Foreign trade balance has improved in May

10.07.2013

Provisional data of the Central Statistical Bureau show that in May 2013, compared to April of this year, exports value of goods at current prices reduced by 4.5%, but imports value of goods – by 9.8%. In May foreign trade balance improved as exports in total foreign trade value increased to 46.3% (in April of this year – 44.9%), see picture:

 

Latvia’s foreign trade, in mln lats1

In May import from Russia, compared to the previous month, decreased more than two times or by 42.7 mln lats, and its share in Latvia's import comprised only 5.2% (in April 10.6%). The largest drop was in import of iron and steel – by 5.2 mln lats or 58.8%. Due to seasonal conditions import of mineral fuels, mineral oils and products of their distillation reduced by 33.7 mln lats or 66.1% (of which of natural gas by 31.9 mln lats or 73.5%).

Main changes in exports in May, compared to April of this year:

  • export of transport vehicles grew by 4.5 mln lats or 20.8%.
  • export of textiles and textile articles increased by 1.9 mln lats or 7.5%,
  • export of basic metals and articles of basic metals reduced by 13.5 mln lats or 18.4%,
  • export of machinery and mechanical appliances; electrical equipment dropped by 6.3 mln lats or 6.4%,

Main changes in imports in May, compared to April of this year:

  • import of articles of stone, plaster, cement, glassware and ceramic products grew by 0.3 mln lats or 2.7%,
  • import of mineral products dropped by 26.2 mln lats or 20.5%,
  • import of products of the chemical and allied industries decreased by 12.7 mln lats or 16.8%,
  • import of machiner y and mechanical appliances; electrical equipment reduced by 12.3 mln lats or 8.9%.

In May the most significant share in Latvia’s export – 72.2% had dispatches to the countries of European Union, followed by the export to CIS countries with 16.4%. Main export partners were Lithuania (16.8% of total export), Estonia (12.9%), Russia (11.9%), Germany (8.0%) and Sweden (6.0%).

The most significant share in Latvia’s import – 81.8% had arrivals from the countries of European Union, followed by the import from CIS countries with 9.1%. Main import partners were Lithuania (20.1% of total import), Germany (10.4%), Poland (10.0%), Estonia (9.6%) and Russia (5.2%).

Changes of main commodities in Latvia’s export in May 2013, at current prices

 

thsd lats

% of

total

% (+, -) over

 May 2012

 April 2013

average of previous 12 months

Total

568 614

100

+0.1

-4.5

-4.7

 

wood and wood products; wood charcoal

103 969

18.3

+11.3

-2.3

+17.6

 

electrical machinery and equipment

62 199

10.9

+44.3

-2.5

+13.2

 

mineral fuels, mineral oils and products of their distillation

40 920

7.2

-25.8

-6.4

-12.2

 

machinery and mechanical appliances

30 675

5.4

-2.9

-13.3

-5.2

 

beverages, spirits and vinegar

26 670

4.7

+22.1

-0.9

-3.5

 

iron and steel

25 615

4.5

-53.8

-39.3

-45.3

 

articles of iron or steel

19 273

3.4

-6.7

+5.3

+5.0

 

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

18 611

3.3

-31.2

+1.0

-26.2

 

pharmaceutical products

15 653

2.8

+7.0

+1.0

-3.3

In May 2013, compared to May of previous year, rapid increase of electrical machinery and equipment both in export and import was mostly affected by trade in mobile telephones. Their export rose by 9.8 mln lats or 2.8 times and import - by 9.4 mln lats or 2.3 times.

In its turn, import of iron and steel reduced significantly as export of iron and non-alloy steel bars decreased by 22.5 mln lats or 82.3% and import of waste and scrap of cast iron dropped by 16.7 mln lats or 82.7%.

Changes of main commodities in Latvia’s import in May 2013, at current prices

 

thsd lats

% of

total

% (+, -) over

 May 2012

 April 2013

average of previous 12 months

Total

659 188

100

-9.0

-9.8

-11.1

 

mineral fuels, mineral oils and products of their distillation

97 547

14.8

-9.8

-21.6

-23.1

 

electrical machinery and equipment

66 856

10.1

+17.2

-10.5

+1.5

 

machinery and mechanical appliances

59 447

9.0

-14.1

-7.1

-15.9

 

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

35 208

5.3

-32.7

-15.3

-30.5

 

plastics and articles thereof

32 437

4.9

+8.0

+6.4

+15.8

 

pharmaceutical products

23 596

3.6

-0.2

-5.7

-7.8

 

iron and steel

21 784

3.3

-53.8

-23.3

-43.1

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” Short term statistical data.

 

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



1 Data on February 2013 have been revised.