In February, foreign trade turnover grew by 6.1 %

11.04.2017

Provisional data of the Central Statistical Bureau (CSB) show that in February 2017 Latvian foreign trade turnover amounted to EUR 1.82 bln, which was 6.1 % higher than in February 2016 (at current prices), and the exports and imports values of goods were 5.7 % and 6.5 % higher, respectively.

In February, Latvia exported goods in the amount of EUR 832.8 mln, and imported goods in the amount of EUR 984.6 mln. The foreign trade balance worsened slightly, as exports in the total foreign trade value declined to 45.8 % (in February 2016 – 46.0 %).

In January–February 2017, the foreign trade turnover of Latvia at current prices reached EUR 3.61 bln – EUR 353.8 mln or 10.9 % more than in the corresponding period of 2016.The exports value constituted EUR 1.64 bln (an increase of EUR 140.1 mln or 9.3 %), whereas the imports value comprised EUR 1.97 bln (an upturn of EUR 213.7 mln or 12.2 %).

Foreign trade of Latvia, mln EUR

Data source: CSB
Notes: data on November 2016 have been revised

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

-       exports of prepared foodstuffs up by EUR 14.0 mln or 25.3 %,

-       exports of base metals and articles of base metals up by EUR 10.6 mln or 15.6 %,

-       exports of products of the chemical and allied industries up by EUR 8.0 mln or 14.4  %,

-       exports of vegetable products down by EUR 13.1 mln or 24.0 %,

-       exports of wood and articles of wood down by EUR 9.5 mln or 6.1 %.

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

-       imports of mineral products up by EUR 36.2 mln or 51.2 %,

-       imports of products of the chemical and allied industries up by EUR 18.7 mln or 17.2 %,

-       imports of vegetable products up by EUR 7.9 mln or 17.7 %,

-       imports of basic metals and articles of basic metals up by EUR 7.9 mln or 12.1 %,

-       imports of machinery and mechanical appliances; electrical equipment down by EUR 18.1 mln or 9.2 %.

In February, the main export partners in trade with EU countries were Lithuania (17.5 % of total exports), Estonia (11.6 %), Germany (7.6 %) and Denmark (6.1 %), whereas the main import partners were Lithuania (19.0 % of total imports), Germany (12.0 %), Poland (9.7 %) and Estonia (7.3 %).

Foreign trade of Latvia in February 2017 by country group, at current prices

 

Exports

Imports

 

mln EUR

% of total

Changes as % compared to February 2016

mln EUR

% of total

Changes as % compared to February 2016

Total

832.8

100

5.7

984.6

100

6.5

European Union countries

609.5

73.2

4.8

771.6

78.4

5.4

   Euro area countries

403.2

48.4

0.5

574.5

58.3

8.7

CIS countries

96.7

11.6

31.9

122.1

12.4

16.1

Other countries

126.6

15.2

-4.6

90.9

9.2

3.8

 

Russia was the main partner in trade with third countries; its share in total Latvian exports in February accounted for 8.1 %, whereas in imports – for 9.6 %.

Main commodities in exports of Latvia in February 2017, at current prices

 

thsd EUR

% of total

Changes as % compared to

February 2016

January 2017

Average of previous 12 months

Total

832 794

100

5.7

3.0

-4.1

Wood and articles of wood; wood charcoal

144 492

17.4

-6.1

-7.8

-3.7

Electrical machinery and equipment

98 048

11.8

5.8

10.4

-0.1

Machinery and mechanical appliances

56 270

6.8

-0.5

57.6

5.7

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

47 882

5.7

11.3

3.9

-1.4

Iron and steel

38 713

4.6

36.9

58.1

48.3

Mineral fuels, mineral oils and products of their distillation

36 421

4.4

22.5

-2.1

-7.6

Beverages, spirits and vinegar

33 281

4.0

46.9

19.1

-1.6

Pharmaceutical products

31 879

3.8

4.7

-1.6

-6.7

Articles of iron or steel

25 989

3.1

3.4

-2.0

-9.1

Plastics and articles thereof

22 704

2.7

20.0

12.2

1.0

The rise in exports of beverages, spirits and vinegar in February 2017, as compared to February 2016, was mostly affected by an increase in the exports of spirits (of EUR 6.7 mln or 40.4 %). In turn, exports of wood and articles of wood; wood charcoal decreased, as there was a drop in the exports of timber (of EUR 8.3 mln or 16.7 %).

Main commodities in imports of Latvia in February 2017, at current prices

 

thsd EUR

% of total

Changes as % compared to

February 2016

January 2017

Average of previous 12 months

Total

984 637

100

6.5

0.1

-5.3

Mineral fuels, mineral oils and products of their distillation

103 306

10.5

54.5

-0.9

17.6

Electrical machinery and equipment

99 206

10.1

-4.8

-11.5

-16.9

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

85 216

8.7

-2.5

21.7

-12.2

Machinery and mechanical appliances

79 608

8.1

-14.1

7.0

-20.7

Pharmaceutical products

51 574

5.2

-0.7

-0.6

6.2

Plastics and articles thereof

43 589

4.4

14.4

6.6

0.3

Wood and articles of wood; wood charcoal

31 185

3.2

-2.9

-4.1

-9.8

Iron and steel

30 608

3.1

36.7

-17.6

-11.4

Beverages, spirits and vinegar

24 792

2.5

2.6

-7.1

-20.3

Fertilisers

24 375

2.5

2.4 times

40.8

2.1 times

The rise in imports of fertilisers in February 2017, as compared to February 2016, was mostly affected by the fact that imports of mineral or chemical fertilisers containing three fertilising elements (nitrogen, phosphorus and potassium) increased by EUR 8.2 mln or 3.9 times. In turn, the drop in imports of machinery and mechanical appliances was mainly influenced by a decline in the imports of computers and components thereof (of EUR 11.4 mln or 58.7 %).

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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Sanda Rieksta
Information and Communication Section
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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