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Wednesday 20.11.2019 | Name days: Anda, Andīna

Latvia’s foreign trade turnover up 0.9% in July

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In July 2019 the foreign trade turnover of Latvia amounted to EUR 2.42 billion, which at current prices was 0.9 % more than a year ago, of which the exports value of goods was 3.1 % higher, but imports value of goods was 0.7 % lower.

In July, Latvia exported goods in the amount of EUR 1.04 billion, but imported – in the amount of EUR 1.38 billion. Compared to July 2018, foreign trade balance has improved as exports in total foreign trade amount increased from 42 % to 43 %, according to data from the Central Statistical Bureau of Latvia.

Over the first seven months of this year, the foreign trade turnover of Latvia at current prices reached EUR 16.25 billion – EUR 356.7 million or 2.2 % more than in the corresponding period of 2018. The exports value constituted EUR 7.22 billion (an increase of EUR 47.3 million or 0.7 %), whereas the imports value – EUR 9.03 billion (an upturn of EUR 309.4 million or 3.5 %).

Calendar and seasonally adjusted data show that, compared to July 2018, in July 2019 the exports value at current prices went down by 1.5 % and the imports value – by 6.7 %, whereas, compared to the previous month, the exports value went up by 1.6 % and the imports value – by 3.8 %.

Main changes in exports in July 2019, compared to July 2018, included the following: exports of basic metals and articles of basic metals up by EUR 12.1 million or 12.9 %; exports of prepared foodstuffs up by EUR 11.2 million or 12 %; exports of products of the chemical and allied industries up by EUR 8.1 million or 11.2 %; exports of wood and articles of wood up by EUR 14.3 million or 7.5 %; exports of machinery and mechanical appliances; electrical equipment down by EUR 11.4 million or 5.8 %.

Main changes in imports in July 2019, compared to July 2018, included the following: imports of mineral products up by EUR 29.6 million or 20.6 %; imports of products of the chemical and allied industries up by EUR 16.5 million or 14.3 %; imports of plastics and articles thereof up by EUR 10 million or 13.6 %; imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 68.6 million or 35.2 %; imports of machinery and mechanical appliances; electrical equipment down by EUR 32.2 million or 10.4 %.

In July, the main export partners of Latvia in trade with EU countries were Lithuania (19.2 % of total exports), Estonia (11.4 %), Germany (7.2 %) and United Kingdom (5.8 %). whereas the main import partners were Lithuania (18.7 % of total imports), Germany (11.5 %), Poland (9.1 %) and Estonia (8.9 %). The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.8 %, and in imports – for 8.2 %.

In July 2019, compared to July 2018, share of the European Union countries in Latvian foreign trade grew – by 1.1 percentage point in the total exports value and by 4.5 percentage points in the imports value. Rise in share of CIS countries comprised 1.4 percentage points in exports and 2.5 percentage points in imports.

In July 2019 foreign trade balance of Latvia was positive with 114 partner countries as exports value of goods exceeded imports value of goods. It was negative in trade with 53 countries.

Rise of exports of iron and steel in July 2019, as compared to July 2018, was mostly affected by the increase in exports of structural iron and steel of EUR 2.8 million or 26.9 %. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 39.6 million or 99.2 %.

Rise of imports of mineral fuels, mineral oils and products of their distillation in July 2019, as compared to July 2018, was affected by the increase in imports of natural gas of EUR 31.9 million. In turn, reduction in imports of machinery and mechanical appliances was mostly influenced by decrease in imports of turbojets, turbopropellers and other gas turbines by EUR 49.1 million or 96 %.

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