Foreign trade of Latvia in March has increased

11.05.2015

Provisional data of the Central Statistical Bureau (CSB) show that in March 2015 compared to February exports value of goods at current prices grew by 12.2%, but imports value of goods – by 14.2%. In March Latvia exported goods in amount of 864.7 mln euros, but imported - in amount of 1 057.2 mln euros. Foreign trade balance slightly worsened as exports in total foreign trade value declined to 45.0% (in February 2015 – 45.4%).

Latvia’s foreign trade, in mln euros1

Data source: Central Statistical Bureau of Latvia

Main changes in exports in March, compared to February:

  • exports of wood and articles of wood grew by 34.0 mln euros or 25.2%,
  • exports of textiles and textile articles increased by 15.9 mln euros or 59.1%,
  • exports of products of the chemical and allied industries grew by 15.2 mln euros or 29.8%,
  • exports of basic metals and articles of basic metals grew by 13.6 mln euros or 22.7%,
  • exports of machinery and mechanical appliances; electrical equipment reduced by 32.4 mln euros or 18.9%.

Main changes in imports in March, compared to February:

  • imports of products of the chemical and allied industries grew by 31.5 mln euros or 31.3%,
  • imports of mineral products rose by 20.9 mln euros or 20.7%,
  • imports of vehicles and associated transport equipment increased by 18.3 mln euros or 26.0%,
  • imports of textiles and textile articles increased by 15.6 mln euros or 39.2%,
  • imports of basic metals and articles of basic metals dropped by 10.3 mln euros or 11.3%.

In March main export partners were Lithuania (18.1% of total export), Estonia (11.7%), Poland (7.4%), and Germany (6.5%), but main import partners were Lithuania (16.7% of total import), Poland (11.6%), Germany (11.5%) and Estonia (8.1%).

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

 

Exports

Imports

mln euros

% of

total

in % (+, -) over February 2015

mln euros

% of

total

% (+, -) over

February 2015

Total

864.7

100

+12.2

1 057.2

100

+14.2

Member States of the European Union

668.0

77.3

+18.0

858.6

81.2

+21.8

Euro area countries

427.9

49.5

+14.2

617.5

58.4

+23.3

CIS countries

87.4

10.1

-11.5

109.5

10.4

-13.4

Other countries

109.3

12.6

+3.5

89.1

8.4

-5.6

The main partner in trade with third countries was Russia, share of which in total Latvian exports in March accounted for 6.6%, but in imports – 7.7%.

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

 

thsd euros

% of

total

% (+, -) over

March 2014

February 2015

average of previous 12 months

Total

864 737

100

-0.3

+12.2

+1.1

wood and wood products; wood charcoal

168 846

19.5

+12.2

+25.2

+19.2

electrical machinery and equipment

94 704

11.0

-0.5

-25.1

-10.0

mineral fuels, mineral oils and products of their distillation

61 741

7.1

-6.3

+5.7

-7.4

machinery and mechanical appliances

44 500

5.1

+10.4

-1.3

-2.3

vehicles other than railway or tramway

41 624

4.8

-4.1

+39.3

+8.8

pharmaceutical products

29 503

3.4

-1.9

+10.2

+13.7

articles of iron and steel

28 748

3.3

+10.6

+14.3

+1.4

iron and steel

26 442

3.1

-13.5

+46.2

-14.5

beverages, spirits and vinegar

22 711

2.6

-24.4

-1.9

-46.6

plastics and articles thereof

22 459

2.6

+20.4

+21.7

+11.1

furniture, other furnishing articles; prefabricated buildings

20 901

2.4

+2.4

-15.4

-4.4

Rise of exports of plastics and articles thereof in March 2015, as compared to March 2014, was affected by the increase in exports of plates, sheets, foil of plastics and other articles thereof by 2.1 mln euros or 52.6%. But exports of beverages, spirits and vinegar reduced as exports  of spirits dropped by 5.2 mln euros or 24.2%.

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

 

thsd euros

% of

total

% (+, -) over

March 2014

February 2015

average of previous 12 months

Total

1 057 190

100

-3.7

+14.2

+0.7

mineral fuels, mineral oils and products of their distillation

117 743

11.1

-16.6

+22.8

-16.7

electrical machinery and equipment

110 629

10.5

+1.1

-3.4

-11.1

machinery and mechanical appliances

94 985

9.0

-1.4

+21.8

+2.9

vehicles other than railway or tramway

83 312

7.9

+7.6

+32.0

+16.8

pharmaceutical products

51 103

4.8

+5.6

+24.2

+24.5

plastics and articles thereof

45 877

4.3

-3.1

+20.5

+6.0

iron and steel

31 366

3.0

-24.4

-39.2

-18.4

wood and wood products; wood charcoal

30 877

2.9

+20.0

+8.3

+8.8

Rise in imports of wood and wood products; wood charcoal in March 2015, as compared to March 2014, was affected by the increase in imports of round timber of 2.6 mln euros or 45.8%. In turn, decline in imports of iron and steel by 12.6 mln euros or by 45.6% significantly influenced drop in imports of flat-rolled products of iron or non-alloy steel.

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 September, October and December 2014 have been revised.

 

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