Foreign trade turnover witnessed 3.8% growth in June

11.08.2015

Provisional data of the Central Statistical Bureau (CSB) show thatin June 2015 as compared to May foreign trade turnover at current prices grew by 3.8%, of which exports value of goods increased by 1.6% and imports value of goods – by 5.6%. In June Latvia exported goods in the amount of 810.5 mln euros, and imported – in the amount of 1 040.6 mln euros. Nevertheless foreign trade balance worsened, since exports in total foreign trade value declined to 43.8% (in May 2015 – 44.7%).

Latvia’s foreign trade, mln euros1

Data source: Central Statistical Bureau of Latvia

Main changes in exports in June, compared to May:

  • exports of wood and articles of wood grew by 13.1 mln euros or 9.5%,
  • exports of products of the chemical and allied industries increased by 9.4 mln euros or 17.3%,
  • exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments grew by 6.8 mln euros or 43.4%.
  • exports of prepared foodstuffs rose by 6.5 mln euros or 11.6%,
  • exports of basic metals and articles of basic metals dropped by 15.0 mln euros or 16.7%.

Main changes in imports in June, compared to May:

  • imports of vehicles and associated transport equipment increased by 23.1 mln euros or 36.7%,
  • imports of plastics and articles thereof grew by 7.0 mln euros or 12.0%,
  • imports of machinery and mechanical appliances; electrical equipment increased by 6.6 mln euros or 3.0%,
  • imports of prepared foodstuffs rose by 6.2 mln euros or 8.2%.

Affected by seasonal factors, in June as compared to May both - exports (of 9.9 mln euros or 31.5%) and imports (of 4.0 mln euros or 31.5%) of vegetable products witnessed decrease.

In June main export partners in trade with the EU Member States were Lithuania (18.8% of total export), Estonia (11.9%), Germany (6.7%) and Sweden (6.2%); main import partners - Lithuania (18.5% of total import), Poland (11.3%), Germany (11.1%) and Estonia (7.8%).

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

 

Exports

Imports

 

mln euros

% of

total

 % (+, -) over May 2015

mln euros

% of

total

% (+, -) over

May 2015

Total

810.5

100

+1.6

1 040.6

100

+5.6

Member States of the European Union

593.0

73.2

+1.6

840.8

80.8

+6.1

   Euro area countries

398.6

49.2

+1.1

611.1

58.7

+6.1

CIS countries

106.5

13.1

+15.6

110.2

10.6

+4.0

Other countries

111.0

13.7

-9.0

89.6

8.6

+2.6

Growth in exports to the CIS countries was mainly affected by increase in exports to Uzbekistan of 4.2 mln euros or 2.8 times (growth in exports of products of the chemical and allied industries - 3.5 mln euros or 4 times), as well as to Kazakhstan - of 2.2 mln euros or 84.9% (growth in exports of agricultural and food products - 1.1 mln euros or 2.2 times).

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in June accounted for 8.7%, and in imports – for 7.2%. Compared to May exports value in June 2015 grew by 2.9 mln euros or 4.4%, and imports value - by 8.2 mln euros or 12.4%. Compared to June 2014 exports value dropped by 16.7 mln euros or 19.3%, in turn imports value grew by 4.0 mln euros or 5.6%.

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

 

thsd euros

% of

total

% (+, -) over

June 2014

May 2015

average of previous 12 months

Total

810 479

100

+3.4

+1.6

-6.1

wood and wood products; wood charcoal

150 985

18.6

+9.3

+9.5

+5.6

electrical machinery and equipment

96 533

11.9

+9.6

-7.4

-12.2

mineral fuels, mineral oils and products of their distillation

55 783

6.9

+1.3

+2.1

-14.1

machinery and mechanical appliances

49 641

6.1

+9.7

-3.4

+3.2

iron and steel

32 483

4.0

+5.5

-30.4

+5.7

vehicles other than railway or tramway

30 596

3.8

-22.7

+11.1

-18.3

pharmaceutical products

29 201

3.6

+17.6

+24.3

+13.4

articles of iron and steel

27 477

3.4

-6.4

-6.7

-2.5

furniture, other furnishing articles; prefabricated buildings

24 956

3.1

+24.1

+13.0

+13.3

beverages, spirits and vinegar

24 947

3.1

-18.4

+18.6

-38.5

plastics and articles thereof

22 202

2.7

+3.4

+3.9

+5.8

In June 2015, compared to June 2014, rise in exports of furniture, other furnishing articles; prefabricated buildings was affected by increase in exports of prefabricated buildings of 2.6 mln euros or 59.2%. In turn, decline in exports of passenger cars of 10.2 mln euros or 59.2% significantly influenced the total exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

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

 

thsd euros

% of

total

% (+, -) over

June 2014

May 2015

average of previous 12 months

Total

1 040 552

100

+5.2

+5.6

-1.3

electrical machinery and equipment

131 609

12.6

+27.8

+0.8

-0.5

mineral fuels, mineral oils and products of their distillation

113 822

10.9

-15.4

+5.1

-16.2

machinery and mechanical appliances

98 021

9.4

+14.0

+6.0

+4.7

vehicles other than railway or tramway

75 442

7.3

+3.6

+24.4

+6.4

plastics and articles thereof

49 041

4.7

+13.8

+8.8

+12.4

pharmaceutical products

46 627

4.5

+22.3

-3.7

+11.7

iron and steel

38 921

3.7

+1.3

-3.3

+1.9

wood and wood products; wood charcoal

31 304

3.0

+11.6

+0.2

+6.9

beverages, spirits and vinegar

26 657

2.6

+15.1

-2.2

-6.0

Rise in imports of electrical machinery and equipment in June 2015, as compared to June 2014, was affected by increase in imports of machines for the reception, conversion and transmission or regeneration of voice, images or other data of 5.7 mln euros or 2.4 times. 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 13.7 mln euros or 18.2%.

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.

1Data on March 2015 have been revised.

 

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