In January, foreign trade turnover reduced by 14.4 %

11.03.2016

Provisional data of the Central Statistical Bureau (CSB) show that, compared to December 2015, in January 2016 foreign trade turnover at current prices dropped by 14.4 %, of which exports value of goods fell by 13.0 % and imports value of goods – by 15.6 %.In January, Latvia exported goods in the amount of EUR 711.0 million, but imported – in the amount of EUR 820.8 million. As exports in the total foreign trade went up to 46.4 % (in December 2015 – 45.7 %), foreign trade balance increased.

Latvia’s foreign trade, million EUR

Data source: CSB, ATD200. EXPORTS AND IMPORTS BY COUNTRIES IN 2000-2015 (CN at 2-digit level, euros)
Notes: data on October 2015 have been specified

Main changes in exports in January, compared to December:

-       exports of prepared foodstuffs dropped by EUR 34.3 million or 40.5 %,

-       exports of machinery and mechanical appliances; electrical equipment fell by EUR 26.0 million or 19.2 %,

-       exports of vegetable products dropped by EUR 18.2 million or 22.1 %,

-       imports of optical instruments and apparatus (including medical); clocks and watches, musical instruments decreased by EUR 12.1 million or 51.7 %,

-       exports of wood and articles of wood grew by EUR 6.5 million or 5.0 %,

Main changes in imports in January, compared to December:

-       exports of machinery and mechanical appliances; electrical equipment fell by EUR 39.8 million or 19.2 %,

-       imports of vehicles and associated transport equipment declined by EUR 27.4 million or 33.0 %,

-       imports of prepared foodstuffs reduced by EUR 22.5 million or 25.6 %,

-       imports of vegetable products reduced by EUR 10.3 million or 22.7 %,

-       imports of footwear and haberdashery grew by EUR 2.7 million or 55.2 %.

In January, the main export partners in trade with the EU countries were: Lithuania (16.9 % of total exports), Estonia (12.8 %), Germany (8.1 %), and Sweden (6.3 %). Whereas the main import partners were: Lithuania (17.0 % of total imports), Germany (10.4 %), Poland (9.8 %), and Estonia (8.2 %).

Latvia's foreign trade in January 2016 by country group, at current prices

 

Exports

Imports

 

million EUR

% of

total

Changes as % over December 2015

million EUR

% of

total

Changes as % over December 2015

Total

711.0

100

-13.0

820.8

100

-15.6

European Union countries

529.9

74.5

-4.8

621.1

75.7

-18.2

   Euro area countries

352.9

49.6

-6.7

451.0

54.9

-19.9

CIS countries

56.5

7.9

-50.5

122.8

15.0

-7.2

Other countries

124.6

17.6

-14.9

76.9

9.3

-4.8

 

Reduction in exports was mainly affected by the drop in trade with third countries, among which Russia was the main partner. In January, the share of Russia in the total exports of Latvia fell down to 5.2 % (in December 2015 – 9.7 %), and the most notable decrease was recorded in exports of spirits – of EUR 15.5 million or 70.4 %.  Meanwhile, Russia's share in imports rose up to 12.5 % (in December 2015 – 10.6 %), as imports of natural gas in the gaseous state rose significantly – by EUR 11.1 million or 28.2 %.

Changes of main commodities in Latvia’s exports in January 2016, at current prices

 

thousand EUR

% of

total

Changes as % over

January 2015

December 2015

average of the previous 12 months

Total

710 955

100

-10.9

-13.0

-17.8

wood and wood products; wood charcoal

136 616

19.2

1.3

5.0

-5.6

electrical machinery and equipment

74 420

10.5

-34.9

-10.8

-30.9

cereals

43 422

6.1

59.2

-27.7

30.2

mineral fuels, mineral oils and products of their distillation

37 572

5.3

-38.1

-8.7

-33.6

machinery and mechanical appliances

35 145

4.9

-9.1

-32.5

-31.6

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

29 939

4.2

-9.1

-23.8

-25.9

pharmaceutical products

27 420

3.9

12.0

-2.5

0.3

articles of iron and steel

24 081

3.4

-0.3

7.6

-13.3

furniture, other furnishing articles; prefabricated buildings

20 606

2.9

-6.8

-0.4

-6.1

iron and steel

18 481

2.6

-58.3

-2.3

-41.1

Compared to January 2015, in January 2016 the rise in exports of cereals was affected by the increase in exports of wheat and wheat and rye mix of EUR 27.3 million or 3.1 times. Whereas, due to the EUR 26.2 million or 96.4 % drop in exports of waste and scrap of cast iron, exports of iron and steel reduced.

Changes of main commodities in Latvia’s exports in January 2016, at current prices

 

thousand EUR

% of

total

Changes as % over

January 2015

December 2015

average of the previous 12 months

Total

820 778

100

-12.2

-15.6

-21.3

mineral fuels, mineral oils and products of their distillation

111 413

13.6

-10.1

1.8

-6.8

electrical machinery and equipment

105 064

12.8

-30.4

0.3

-16.9

machinery and mechanical appliances

62,663

7.6

-14.8

-39.0

-38.2

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

53 649

6.5

-7.6

-31.5

-30.7

pharmaceutical products

43 116

5.3

12.8

-5.7

-1.9

plastics and articles thereof

30 934

3.8

-18.9

-13.4

-27.7

iron and steel

29 318

3.6

-13.3

8.9

-19.9

wood and wood products; wood charcoal

26 510

3.2

-9.9

-14.0

-14.6

paper and paperboard; articles of paper pulp, of paper or of paperboard

19 188

2.3

-6.9

-5.3

-14.2

beverages, spirits and vinegar

18 152

2.2

19.9

-40.7

-34.9

Compared to January 2015, in January 2016, rise in exports of alcoholic and non-alcoholic beverages was influenced by the increase in exports of spirits of EUR 3.1 million or 55.6 %. While decline in imports of mobile telephones of EUR 20.3 million or 44.5 % had influence on the drop in imports of electrical machinery and equipment.

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.

 

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Beate Danusēviča, Kristīne Romanovska
Information and Communication Section
media [at] csb [dot] gov [dot] lv
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More information on data:
Foreign Trade Statistics Methodology, Analysis and Dissemination Section

Lilita Laganovska
Lilita [dot] Laganovska [at] csb [dot] gov [dot] lv
Tel. + 371 67366604