In March foreign trade turnover in goods was 2.7 % smaller than last year

11.05.2018

Provisional data of the Central Statistical Bureau (CSB) show that in March 2018 the foreign trade turnover of Latvia amounted to EUR 2.19 billion, which at current prices was 2.7 % smaller than in March 2017, of which the exports value of goods was 6.1 % smaller, but imports value of goods was 0.2 % higher. In March, Latvia exported goods in the amount of EUR 966.2 million but imported – in the amount of EUR 1.22 billion. Compared to March 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.8 % to 44.2 %.

Over the first quarter of this year, the foreign trade turnover of Latvia at current prices reached EUR 6.26 billion – EUR 344.7 million or 5.8 % more than in the corresponding period of 2017. The exports value constituted EUR 2.86 billion (an increase of EUR 176.6 million or 6.6 %), whereas the imports value – EUR 3.4 billion (an upturn of EUR 168.1 million or 5.2 %).

Foreign trade of Latvia
(million euros)

Data on January, February, March and December 2017 have been revised

Calendar and seasonally adjusted data at current prices show that, compared to March 2017, in March 2018 the exports value at current prices reduced by 1.1 %, but the imports value – went up by 5.9 %, whereas, compared to the previous month, the exports value decreased by 5.7 %, the imports value – increased by 0.2 %.

Main changes in exports in March 2018, compared to March 2017:

-       exports of vegetable products down by EUR 41.0 million or 60.2 %,
-       exports of vehicles and associated transport equipment down by EUR 19.5 million or 23.6 %,
-       exports of machinery and mechanical appliances; electrical equipment down by EUR 8.2 million or 4.7 %,
-       exports of products of the chemical and allied industries down by EUR 7.8 million or 9.5 %,
-       exports of basic metals and articles of basic metals up by EUR 14.8 million or 16.8 %.

Main changes in imports in March 2018, compared to March 2017:

-       imports of basic metals and articles of basic metals up by EUR 26.8 million or 28.8 %,
-       imports of mineral products up by EUR 14.3 million or 14.4 %,
-       imports of products of the chemical and allied industries up by EUR 10.4 million or 7.4 %,
-       imports of vegetable products up by EUR 7.4 million or 13.5 %,
-       imports of textiles and textile articlesdown by EUR 6.5 million or 13.6 %.

In March, the main export partners of Latvia in trade with EU countries were Lithuania (16.4 % of total exports), Estonia (12.6 %), Germany (7.6 %) and Sweden (7.3 %), whereas the main import partners were Lithuania (16.4 % of total imports), Germany (11.5 %), Poland (10.2 %) and Estonia (7.3 %).

Foreign trade of Latvia by country groups in March 2018,
(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to March 2017

million EUR

% of

total

changes as %, compared to March 2017

Total

966.2

100

-6.1

1 220.0

100

0.2

European Union countries

715.7

74.1

-8.0

930.2

76.2

-0.9

euro area countries

480.6

49.7

-10.7

674.0

55.2

-2.0

CIS countries

129.1

13.4

10.2

160.4

13.1

44.0

other countries

121.4

12.5

-9.5

129.4

10.7

-22.8

 

The main partner in trade with third countries was Russia, share of which in total Latvian exports in March accounted for 9.1 %, but in imports – 9.6 %.

Main commodities in exports of Latvia in March 2018
(at current prices)

 

thousand 

EUR

as % of

total

Changes as %, compared to

March 2017

February 2018

average of previous 12 months

Total

966 236

100

-6.1

3.6

-0.4

wood and articles of wood; wood charcoal

190 717

19.7

4.1

14.5

19.6

electrical machinery and equipment

107 325

11.1

-8.7

2.4

2.2

machinery and mechanical appliances

61 372

6.4

3.4

-15.0

-9.0

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

58 918

6.1

4.3

-3.6

10.4

iron and steel

45 554

4.7

27.0

60.5

27.2

mineral fuels, mineral oils and products of their distillation

40 218

4.2

-1.0

1.9

-2.4

beverages, spirits and vinegar

37 933

3.9

2.0

-2.6

-23.9

articles of iron and steel

36 891

3.8

8.0

17.3

14.7

pharmaceutical products

35 668

3.7

-5.5

8.8

-0.1

furniture, other furnishing articles; prefabricated buildings

26 767

2.8

-10.5

15.0

-6.2

 

Rise of exports of iron and steel in March 2018, as compared to March 2017, was affected by the increase in exports of waste and scrap of cast iron of EUR 8.6 million or 2.4 times. In turn, a drop was experienced in the exports of furniture, other furnishing articles; prefabricated buildings as exports of wooden furniture fell by EUR 4.3 million or by 37.5 %.

Main commodities in imports of Latvia in March 2018
(at current prices)

 

thousand 

EUR

as % of

total

Changes as %, compared to

March 2017

February 2018

average of previous 12 months

Total

1 220 002

100

0.2

12.0

3.2

machinery and mechanical appliances

130 403

10.7

17.3

15.3

5.8

electrical machinery and equipment

112 729

9.2

-12.4

-4.1

-14.5

mineral fuels, mineral oils and products of their distillation

109 543

9.0

14.7

39.3

7.5

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

104 703

8.6

-0.9

34.2

3.5

iron and steel

64 381

5.3

59.0

33.7

42.1

pharmaceutical products

55 205

4.5

11.6

5.2

9.4

plastics and articles thereof

48 602

4.0

-6.2

5.4

-4.1

wood and articles of wood; wood charcoal

44 692

3.7

6.4

1.3

12.7

beverages, spirits and vinegar

37 798

3.1

13.0

-1.6

-16.6

miscellaneous chemical products

34 918

2.9

9.2

3.1 time

2.5 times

 

Rise of imports of iron and steel in March 2018, as compared to March 2017, was mostly affected by the increase in imports of flat rolled products of iron and non-alloy steel of EUR 18.1 million or 94.3 %. In turn, a drop was experienced in the imports of electrical machinery and equipment, as the imports of telephone sets and of other apparatus for the transmission or reception of voice, images or other data dropped by EUR 7.4 million or 15.1 %.

More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in the Foreign 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