In January Russia's share in Latvia's exports decreases

12.03.2014

Provisional data of the Central Statistical Bureaushow that in January 2014 compared to previous month exports value of goods at current prices reduced by 8.3%, but imports value of goods by 6.8%. In January Latvia has exported goods in amount of738.4 mln euros (519 mln lats), but imported – 917.5 mln euros (644.8 mln lats) more. In January foreign trade balance slightly worsened as exports in total foreign trade value dropped to 44.6% (in December 2013 – 45.0%), see picture:

Latvias foreign trade, in mln euros1

Data source: Central Statistical Bureau of Latvia

Exports share to Russia dropped to 8.8% (in December 2013 14.3%). The largest reduction in exports to Russia was in exports of food products - of 28.5 mln euros (20.0 mln lats) or by 57.0%, of chemical and allied industries - of 7.2 mln euros (5.1 mln lats) or 46.0% and of machinery and mechanical appliances; electrical equipment - of 6.5 mln euros (4.6 mln lats) or 38.2%.

In January exports share to Ukraine reduced to 5.0 mln euros (3.5 mln lats) or 0.7% of total Latvia’s exports share. As compared to December Latvia’s exports to Ukraine comprised 9.1 mln euros (6.4 mln lats) or 1.1% of total Latvia’s exports share.

Main changes in exports in January, compared to the previous month:

  • exports of wood and wood products increased by 19.1 mln euros (13.4 mln lats) or 15.3%,
  • exports of prepared foodstuffs dropped by 35.8 mln euros (25.1 mln lats) or 37.5%,
  • exports of products of the chemical and allied industries reduced by 21.3 mln euros (15.0 mln lats) or 30.2%,
  • exports of machinery and mechanical appliances; electrical equipment dropped by 19.8 mln euros (13.9 mln lats) or 15.6%.

Main changes in imports in January, compared to the previous month:

  • imports of basic metals and articles of basic metals grew by 8.8 mln euros (6.2 mln lats) or 12.0%,
  • imports of transport vehicles and equipment fell by 37.3 mln euros (26.2 mln lats) or 46.9%,
  • imports of machinery and mechanical appliances; electrical equipment dropped by 22.2 mln euros (15.6 mln lats) or 11.5%,
  • imports of products of the chemical and allied industries reduced by 19.9 mln euros (14.0 mln lats) or 19.2%.

Foreign trade of Latvia by country groups in January 2014, at current prices

 

Exports

Imports

 

mln euros

mln lats

% of

total

In % (+, -) over December 2013

mln euros

mln lats

% of

total

In % (+, -) over December 2013

Total

738.4

519.0

100

-8.3

917.5

644.8

100

-6.8

Member States of the European Union

554.4

389.6

75.1

+4.1

687.3

483.0

74.9

-11.3

   Euro area countries

248.1

174.4

33.6

+4.7

339.9

238.8

37.0

-13.1

CIS countries

89.0

62.5

12.1

-44.0

144.5

101.5

15.7

+6.2

Other countries

95.1

66.8

12.9

-16.2

85.7

60.2

9.3

+17.8

In January main export partners were Lithuania (17.0% of total export), Estonia (12.4%), Russia (8.8%), Germany (7.7%) and Poland (7.0%), but main import partners were Lithuania (18.3% of total import), Russia (11.9%), Poland (10.1%), Germany (9.6%) and Estonia (8.2%).

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

 

thsd euros

thsd lats

% of

total

% (+, -) over

January 2013

December 2013

average of previous 12 months

Total

738 433

518 951

100

-2.4

-8.3

-11.4

wood and wood products; wood charcoal

143 761

101 035

19.5

+13.0

+15.3

+7.4

electrical machinery and equipment

73 261

51 486

9.9

-2.9

-12.9

-13.2

mineral fuels, mineral oils and products of their distillation

55 957

39 326

7.6

-3.9

+8.4

-17.3

machinery and mechanical appliances

33 779

23 739

4.6

-5.8

-21.0

-24.6

beverages, spirits and vinegar

25 588

17 982

3.5

+13.1

-53.7

-38.7

cereals

24 655

17 327

3.3

-4.0

-10.7

+1.5

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

24 300

17 078

3.3

-20.2

+0.1

-22.0

pharmaceutical products

24 038

16 894

3.3

+19.7

-27.8

-1.9

articles of iron or steel

23 478

16 499

3.2

+4.9

+8.0

-12.0

Rise of exports of wood and wood products; wood charcoal in January 2014, as compared to the previous month, was mostly affected by the increase in exports of plywood, veneered panels and similar laminated wood of 2.6 mln euros (1.9 mln lats) or 27.1%.

But exports of beverages, spirits and vinegar reduced rapidly as exports of spirits dropped by 26.1 mln euros (18.3 mln lats) or by 58.5%.

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

 

thsd euros

thsd lats

% of

total

% (+, -) over

January 2013

December 2013

average of previous 12 months

Total

917 493

644 759

100

-5.8

-6.8

-12.4

mineral fuels, mineral oils and products of their distillation

157 780

110 888

17.2

-18.0

+5.3

-9.1

electrical machinery and equipment

99 897

70 201

10.9

+9.9

+3.0

-1.3

machinery and mechanical appliances

71 699

50 384

7.8

-8.2

-26.0

-21.7

iron and steel

41 565

29 211

4.5

-35.9

+44.0

+2.0

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

40 087

28 171

4.4

-31.9

-42.4

-43.0

plastics and articles thereof

35 826

25 175

3.9

+6.7

+6.8

-12.7

pharmaceutical products

33 252

23 369

3.6

-12.9

-21.7

-16.0

Rise of imports of iron and steel in January 2014, as compared to the previous month, was mostly affected by the increase in imports of flat rolled products of iron or non alloy steel of 8.3 mln euros (5.8 mln lats) or 73.9%.

In its turn, reduction of imports of passenger cars by 14.3 mln euros (10.0 mln lats) or by 55.0% significantly influenced total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

 

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”Short term statistical data.

 

More information:
Foreign trade statistics methodology, analysis and dissemination section
Andra Kauliņa
Tel.: +371 67366695



1 Data on May, June and October 2013 have been revised.