The foreign trade balance has improved considerably in September

09.11.2016

Provisional data of the Central Statistical Bureau (CSB) show that, as compared to August, in September 2016 Latvian foreign trade turnover at current prices grew by 4.2 %, as the exports value of goods rose by 9.8 %, whereas the imports value decreased by 0.5 %. In September, Latvia exported goods in the amount of EUR 953.6 mln, and imported goods in the amount of EUR 1.04 billion. The foreign trade balance improved, as exports in the total foreign trade value increased up to 47.8 % (in August – 45.4 %).

During the first nine months of the present year, Latvian foreign trade turnover at current prices reached EUR 16.37 billion – EUR 584.6 mln or 3.2 % less than in the corresponding period of the previous year. The exports value amounted to EUR 7.47 billion (a drop of EUR 125.3 mln or 1.6 %), whereas the imports value amounted to EUR 8.9 billion (a drop of EUR 423.3 mln or 4.5 %).

Foreign trade of Latvia, mln EUR


Notes: data on June 2016 have been revised.

Main changes in exports in September, compared to August:

-       exports of machinery and mechanical appliances; electrical equipment increased by EUR 17.6 mln or 13.1 %,

-       exports of prepared foodstuffs grew by EUR 14.9 mln or 21.8 %,

-       exports of vegetable products rose by EUR 14.8 mln or 16.1 %,

-       exports of products of the chemical and allied industries increased by EUR 13.9 mln or 23.5 %,

-       exports of wood and articles of wood grew by EUR 13.9 mln or 9.9 %.

-       exports of basic metals and articles of basic metals fell by EUR 1.9 mln or 2.4 %.

Main changes in imports in September, compared to August:

-       imports of products of the chemical and allied industries declined by EUR 11.1 mln or 9.6 %,

-       imports of textiles and textile articles dropped by EUR 8.1 mln or 15.5 %,

-       imports of articles of stone, plaster, cement, glassware and ceramic products decreased by EUR 6.0 mln or 22.4 %,

-       imports of vehicles and associated transport equipment increased by EUR 16.7 mln or 19.2 %,

-       imports of prepared foodstuffs grew by EUR 7.3 mln or 7.9 %.

In September, the main export partners in trade with EU countries were Lithuania (17.7 % of total export), Estonia (11.6 %), Germany (8.7 %) and Sweden (5.6 %), whereas the main import partners were Lithuania (18.4 % of total imports), Germany (11.9 %), Poland (11.4 %) and Estonia (8.0 %).

 

Foreign trade of Latvia by country group in September 2016, at current prices

 

Exports

Imports

 

mln EUR

% of

total

Changes as % compared to July 2016

mln EUR

% of

total

Changes as % compared to August 2016

Total

953.6

100

9.8

1 040.7

100

-0.5

European Union countries

722.3

75.7

13.2

855.5

82.2

2.5

   Euro area countries

509.8

53.5

17.6

611.3

58.7

1.5

CIS countries

107.2

11.2

22.6

96.8

9.3

0.2

Other countries

124.1

13.1

-13.3

88.4

8.5

-22.5

 

Russia was the main partner in trade with third countries; its share in total Latvian exports in September accounted for 7.8 %, whereas in imports – for 6.6 %.

 

Changes of main commodities in Latvia’s exports in September 2016, at current prices

 

thsd EUR

% of

total

Changes as % compared to

September 2015

August 2016

average of previous 12 months

Total

953 582

100

-2.7

9.8

11.5

wood and wood products; wood charcoal

153 627

16.1

10.2

10.0

6.2

electrical machinery and equipment

97 811

10.3

-10.7

13.3

-3.8

machinery and mechanical appliances

54 179

5.7

-3.4

12.7

3.3

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

49 269

5.2

10.0

3.9

9.3

beverages, spirits and vinegar

42 607

4.5

7.2

48.9

31.9

cereals

40 622

4.3

-54.2

-30.2

-4.9

mineral fuels, mineral oils and products of their distillation

40 367

4.2

-35.4

8.5

-6.1

miscellaneous grains and seeds (including oleaginous fruits), industrial or medicinal plants

40 151

4.2

21.8

2 times

4 times

articles of iron or steel

34 535

3.6

11.4

26.5

23.4

pharmaceutical products

32 490

3.4

16.4

25.9

3.6

The growth in the exports of miscellaneous grains and seeds (including oleaginous fruits), industrial or medicinal plants in September 2016, as compared to September 2015, was influenced by an increase in the exports of rape and colza seeds (of EUR 7.3 mln or 23.5 %). In turn, exports of cereals decreased due to a drop in the exports of wheat and meslin (of EUR 41.4 mln or 53.2 %).

 

Changes of main commodities in Latvia’s imports in September 2016, at current prices

 

thsd EUR

% of

total

Changes as % compared to

September 2015

August 2016

average of previous 12 months

Total

1 040 704

100

-3.2

-0.5

3.2

electrical machinery and equipment

114 631

11.0

-2.5

1.7

-3.1

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

95 122

9.1

10.1

12.8

5.9

mineral fuels, mineral oils and products of their distillation

88 718

8.5

-26.3

8.6

-6.4

machinery and mechanical appliances

86 723

8.3

-18.5

-7.4

-12.9

pharmaceutical products

44 671

4.3

-8.1

-15.0

-5.5

plastics and articles thereof

44 026

4.2

4.6

-1.3

7.1

beverages, spirits and vinegar

42 562

4.1

24.1

20.2

46.7

iron and steel

41 251

4.0

21.8

4.6

36.0

wood and wood products; wood charcoal

34 361

3.3

14.0

-1.7

6.8

articles of iron or steel

24 526

2.4

-7.6

1.4

8.4

The increase in the imports of alcoholic and non-alcoholic beverages in September 2016, as compared to September 2015, was mostly affected by an increase in the imports of spirits (of EUR 6.0 mln or 30.3 %). In turn, the drop in the imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by a decrease in the imports of diesel oil (of EUR 19.6 mln or 26.9 %).

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.

 

Media requests:
Sanda Rieksta
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Phone: +371 67366621, +371 27880666
www.twitter.com/CSB_Latvia
www.facebook.com/csplatvija

 

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