcoholic beverages in January 2019, as compared to January 2018, was affected by the increase in imports of whiskey by EUR 3.8 million or 58.9 %. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of diesel oil by EUR 6 million or 14.6 %.

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