Foreign trade balance improves in September

10.11.2015

Provisional data of the Central Statistical Bureau (CSB) show that in September 2015 compared to August exports value of goods at current prices grew by 23.1% and imports value of goods – by 4.8%. In September Latvia exported goods in the amount of 966.0 mln euros, but imported - in the amount of 1 081.9 mln euros. Foreign trade balance improved as exports in total foreign trade value increased to 47.2% (in August 2015 – 43.2%).

Latvia’s foreign trade, mln euros1

Data source: Central Statistical Bureau of Latvia

Foreign trade balance in September was significantly affected by increase in seasonal exports of vegetable products of 114.8 mln euros or 5.4 times, compared to August. Of which exports of wheat and meslin, and brans rose by 73.2 mln euros or 26 times. In September it was mostly exported to Algeria – 44.5 mln euros, Saudi Arabia – 9.4 mln euros, France – 6.8 mln euros and Spain – 5.1 mln euros.

Main changes in exports in September, compared to August:

  • exports of basic metals and articles of basic metals grew by 26.2 mln euros or 41.8%,
  • exports of vehicles and associated transport equipment increased by 19.5 mln euros or 75.7%,
  • exports of prepared foodstuffs rose by 9.7 mln euros or 15.0%,
  • exports of products of the chemical and allied industries increased by 8.7 mln euros or 15.2%,
  • exports of machinery and mechanical appliances; electrical equipment decreased by 18.4 mln euros or 11.6%,

Main changes in imports in September, compared to August:

  • imports of vehicles and associated transport equipment increased by 40.3 mln euros or 77.6%,
  • imports of products of the chemical and allied industries increased by 25.2 mln euros or 25.8%,
  • imports of prepared foodstuffs rose by 8.8 mln euros or 9.9%,
  • imports of mineral products dropped by 25.3 mln euros or 16.9%.

In September main export partners in trade with the EU countries were Lithuania (18.9% of total exports), Estonia (10.7%), Germany (6.4%) and Poland (5.7%); main import partners were Lithuania (17.8% of total imports), Germany (11.6%), Poland (11.0%) and Estonia (7.5%).

Foreign trade of Latvia by country group in September 2015, at current prices

 

Exports

Imports

 

mln euros

% of

total

in % (+, -) over August 2015

mln euros

% of

total

in % (+, -) over

August 2015

Total

966.0

100

+23.1

1 081.9

100

+4.8

Member States of the European Union

696.1

72.1

+16.8

869.1

80.3

+6.0

   Euro area countries

483.8

50.1

+19.8

626.8

57.9

+3.2

CIS countries

105.8

11.0

+10.6

117.1

10.8

-4.0

Other countries

164.1

16.9

+75.6

95.7

8.9

+5.1

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in September accounted for 7.0%, and in imports – for 7.6%.

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

 

thsd euros

% of

total

% (+, -) over

September 2014

August 2015

average of previous 12 months

Total

966 000

100

+3.7

+23.1

+11.8

wood and wood products; wood charcoal

144 092

14.9

-0.5

+2.7

+0.5

cereals

88 261

9.1

+2.1 times

+16.9 times

+3.6 times

electrical machinery and equipment

84 917

8.8

-9.0

-14.7

-23.5

mineral fuels, mineral oils and products of their distillation

65 174

6.7

-17.3

+8.2

+3.8

machinery and mechanical appliances

55 270

5.7

+7.3

-6.4

+8.8

vehicles other than railway or tramway

41 429

4.3

+6.0

+81.7

+11.1

iron and steel

40 073

4.1

+57.3

+2.2 times

+33.6

beverages, spirits and vinegar

39 135

4.1

-35.4

+27.1

-0.01

oil seeds, oleaginous fruits, industrial or medicinal plants

34 581

3.6

+4.0 times

+6.5 times

+8.0 times

articles of iron and steel

33 174

3.4

+9.9

+14.2

+18.8

pharmaceutical products

27 566

2.9

-10.5

+13.2

+2.5

Increase in exports of oil seeds, oleaginous fruits, industrial or medicinal plants in September 2015, as compared to September 2014 was affected by growth in exports of rape and colza seeds of 23.5 mln euros or 4.1 times. In turn exports of beverages, spirits and vinegar decreased, as exports of spirits dropped by 17.6 mln euros or 37.0%.

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

 

thsd euros

% of

total

% (+, -) over

September 2014

August 2015

average of previous 12 months

Total

1 081 921

100

-5.8

+4.8

+1.6

mineral fuels, mineral oils and products of their distillation

119 510

11.0

-26.1

-16.8

-10.4

electrical machinery and equipment

112 101

10.4

-8.3

+7.0

-14.8

machinery and mechanical appliances

101 931

9.4

+7.4

-7.1

+1.7

vehicles other than railway or tramway

81 384

7.5

+23.0

+73.7

+12.7

pharmaceutical products

53 973

5.0

+26.5

+49.3

+26.9

plastics and articles thereof

42 419

3.9

-10.6

+0.3

-3.4

beverages, spirits and vinegar

37 712

3.5

-25.4

+6.3

+26.9

iron and steel

34 833

3.2

-17.9

-16.4

-9.4

wood and wood products; wood charcoal

30 300

2.8

+10.1

+4.3

-0.6

Growth of imports of pharmaceutical products in September 2015, as compared to September 2014, was mostly affected by increase in imports of medicines of 4.7 mln euros or 13.8%. In turn, drop in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil of 26.9 mln euros or 27.1%.

More information on foreign trade of Latvia by month and quarter, by country group and commodity group is available in the CSB data base section Foreign Trade.

Data on June 2015 have been revised.

 

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