In December share of exports in the Latvian foreign trade continued to decline

09.02.2015

Provisional data of the Central Statistical Bureau (CSB) show that in December 2014 compared to previous month exports value of goods at current prices reduced by 11.2%, and imports value of goods by 0.4%. In December Latvia exported goods in amount of 810.2 mln euros, but imported - in amount of 1 065.8 mln euros. Foreign trade balance worsened as exports in total foreign trade value declined to 43.2% (in November 2014 – 46.0%).

Latvias foreign trade, mln euros1

Data source: Central Statistical Bureau of Latvia

Main changes in exports in December, compared to November:

  • exports of mineral products dropped by 29.1 mln euros or 33.5%,
  • exports of basic metals and articles of basic metals fell by 19.3 mln euros or 25.9%,
  • exports of wood and articles of wood reduced by 19.0 mln euros or 12.7%,
  • exports of vegetable products decreased by 17.1 mln euros or 29.3%,
  • exports of prepared foodstuffs dropped by 10.9 mln euros or 10.2%,
  • exports of machinery and mechanical appliances; electrical equipment grew by 11.3 mln euros or 7.9%.

Main changes in imports in December, compared to November:

  • imports of mineral products dropped by 24.4 mln euros or 13.3%,
  • imports of prepared foodstuffs reduced by 5.6 mln euros or 6.3%,
  • imports of optical instruments and apparatus (including medical); clocks and watches, musical instruments decreased by 4.9 mln euros or 18.1%,
  • imports of textiles and textile articles declined by 4.5 mln euros or 10.0%.

Despite that imports value in main commodity groups reduced, imports of vehicles and associated transport equipment in December 2014, compared to November, increased by 38.9 mln euros or 75.9%. It was affected by increase in arrivals of passenger cars from Germany by 17.4 mln euros and of transport vehicles for transportation of 10 and more persons from Czech Republic by 11.4 mln euros.

Foreign trade of Latvia by country group in December 2014, at current prices

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over November 2014

mln euros

% of

total

In % (+, -) over November 2014

Total

810.2

100

-11.2

1,065.8

100

-0.4

Member States of the European Union

575.4

71.0

-13.6

827.9

77.7

-3.1

   Euro area countries

223.1

27.5

-20.9

419.9

39.4

-1.3

CIS countries

134.3

16.6

-7.6

145.3

13.6

+22.7

Other countries

100.5

12.4

-0.1

92.6

8.7

-5.2

In December main export partners were Lithuania (20.2% of total export), Estonia (12.0%), Poland (6.2%) and Sweden (6.0%); main import partners were Lithuania (17.5% of total import), Poland (10.5%), Germany (9.9%) and Estonia (8.1%).

The main impact in trade with third countries was Russia, share of which in total Latvian exports in December accounted for 11.3%, but in imports – 9.9%.

Changes of main commodities in Latvias exports in December 2014, at current prices

 

thsd euros

% of

total

% (+, -) over

December 2013

November 2014

average of previous 12 months

Total

810,236

100

+0.02

-11.2

-5.1

wood and wood products; wood charcoal

130,319

16.1

+6.8

-12.7

-9.5

electrical machinery and equipment

105,646

13.0

+23.7

+5.2

+11.9

beverages, spirits and vinegar

59,366

7.3

+8.8

-10.9

+35.5

mineral fuels, mineral oils and products of their distillation

54,302

6.7

+9.2

-33.3

-18.3

machinery and mechanical appliances

48,311

6.0

+10.2

+14.4

+11.8

vehicles other than railway or tramway

30,008

3.7

+26.3

+8.0

-12.4

pharmaceutical products

25,917

3.2

-19.6

-5.9

-2.3

articles of iron and steel

25,065

3.1

+14.8

-15.8

-12.6

furniture and other furnishings

20,141

2.5

+14.6

-12.3

-3.5

plastics and articles thereof

18,017

2.2

+1.4

-17.1

-10.3

Rise of exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof in December 2014, as compared to December 2013, was affected by the increase in exports of passenger cars to Lithuania by 4.3 mln euros and to Estonia – by 3.7 mln euros. In turn, exports of pharmaceutical products dropped as exports of medicaments pre-packed for retail sale decreased by 6.2 mln euros or 21.4%.

Changes of main commodities in Latvias imports in December 2014, at current prices

 

thsd euros

% of

total

% (+, -) over

December 2013

November 2014

average of previous 12 months

Total

1,065,821

100

+7.3

-0.4

+2.2

mineral fuels, mineral oils and products of their distillation

154,857

14.5

+0.2

-12.5

+3.4

electrical machinery and equipment

132,431

12.4

+40.4

-5.2

+18.2

machinery and mechanical appliances

100,371

9.4

-2.4

+12.2

+10.4

vehicles other than railway or tramway

85,671

8.0

+22.5

+79.4

+28.4

pharmaceutical products

45,546

4.3

+8.2

+2.9

+10.1

plastics and articles thereof

40,938

3.8

+22.2

-1.5

-3.9

wood and wood products; wood charcoal

27,822

2.6

+52.7

-9.1

+3.0

iron and steel

27,767

2.6

-3.3

-1.9

-27.9

Rise of imports of wood and wood products; wood charcoal in December 2014, as compared to December 2013, was mostly affected by increase of 3.8 mln euros in imports of wood in the rough. In turn, decline in imports of iron and steel by 1.9 mln euros or by 66.8% influenced drop in imports of ferro alloy.

More information on Latvia’s foreign trade by month and quarter, by country group and commodity group is available in the CSB data base section "Foreign trade" Short term statistical data.

 

More information:
Foreign trade statistics methodology, analysis and dissemination section
Lilita Laganovska
Tel.: +371 67366604



1 Data on March, April and September 2014 have been revised.