Compared to last year, in October foreign trade turnover in goods gone up by 10.3 %

11.12.2017

Provisional data of the Central Statistical Bureau (CSB) show that in October 2017 Latvian foreign trade turnover amounted to EUR 2.31 billion, which at current prices was 10.3 % more than in October 2016, of which the exports value of goods was 9.7 % and imports value of goods was 10.9 % higher. In October, Latvia exported goods in the amount of EUR 1.07 billion, and imported goods in the amount EUR 1.24 billion. The foreign trade balance worsened slightly, as exports in the total foreign trade value dropped to 46.4 % (in October 2016 – 46.7 %).

Over the first ten months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 20.95 billion – EUR 2.41 billion or 13.0 % more than in the corresponding period of 2016. The exports value constituted EUR 9.33 billion (an increase of EUR 814.8 million or 9.6 %), whereas the imports value comprised EUR 11.62 billion (an upturn of EUR 1.6 billion or 16.0 %).

Foreign trade of Latvia
(million euros)

Data on July 2017 have been revised

Calendar and seasonally adjusted data at current prices show that, compared to October 2016, in October 2017 the exports value at current prices went up by 7.0 % and the imports value by 8.4 %, whereas, compared to the previous month, the exports value decreased by 1.5 % and the imports value by 6.4 %.

Main changes in exports in October 2017, compared to October 2016:

-       exports of prepared foodstuffs up by EUR 32.9 mln or 37.8 %;
-       exports of base metals and articles of base metals up by EUR 28.9 mln or 43.3 %;
-       exports of wood and articles of wood up by EUR 27.4 mln or 18.8 %;
-       exports of products of the chemical and allied industries up by EUR 12.7 mln or 18.2 %;
-       exports of vegetable products down by EUR 21.8 mln or 17.8 %.

 

Main changes in imports in October 2017, compared to October 2016:

-       imports of products of the chemical and allied industries up by EUR 28.3 mln or 28.1 %;
-       imports of prepared foodstuffs up by EUR 24.7 mln or 23.7 %;
-       imports of machinery and mechanical appliances; electrical equipment up by EUR 18.9 mln or 8.0 %;
-       imports of base metals and articles of base metals up by EUR 13.1 mln or 13.7 %;
-       imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 6.0 mln or 5.7 %.

In October, the main export partners of Latvia in trade with EU countries were Lithuania (16.0 % of total exports), Estonia (11.3 %), Germany (6.7 %) and Sweden (6.2 %), whereas the main import partners were Lithuania (18.3 % of total imports), Germany (11.4 %), Poland (8.9 %) and Estonia (7.4 %).

Foreign trade of Latvia in October 2017 by country group
(at current prices)

 

Exports

Imports

 

mln EUR

% of

total

changes as %, compared to October 2016

mln EUR

% of

total

changes as %, compared to October 2016

Total

1 070.6

100

9.7

1 237.1

100

10.9

European Union countries

742.8

69.4

2.4

977.5

79.0

10.8

euro area countries

504.4

47.1

1.7

726.7

58.7

12.3

CIS countries

146.9

13.7

30.6

127.5

10.3

7.3

other countries

180.9

16.9

31.1

132.1

10.7

15.4

 

Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 10.1 %, whereas in imports – for 7.4 %.

Main commodities in exports of Latvia in October 2017
(at current prices)

 

thsd EUR

as % of

total

Changes as %, compared to

October 2016

September 2017

average of previous 12 months

Total

1 070 559

100

9.7

3.5

16.0

wood and articles of wood; wood charcoal

173 348

16.2

18.8

16.6

12.9

electrical machinery and equipment

95 552

8.9

-9.0

-8.8

-9.0

beverages, spirits and vinegar

73 246

6.8

54.9

23.0

65.0

machinery and mechanical appliances

71 786

6.7

24.5

-28.8

19.9

cereals

58 925

5.5

-36.2

12.6

89.5

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

53 063

5.0

0.6

4.1

5.1

mineral fuels, mineral oils and products of their distillation

45 968

4.3

4.7

2.6

16.0

pharmaceutical products

38 436

3.6

14.9

12.4

9.2

iron and steel

38 387

3.6

81.1

1.4

15.5

articles of iron and steel

36 908

3.4

26.3

17.2

22.9

 

The rise in the exports of iron and steel in October 2017, as compared to October 2016, was facilitated by an increase in the exports of waste and scrap of cast iron by EUR 6.8 mln or 2.8 times. In turn, a drop was experienced in the exports of cereals, as the exports of wheat and meslin dropped by EUR 33.7 mln or 37.8 %.

Main commodities in imports of Latvia in October 2017
(at current prices)

 

thsd EUR

as % of

total

Changes as %, compared to

October 2016

September 2017

average of previous 12 months

Total

1 237 097

100

10,9

-0,7

8,1

electrical machinery and equipment

132 870

10,7

-3,6

2,0

3,5

machinery and mechanical appliances

122 705

9,9

24,2

-1,2

10,9

mineral fuels, mineral oils and products of their distillation

105 578

8,5

3,7

-32,1

-2,0

vehicles other than railway or tramway rolling stock, and parts and accessories thereof

92 893

7,5

-7,9

-6,9

-4,3

pharmaceutical products

62 642

5,1

38,7

18,2

27,6

beverages, spirits and vinegar

59 189

4,8

47,9

0,2

46,0

plastics and articles thereof

53 576

4,3

27,6

4,4

12,3

iron and steel

50 833

4,1

-1,6

27,7

22,9

wood and articles of wood; wood charcoal

41 671

3,4

23,3

7,4

12,9

articles of iron and steel

31 135

2,5

40,5

7,0

22,3

 

The increase in the imports of beverages, spirits and vinegar in October 2017, as compared to October 2016, was facilitated by an increase in the imports of spirits by EUR 9.4 mln or 41.0 %. Meanwhile, the decline in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mainly influenced by drop in imports of passenger cars of EUR 8.3 mln or 17.3 %.

 

More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in the Foreign Trade section of the CSB database.

 

 

 

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More information on data:
Lilita Laganovska
Foreign Trade Statistics Methodology, Analysis and Dissemination Section
E-mail: Lilita [dot] Laganovska [at] csb [dot] gov [dot] lv
Phone: +371 67366604