In July exports value of goods increased by 5.0%

09.09.2015

Provisional data of the Central Statistical Bureau (CSB) show that in July 2015 compared to June exports value of goods at current prices grew by 5.0% and imports value of goods – by 6.1%. In July Latvia exported goods in the amount of 851.3 mln euros, but imported – in the amount of 1 103.7 mln euros. Foreign trade balance slightly worsened as exports in total foreign trade value declined to 43.5% (in June 2015 – 43.8%).

Latvia’s foreign trade, mln euros1

Data source: Central Statistical Bureau of Latvia

The largest contribution in the increase of foreign trade turnover in July 2015, compared to June, was in trade in machinery, mechanical appliances and electrical equipment. Exports of these goods rose by 23.1 mln euros or 15.8% as exports of monitors, projectors and television reception apparatus grew by 6.2 mln euros or 78.5% (majority was exported to Lithuania and Spain). At the same time imports of machinery, mechanical appliances and  electrical equipment rose by 29.6 mln euros or 12.9% as imports of electronic integrated circuits grew by 6.8 mln euros or 3 times (majority was imported from Taiwan and Poland).

Main changes in exports in July, compared to June:

  • exports of basic metals and articles of basic metals grew by 11.8 mln euros or 15.8%,
  • exports of live animals and animal products increased by 8.5 mln euros or 28.4%,
  • exports of prepared foodstuffs rose by 6.6 mln euros or 10.5%,
  • exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments reduced by 8.5 mln euros or 37.7%.

Main changes in imports in July, compared to June:

  • imports of mineral products rose by 11.4 mln euros or 9.5%,
  • imports of products of the chemical and allied industries grew by 10.7 mln euros or 9.5%,
  • imports of textiles and textile articles increased by 5.4 mln euros or 15.3%,
  • imports of vehicles and associated transport equipment dropped by 9.6 mln euros or 11.2%.

In July main export partners were Lithuania (20.0% of total export), Estonia (12.2%), Germany (6.4%) and Poland (5.5%), but main import partners were Lithuania (18.4% of total import), Germany (11.5%), Poland (9.6%) and Estonia (8.1%).

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

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over June 2015

mln euros

% of

total

% (+, -) over

June 2015

Total

851.3

100

+5.0

1 103.7

100

+6.1

Member States of the European Union

608.0

71.4

+2.5

885.1

80.2

+5.3

   Euro area countries

425.8

50.0

+6.8

660.4

59.8

+8.1

CIS countries

114.2

13.4

+7.2

115.8

10.5

+5.1

Other countries

129.1

15.2

+16.4

102.8

9.3

+14.6

The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.1%, and in imports – for 7.0%.

In July 2015, compared to July 2014, rise was observed in trade with pharmaceutical products which was affected by increase in exports of medicaments of 7.3 mln euros or 44.7% and in imports – by 7.9 mln euros or 28.9%. In turn, trade in vehicles other than railway or tramway, parts and accessories witnessed a drop as exports of passenger cars decreased by 12.3 mln euros or 64.0% and imports – by 18.5 mln euros or 47.9%.

Changes of main commodities in Latvia’s export in July 2015, at current prices

 

thsd euros

% of

total

% (+, -) over

July 2014

June 2015

average of previous 12 months

Total

851 336

100

+0.4

+5.0

-1.6

Wood, wood products and  wood charcoal

145 714

17.1

-1.0

-3.5

+1.3

electrical machinery and equipment

112 331

13.2

+3.4

+16.4

+1.9

mineral fuels, mineral oils and products of their distillation

61 694

7.2

-15.5

+10.6

-4.7

machinery and mechanical appliances

56 972

6.7

+19.8

+14.8

+17.1

iron and steel

42 045

4.9

+12.9

+29.4

+36.3

beverages, spirits and vinegar

35 311

4.1

-3.5

+41.5

-12.2

vehicles other than railway or tramway, parts and accessories

29 869

3.5

-29.3

-2.4

-20.1

pharmaceutical products

29 370

3.4

+49.5

+0.6

+12.8

articles of iron and steel

29 324

3.4

+7.1

+6.7

+4.7

plastics and articles thereof

22 539

2.6

+3.7

+1.5

+7.1

furniture, other furnishing articles, prefabricated buildings

20 869

2.5

-2.5

-16.4

-7.1

Increase of exports of machinery and mechanical appliances in July 2015, as compared to July 2014, was affected by the increase in exports of industrial or laboratory equipment for the heat treatment of materials by 4.2 mln euros or 4.8 times. In its turn, exports of mineral fuels, mineral oils and products of their distillation reduced as exports of diesel oil decreased by 10.9 mln euros or 24.5%.

Changes of main commodities in Latvia’s import in July 2015, at current prices

 

thsd euros

% of

total

% (+, -) over

July 2014

June 2015

average of previous 12 months

Total

1 103 655

100

+2.2

+6.1

+4.2

electrical machinery and equipment

130 233

11.8

-9.3

-1.0

-2.9

machinery and mechanical appliances

128 992

11.7

+23.5

+31.6

+35.0

mineral fuels, mineral oils and products of their distillation

123 421

11.2

-4.5

+8.4

-7.8

vehicles other than railway or tramway, parts and accessories

66 656

6.0

-18.3

-11.6

-8.2

pharmaceutical products

52 607

4.8

+39.5

+12.8

+24.9

plastics and articles thereof

45 314

4.1

-1.2

-7.6

+2.5

iron and steel

38 901

3.5

-0.1

-0.1

+1.9

Wood, wood products and wood charcoal

31 086

2.8

+27.9

-0.7

+5.1

beverages, spirits and vinegar

29 469

2.7

+13.0

+10.5

+3.2

Rise of imports of wood, wood products and wood charcoal in July 2015, as compared to July 2014, was affected by the increase in imports of laminated wood of 1.5 mln euros or 70.9%. In turn, decline in imports of mobile telephones by 22.0 mln euros or by 39.7% influenced 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.

 

Data on April 2015 have been revised.

 

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