Foreign trade balance has improved in January

12.03.2015

Provisional data of the Central Statistical Bureau (CSB) show that in January 2015 compared to previous month exports value of goods at current prices reduced by 3.0%, and imports value of goods – by 14.2%. In January Latvia exported goods in amount of 786.2 mln euros, but imported - in amount of 914.7 mln euros. Foreign trade balance improved as exports in total foreign trade value increased to 46.2% (in December 2014 – 43.2%).

Latvia’s foreign trade, mln euros1

Data source: Central Statistical Bureau of Latvia

Main changes in exports in January, compared to December:

  • exports of products of the chemical and allied industries fell by 14.0 mln euros or 21.9%,
  • exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments reduced by 6.8 mln euros or 41.0%,
  • exports of basic metals and articles of basic metals grew by 29.9 mln euros or 54.2%,
  • exports of wood and articles of wood increased by 3.4 mln euros or 2.6%.

Even though reduction of exports value in per cent was not very rapid, exports of prepared foodstuffs in January 2015, compared to December 2014, decreased by 44.0 mln euros or 45.7%. The largest impact had exports reduction of these goods to Russia by 26.8 mln euros or 59.1%, of which of spirits - by 20.0 mln euros or 61.8%.

Main changes in imports in January, compared to December:

  • imports of vehicles and associated transport equipment dropped by 36.8 mln euros or 40.8%,
  • imports of mineral products decreased by 29.7 mln euros or 18.6%,
  • imports of prepared foodstuffs reduced by 27.3 mln euros or 32.9%,
  • imports of products of the chemical and allied industries declined by 19.7 mln euros or 17.7%,
  • imports of machinery and mechanical appliances; electrical equipment fell by 15.1 mln euros or 6.5%,
  • imports of footwear and haberdashery grew by 3.2 mln euros or 69.8%.

In January main export partners were Lithuania (17.0% of total export), Estonia (11.1%), Germany (7.9%) and Poland (6.6%); main import partners were Lithuania (17.2% of total import), Poland (11.3%), Germany (9.8%) and Estonia (8.6%). The main partner in trade with third countries was Russia, share of exports reduced to 5.6% (in December 2014 – 11.3%), but share of imports was 10.1%.

Foreign trade of Latvia by country groups in January 2015, at current prices

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over December 2014

mln euros

% of

total

In % (+, -) over December 2014

Total

786.2

100

-3.0

914.7

100

-14.2

Member States of the European Union

595.7

75.8

+3.5

679.2

74.3

-18.0

   Euro area countries

395.0

50.2

+2.1

492.2

53.8

-18.8

CIS countries

66.8

8.5

-50.2

127.2

13.9

-12.4

Other countries

123.7

15.7

+23.0

108.3

11.8

+16.9

Rise of exports of iron and steel in January 2015, as compared to January 2014, was affected by the increase in exports of waste and scrap of cast iron of 25.0 mln euros or 13 times. In turn, decline in exports of passenger cars of 2.5 mln euros or 21.5% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

Changes of main commodities in Latvia’s exports in January 2015, at current prices

 

thsd euros

% of

total

% (+, -) over

January 2014

December 2014

average of previous 12 months

Total

786 203

100

+5.4

-3.0

-7.8

wood and wood products; wood charcoal

133 763

17.0

-1.5

+2.6

-6.8

electrical machinery and equipment

113 698

14.5

+48.2

+7.6

+17.9

mineral fuels, mineral oils and products of their distillation

61 538

7.8

+11.5

+13.3

-7.4

iron and steel

44 796

5.7

+2.0 times

+2.8 times

+49.7

machinery and mechanical appliances

37 293

4.7

+9.8

-22.8

-14.9

vehicles other than railway or tramway

28 338

3.6

-20.7

-5.6

-22.6

cereals

27 302

3.5

-15.8

+52.2

+5.4

articles of iron and steel

25 592

3.3

+9.5

+2.1

-11.5

pharmaceutical products

23 361

3.0

-2.9

-9.9

-9.6

furniture and other furnishings

23 069

2.9

+18.0

+14.5

+9.8

beverages, spirits and vinegar

22 250

2.8

-10.1

-62.5

-49.5

Rise of imports of electrical machinery and equipment in January 2015, as compared to January 2014, was mostly affected by the increase in imports of mobile phones of 18.2 mln euros or 66.1%. In turn, decline in imports of passenger cars by 7.6 mln euros or by 24.3% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

Changes of main commodities in Latvia’s imports in January 2015, at current prices

 

thsd euros

% of

total

% (+, -) over

January 2014

December 2014

average of previous 12 months

Total

914 654

100

-3.5

-14.2

-12.8

electrical machinery and equipment

149 686

16.4

+50.8

+13.0

+28.9

mineral fuels, mineral oils and products of their distillation

124 803

13.6

-20.3

-19.4

-16.5

machinery and mechanical appliances

68 064

7.4

-10.1

-32.2

-25.3

vehicles other than railway or tramway

48 343

5.3

-23.2

-43.6

-30.6

pharmaceutical products

38 180

4.2

+14.5

-16.2

-7.0

plastics and articles thereof

36 966

4.0

+4.6

-9.7

-14.0

iron and steel

35 011

3.8

-16.4

+26.1

-8.4

wood and wood products; wood charcoal

30 038

3.3

+25.0

+8.0

+9.1

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".

 

1 Data on May, June and October 2014 have been revised.

 

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