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Monday 23.07.2018 | Name days: Magda, Magone, Mērija

Latvia’s foreign trade balance continues to improve

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to previous month, in October 2014 exports value of goods at current prices has grown by 15.3%, but imports value of goods – has reduced by 0.2%.

In October, Latvia exported goods in amount of 1,053.6 million euros, but imported – in amount of 1,135.6 million euros. Therefore foreign trade balance improved and exports in total foreign trade value increased to 48.1% (in September 2014 – 44.5%), according to data compiled by the Central Statistical Bureau of Latvia.

Foreign trade balance in October was significantly affected by the increase in exports of vegetable products by 41.5 million euros or 64.9%, compared to September. Of which exports of wheat and meslin, and brans rose by 27.5 million euros or 75.6%. In October it was mostly exported to Iran – 25.7 million euros, South Africa – 11.3 million euros, Germany – 7.0 million euros and Lithuania – 6.0 million euros.

Main changes in exports in October, compared to September, include: exports of machinery and mechanical appliances; electrical equipment grew by 26.7 million euros or 19.1%; exports of prepared foodstuffs rose by 26.2 million euros or 26.2%; exports of mineral products increased by 12.7 million euros or 14.8%; exports of products of the chemical and allied industries reduced by 2.1 million euros or 3.1%.

Main changes in imports in October, compared to September, include: imports of vehicles and associated transport equipment dropped by 11.6 million euros or 15.2%; imports of vegetable products reduced by 8.8 million euros or 18.3%; imports of textiles and textile articles decreased by 7.2 million euros or 11.6%; imports of mineral products rose by 14.0 million euros or 8.4%; imports of wood and articles of wood increased by 6.3 million euros or 23.3%.

In October main export partners were Lithuania (18.5% of total export), Estonia (10.4%), Germany (7.0%) and Sweden (5.3%); main import partners were Lithuania (18.5% of total import), Poland (11.9%), Germany (9.7%) and Estonia (8.1%).

Russia, the share of which in total exports of Latvia in October comprised 11.9%, but in imports – 8.4%, was main partner in trade with third countries.

In October 2014, compared to October 2013, exports value of goods rose by 7.2%, but exports value of goods – dropped by 5.4%.

The rise of exports of alcoholic and non-alcoholic beverages in October 2014, as compared to October 2013, was affected by the increase in exports of spirits by 15.0 million euros or 31.9%. In turn, exports of pharmaceutical products dropped as exports of medicaments decreased by 5.3 million euros or 19.4%. Rise of imports of wood and wood products; wood charcoal in October 2014, as compared to October 2013, was mostly affected by the increase in imports of sawn wood of 4.0 million euros or 2 times. In turn, decline in imports of passenger cars by 14.7 million euros or by 37.3% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.


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