In February exports of wheat and meslin has doubled

09.04.2014

Provisional data of the Central Statistical Bureaushow that in February 2014 compared to previous month exports value of goods at current prices grew by 7.9%, but imports value of goods by 2.8%. In February Latvia exported goods in amount of 797.1 mln euros, but imported - in amount of 942.9 mln euros. In February foreign trade balance slightly improved as exports in total foreign trade value increased to 45.8% (in January 2014 – 44.6%), see picture:

Latvias foreign trade, in mln euros1

Data source: Central Statistical Bureau of Latvia

In February exports of vegetable products, compared to January, increased by 21.5 mln euros or 49.2%. Exports of vegetable products was mostly impacted by rise of exports of wheat and meslin – by 21.9 mln euros or 99.6%. In February it was mostly exported to Iran - 28.1 mln euros, Libya - 6.5 mln euros, Democratic Republic of the Congo - 4.4 mln euros and Congo - 3.1 mln euros.

Main changes in exports in February, compared to January:

  • exports of machinery and mechanical appliances; electrical equipment rose by 18.7 mln euros or 17.4%,
  • exports of basic metals and articles of basic metals grew by 16.4 mln euros or 24.5%,
  • exports of prepared foodstuffs rose by 10.0 mln euros or 16.8%,
  • exports of live animals and animal products decreased by 5.3 mln euros or 13.4%.

Main changes in imports in February, compared to January:

  • imports of products of the chemical and allied industries grew by 9.8 mln euros or 11.7%,
  • imports of textiles and textile articles increased by 9.6 mln euros or 21.9%,
  • imports of mineral products dropped by 9.1 mln euros or 5.6%.

Foreign trade of Latvia by country groups in February 2014, at current prices

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over January 2014

mln euros

% of

total

In % (+, -) over January 2014

Total

797.1

100

+7.9

942.9

100

+2.8

Member States of the European Union

556.6

69.8

+0.4

731.7

77.6

+6.5

   Euro area countries

232.9

29.2

-7.4

376.6

39.9

+10.8

CIS countries

116.9

14.7

+31.3

135.3

14.4

-6.3

Other countries

123.6

15.5

+30.1

75.9

8.0

-11.5

In February main export partners were Lithuania (16.3% of total export), Estonia (11.7%), Russia (10.7%), Poland (7.5%) and Germany (7.1%), but main import partners were Lithuania (17.4% of total import), Poland (11.0%), Germany (10.7%), Russia (10.2%) and Estonia (8.2%).

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

 

thsd euros

% of

total

% (+, -) over

February 2013

January 2014

average of previous 12 months

Total

797 115

100

+2.9

+7.9

-4.4

wood and wood products; wood charcoal

138 634

17.4

+14.3

-3.6

+2.8

electrical machinery and equipment

85 236

10.7

+5.6

+16.3

+0.8

mineral fuels, mineral oils and products of their distillation

53 262

6.7

-0.7

-4.8

-21.0

cereals

45 525

5.7

+31.6

+84.7

+87.9

machinery and mechanical appliances

40 481

5.1

-3.2

+19.8

-10.1

beverages, spirits and vinegar

33 566

4.2

+12.6

+31.2

-20.2

articles of iron and steel

30 811

3.9

+33.4

+31.2

+17.6

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

29 973

3.8

-19.6

+23.3

-3.6

iron and steel

27 951

3.5

-51.5

+20.4

-27.0

Rise of exports of iron and steel in February 2014, as compared to February 2013, was mostly affected by the increase in exports of tubes and pipes of iron and steel of 4.4 mln euros or 3.7 times.

But exports of iron and steel reduced rapidly as exports of iron and non-alloy steel bars decreased by 28.0 mln euros or 91.8%.

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

 

thsd euros

% of

total

% (+, -) over

February 2013

January 2014

average of previous 12 months

Total

942 874

100

-1.5

+2.8

-10.0

mineral fuels, mineral oils and products of their distillation

149 965

15.9

-9.6

-5.0

-12.8

electrical machinery and equipment

100 109

10.6

+16.5

+0.2

-1.8

machinery and mechanical appliances

75 920

8.1

+1.2

+5.9

-17.6

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

43 554

4.6

-36.0

+8.6

-38.6

pharmaceutical products

39 886

4.2

-5.1

+19.9

+0.3

iron and steel

39 164

4.2

-24.1

-5.8

+1.0

plastics and articles thereof

34 178

3.6

-0.7

-4.6

-17.3

Rise of imports of electrical machinery and equipment in February 2014, as compared to February 2013, was mostly affected by the increase in imports of mobile phones of 9.7 mln euros or 41.1%.

In its turn, reduction of imports of passenger cars by 15.2 mln euros or by 57.4% significantly influenced total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

More information on Latvia’s foreign trade by months and quarters by country groups and commodity groups can be obtained 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 July, August and November 2013 have been revised.