Foreign trade balance has improved in October

10.12.2014

Provisional data of the Central Statistical Bureau (CSB) show that in October 2014 compared to previous month exports value of goods at current prices grew by 15.3%, but imports value of goods – reduced by 0.2%. In October Latvia exported goods in amount of 1,053.6 mln euros, but imported - in amount of 1,135.6 mln euros. Therefore foreign trade balance improved and exports in total foreign trade value increased to 48.1% (in September 2014 – 44.5%).

Latvias foreign trade, in mln euros1

Data source: Central Statistica Bureau of Latvia

Foreign trade balance in October was significantly affected by the increase in exports of vegetable products by 41.5 mln euros or 64.9%, compared to September. Of which exports of wheat and meslin, and brans rose by 27.5 mln euros or 75.6%.In October it was mostly exported to Iran – 25.7 mln euros, South Africa – 11.3 mln euros, Germany – 7.0 mln euros and Lithuania – 6.0 mln euros.

Main changes in exports in October, compared to September:

  • exports of machinery and mechanical appliances; electrical equipment grew by 26.7 mln euros or 19.1%,
  • exports of prepared foodstuffs rose by 26.2 mln euros or 26.2%,
  • exports of mineral products increased by 12.7 mln euros or 14.8%,
  • exports of products of the chemical and allied industries reduced by 2.1 mln euros or 3.1%.

Main changes in imports in October, compared to September:

  • imports of vehicles and associated transport equipment dropped by 11.6 mln euros or 15.2%,
  • imports of vegetable products reduced by 8.8 mln euros or 18.3%,
  • imports of textiles and textile articles decreased by 7.2 mln euros or 11.6%,
  • imports of mineral products rose by 14.0 mln euros or 8.4%,
  • imports of wood and articles of wood increased by 6.3 mln euros or 23.3%.

Foreign trade of Latvia by country group in October 2014, at current prices

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over September 2014

mln euros

% of

total

In % (+, -) over September 2014

Total

1 053.6

100

+15.3

1 135.6

100

-0.2

Member States of the European Union

723.4

68.7

+12.2

909.2

80.1

-1.2

   Euro area countries

308.7

29.3

+14.0

451.2

39.7

-2.8

CIS countries

166.1

15.8

+7.3

125.8

11.1

+6.2

Other countries

164.1

15.6

+43.2

100.6

8.9

+1.5

In October main export partners were Lithuania (18.5% of total export), Estonia (10.4%), Germany (7.0%) and Sweden (5.3%); main import partners were Lithuania (18.5% of total import), Poland (11.9%), Germany (9.7%) and Estonia (8.1%).

Main partner in trade with third countries was Russia, share of which in total exports of Latvia in October comprised 11.9%, but in imports – 8.4%.

In October 2014, compared to October 2013, exports value of goods rose by 7.2%, but exports value of goods – dropped by 5.4%.

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

 

thsd euros

% of

total

% (+, -) over

October 2013

September 2014

average of previous 12 months

Total

1 053 567

100

+7.2

+15.3

+24.5

wood and wood products; wood charcoal

156 254

14.8

+9.9

+6.4

+9.5

electrical machinery and equipment

118 489

11.2

+29.4

+32.0

+30.1

mineral fuels, mineral oils and products of their distillation

93 144

8.8

+11.2

+17.1

+43.7

cereals

81 439

7.7

+28.6

+92.4

+3.2 times

beverages, spirits and vinegar

81 146

7.7

+41.8

+31.2

+91.6

machinery and mechanical appliances

48 410

4.6

+1.2

-3.9

+10.7

articles of iron and steel

34 865

3.3

+11.5

+9.6

+22.0

vehicles other than railway or tramway

34 149

3.2

+0.9

+11.9

+3.1

iron and steel

31 750

3.0

+31.2

+25.5

-0.5

other furniture and furnishings

27 155

2.6

+27.2

+24.1

+33.4

pharmaceutical products

26 608

2.5

-14.5

-16.1

-3.6

Rise of exports of alcoholic and non-alcoholic beverages in October 2014, as compared to October 2013, was affected by the increase in exports of spirits by 15.0 mln euros or 31.9%. In turn, exports of pharmaceutical products dropped as exports of medicaments decreased by 5.3 mln euros or 19.4%.

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

 

thsd euros

% of

total

% (+, -) over

October 2013

September 2014

average of previous 12 months

Total

1 135 644

100

-5.4

-0.2

+8.6

mineral fuels, mineral oils and products of their distillation

175 322

15.4

-11.0

+9.0

+16.2

electrical machinery and equipment

134 887

11.9

+16.5

+2.5

+23.8

machinery and mechanical appliances

92 079

8.1

-6.4

-0.01

+2.9

vehicles other than railway or tramway

59 227

5.2

-35.5

-5.6

-16.1

plastics and articles thereof

46 131

4.1

-1.5

-1.9

+8.8

iron and steel

45 580

4.0

-4.8

+3.6

+15.6

pharmaceutical products

40 192

3.5

-21.2

-10.0

-6.6

wood and wood products; wood charcoal

32 994

2.9

+46.8

+24.1

+29.7

Rise of imports of wood and wood products; wood charcoal in October 2014, as compared to October 2013, was mostly affected by the increase in imports of sawn wood of 4.0 mln euros or 2 times. In turn, decline in imports of passenger cars by 14.7 mln euros or by 37.3% significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

More information on Latvia’s foreign trade by month and quarter, by country group and commodity group is available 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 January and July 2014 have been revised.