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Latvia’s foreign trade turnover in December 8.2% higher when compared to a year ago

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CSP, foreign trade, turnoverIn December 2019 the foreign trade turnover of Latvia amounted to EUR 2.4 billion, which at current prices was 8.2 % larger than a year ago, of which the exports value of goods was 3.9 % higher, but imports value of goods – 11.6 % higher.

In December, Latvia exported goods in the amount of EUR 1.01 billion, but imported in the amount of EUR 1.38 billion. Compared to December 2018, foreign trade balance has worsened as exports in total foreign trade amount decreased from 44 % to 42.3 %, according to provisional data from the Central Statistical Bureau of Latvia.

In 2019, the foreign trade turnover of Latvia at current prices reached EUR 28.52 billion – EUR 14.7 million or 0.1 % less than in 2018. The exports value constituted EUR 12.8 billion (an increase of EUR 52 million or 0.4 %), whereas the imports value – EUR 15.73 billion (a drop of EUR 66.7 million or 0.4 %).

Calendar and seasonally adjusted data show that, compared to December 2018, in December 2019 the exports value at current prices went up by 2.7 % and the imports value by 7.4 %, whereas, compared to the previous month, the exports value went up by 4.1 % and the imports value – by 11.6 %.

Main changes in exports in December 2019, compared to December 2018: exports of vegetable products up by EUR 31 million or 43.3 %; exports of prepared foodstuffs up by EUR 21 million or 22 %; exports of machinery and mechanical appliances; electrical equipment up by EUR 10.1 million or 5.9 %; exports of wood and articles of wood down by EUR 19.2 million or 11.2 %; exports of mineral products down by EUR 10.4 million or 18.5 %.

Main changes in imports in December 2019, compared to December 2018: imports of vehicles and associated transport equipment up by EUR 124.1 million or 70.7 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 15.2 million or 5.6 %; imports of prepared foodstuffs up by EUR 10.9 million or 10.5 %; imports of basic metals and articles of basic metals down by EUR 21.9 million or 21.6 %; imports of mineral products down by EUR 10.6 million or 10.7 %.

In December, the main export partners of Latvia in trade with EU countries were Lithuania (16.4 % of total exports), Estonia (11.4 %), Germany (6.1 %) and Sweden (5.6 %), whereas the main import partners were Lithuania (16.2 % of total imports), Germany (10.9 %), Poland (8 %) and Estonia (7.1 %).

In exports Russia was the main partner in trade with third countries; its share in total Latvian exports in December accounted for 10.1 %, whereas Canada was the main partner in imports – 12.6 % of total imports.

In December 2019, compared to December 2018, share of the European Union countries in total exports value fell by 3.7 percentage points and in imports value – by 1.2 percentage points. Rise in share of CIS countries comprised 0.7 percentage points in exports and drop of 3.7 percentage points in imports.

In December 2019 foreign trade balance of Latvia was positive with 122 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 46 countries.

The rise in the exports of cereals in December 2019, as compared to December 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 28.3 million or 2.4 times. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 7.9 million or 45.5 %.

Rise of imports in commodity group «aircraft, spacecraft, and parts thereof» in December 2019, compared to December 2018, was affected by purchase of aircrafts – increase of EUR 113.4 million. In turn, decline in imports of iron and steel by EUR 15.1 million or by 45.8 % significantly influenced drop in imports of flat-rolled products of iron or non-alloy steel.

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