In March, foreign trade turnover up by 14.3 %

10.05.2017

Provisional data of the Central Statistical Bureau (CSB) show that in March 2017 Latvian foreign trade turnover amounted to EUR 2.15 bln, which was 14.3 % higher than in March 2016 (at current prices), and the exports and imports values of goods were 13.2 % and 15.2 % higher, respectively. In March, Latvia exported goods in the amount of EUR 960.2 mln, and imported goods in the amount of EUR 1.19 bln. The foreign trade balance worsened slightly, as exports in the total foreign trade value declined to 44.7 % (in March 2016 – 45.1 %).

Over the first quarter of 2017, the foreign trade turnover of Latvia at current prices reached EUR 5.76 bln EUR 609.2 mln or 11.8 % more than in the corresponding period of 2016. The exports value constituted EUR 2.6 bln (an increase of EUR 239.1 mln or 10.1 %), whereas the imports value comprised EUR 3.16 bln (an upturn of EUR 370.1 mln or 13.3 %).

 

Foreign trade of Latvia, mln EUR

Data source: CSB
Notes: data on January, February, March and December 2016 have been revised

Main changes in exports in March 2017, compared to March 2016:

-       exports of wood and articles of wood up by EUR 30.2 mln or 19.7 %,

-       exports of prepared foodstuffs up by EUR 21.1 mln or 34.4 %,

-       exports of live animals and animal products up by EUR 15.0 mln or 50.6 %,

-       exports of machinery and mechanical appliances; electrical equipment up by EUR 12.3 mln or 8.2 %,

-       exports of base metals and articles of base metals down by EUR 4.5 mln or 6.3 %.

Main changes in imports in March 2017, compared to March 2016:

-       imports of mineral products up by EUR 22.4 mln or 28.3 %,

-       imports of prepared foodstuffs up by EUR 17.6 mln or 21.7 %,

-       imports of base metals and articles of base metals up by EUR 17.0 mln or 22.7 %,

-       imports of plastics and articles thereof; rubber and articles thereof up by EUR 11.4 mln or 19.2 %,

-       imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 9.1 mln or 8.6 %.

In March, the main export partners in trade with EU countries were Lithuania (16.6 % of total exports), Estonia (12.9 %), Germany (7.4 %) and Sweden (6.5 %), whereas the main import partners were Lithuania (17.4 % of total imports), Poland (10.1 %), Germany (9.8 %) and Estonia (8.0 %).

Foreign trade of Latvia in March 2017 by country group, at current prices

 

Exports

Imports

 

mln EUR

% of

total

Changes as % compared to March 2016

mln EUR

% of

total

Changes as % compared to March 2016

Total

960.2

100

13.2

1 189.7

100

15.2

Member States of the European Union

714.0

74.4

15.3

910.8

76.6

12.0

   Euro area countries

487.0

50.7

17.4

659.6

55.4

13.5

CIS countries

116.3

12.1

31.3

111.4

9.4

-1.3

Other countries

129.9

13.5

-7.2

167.5

14.0

56.9

 

Russia was the main partner in trade with third countries; its share in total Latvian exports in March accounted for 8.4 %, whereas in imports – for 6.4 %.

Main commodities in exports of Latvia in March 2017, at current prices

 

thsd EUR

% of

total

Changes as % compared to

March 2016

February 2017

Average of previous 12 months

Total

960 226

100

13.2

15.3

9.9

Wood and articles of wood; wood charcoal

183 865

19.1

19.7

27.2

23.4

Electrical machinery and equipment

111 847

11.6

20.9

14.1

12.6

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

52 789

5.5

3.8

10.2

7.7

Machinery and mechanical appliances

50 896

5.3

-12.1

-9.6

-5.7

Mineral fuels, mineral oils and products of their distillation

44 741

4.7

22.9

22.8

11.8

Pharmaceutical products

39 302

4.1

-0.6

23.3

14.8

Beverages, spirits and vinegar

36 473

3.8

45.7

9.6

4.7

Articles of iron or steel

32 760

3.4

24.4

26.1

14.4

Cereals

27 321

2.8

-7.2

79.6

-12.6

Furniture, other furnishing articles; prefabricated buildings

27 279

2.8

9.1

21.9

8.3

The 45.7 % rise in exports of beverages, spirits and vinegar in March 2017, as compared to March 2016, was mostly affected by an increase in the exports of spirits (of EUR 5.8 mln or 32.7 %). In turn, exports of machinery and mechanical appliances reduced by 12.1 %, as exports of computers and components thereof dropped by EUR 11.3 mln or 67.2 %.

Main commodities in imports of Latvia in March 2017, at current prices

 

thsd EUR

% of

total

Changes as % compared to

March 2016

February 2017

Average of previous 12 months

Total

1 189 733

100

15.2

20.8

13.8

Electrical machinery and equipment

117 371

9.9

5.6

18.3

-2.3

Machinery and mechanical appliances

101 424

8.5

-4.5

27.4

1.8

Mineral fuels, mineral oils and products of their distillation

98 123

8.2

28.3

-5.0

7.9

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

93 734

7.9

-6.3

10.0

-3.3

Plastics and articles thereof

54 252

4.6

27.9

24.5

24.0

Pharmaceutical products

53 556

4.5

-2.0

3.8

11.2

Wood and articles of wood; wood charcoal

42 061

3.5

9.5

34.9

22.0

Iron and steel

40 686

3.4

45.2

32.9

15.7

Beverages, spirits and vinegar

37 090

3.1

44.3

49.6

19.3

Miscellaneous chemical products

34 725

2.9

25.7

2.8 times

2.6 times

The 45.2 % rise in imports of iron and steel in March 2017, as compared to March 2016, was affected by an increase in the imports of metal waste and scrap (of EUR 2.2 mln or 2.8 times), as well as growth in the imports of angles, shapes and sections of iron and non-alloy steel (of EUR 2.2 mln or 2.3 times). In turn, the 6.3 % drop in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mostly affected by a decline in the imports of passenger cars (of EUR 11.5 mln or 23.5 %).

More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in theForeign Trade section of the CSB database.

 

 

 

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More information on data:
Lilita Laganovska
Foreign Trade Statistics Methodology, Analysis and Dissemination Section
E-mail: Lilita [dot] Laganovska [at] csb [dot] gov [dot] lv
Phone: +371 67366604