In March trade in chemical products increases

12.05.2014

Provisional data of the Central Statistical Bureau show that in March 2014 compared to previous month exports value of goods at current prices grew by 7.3%, but imports value of goods by 14.5%. In March Latvia exported goods in amount of 855.4 mln euros, but imported - in amount of 1079.4 mln euros. In first three months of this year exports value of goods reached2 390.9 mln euros, but imports value of goods – 2 939.8 mln euros.

Foreign trade balance slightly worsened as exports in total foreign trade value dropped to 44.2% (in February 2014 – 45.8%), see picture:

Latvias foreign trade, in mln euros[1]

In March, as compared to February, exports of products of the chemical and allied industries grew by 17.0 mln euros or 35.5%: to Uzbekistan - by 4.2 mln euros or 2.2 times (mainly pharmaceutical products for retail trade were exported), to Finland - by 3.9 mln euros or 12.0 times (mainly biodiesel and mixtures thereof). But imports rose by 28.0 mln euros or 29.8%: from Poland - by 5.7 mln euros or 64.3%, from Denmark - by 5.3 mln euros or 2.3 times (mainly fungicides, herbicides, anti-sprouting products and plant-growth regulators were imported).

Main changes in exports in March, compared to February:
-    exports of mineral products increased by 16.8 mln euros or 30.2%,
-    exports of wood and articles of wood grew by 15.6 mln euros or 11.2%,
-    exports of vegetable products dropped by 16.7 mln euros or 25.7%,
-    exports of basic metals and articles of basic metals decreased by 7.9 mln euros or 9.5%.

Main changes in imports in March, compared to February:
-    imports of vehicles and associated transport equipment increased by 27.6 mln euros or 60.3%,
-    growth of imports of machinery and mechanical appliances; electrical equipment comprised 22.9 mln euros or 13.0%,
-    imports of plastics and articles thereof increased by 13.4 mln euros or 28.9%,
-    imports of mineral products dropped by 5.2 mln euros or 3.4%.

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

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over February 2014

mln euros

% of

total

In % (+, -) over February 2014

Total

855.4

100

+7.3

1079.4

100

+14.5

Member States of the European Union

618.3

72.3

+11.1

860.8

79.8

+17.7

   Euro area countries

269.4

31.5

+15.7

447.9

41.5

+18.9

CIS countries

124.0

14.5

+6.1

135.1

12.5

-0.2

Other countries

113.0

13.2

-8.6

83.4

7.7

+9.9

In March main export partners were Lithuania (16.1% of total export), Estonia (12.1%), Poland (8.1%), and Germany (6.9%), but main import partners were Lithuania (16.4% of total import), Germany (12.3%), Poland (11.3%) and Estonia (7.8%). Share of exportsin trade with Russia comprised 9.4%, but in imports – 8.7%.

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

 

thsd euros

% of

total

% (+, -) over

March 2013

February 2014

average of previous 12 months

Total

855 357

100

+6.1

+7.3

+2.3

wood and wood products; wood charcoal

154 176

18.0

+25.2

+11.2

+13.4

electrical machinery and equipment

91 607

10.7

+11.6

+7.5

+7.6

mineral fuels, mineral oils and products of their distillation

68 080

8.0

+20.5

+27.8

+1.1

machinery and mechanical appliances

41 017

4.8

-10.4

+1.3

-8.8

beverages, spirits and vinegar

30 558

3.6

+8.8

-9.0

-27.6

pharmaceutical products

30 553

3.6

+40.6

+37.8

+21.8

iron and steel

29 116

3.4

-45.4

+4.2

-17.1

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

29 026

3.4

-21.0

-3.2

-5.6

articles of iron and steel

27 167

3.2

+7.3

-11.8

+1.6

cereals

24 420

2.9

+15.4

3.4

-6.0

Rise of exports of pharmaceutical products in March 2014, as compared to March 2013, was mostly affected by the increase in exports of pharmaceutical products for retail trade by 7.4 mln euros or 38.3%. But exports of iron and steel reduced rapidly as exports of iron and non-alloy steel bars decreased by 31.7 mln euros or 95.7%.

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

 

thsd euros

% of

total

% (+, -) over

March 2013

February 2014

average of previous 12 months

Total

1 079 370

100

-0.5

+14.5

+3.0

mineral fuels, mineral oils and products of their distillation

143 242

13.3

-32.4

-4.5

-16.4

electrical machinery and equipment

104 603

9.7

+9.7

+4.5

+1.8

machinery and mechanical appliances

94 309

8.7

-3.9

+24.2

+1.6

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

69 627

6.5

-4.7

+59.9

+0.7

pharmaceutical products

52 139

4.8

+40.8

+30.7

+31.5

plastics and articles thereof

45 054

4.2

+12.6

+31.8

+9.3

iron and steel

41 247

3.8

-0.8

5.3

+9.5

Rise of imports of pharmaceutical products in March 2014, as compared to March 2013, was mostly affected by the increase in imports of pharmaceutical products for retail trade by 9.9 mln euros or 35.0%. In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was influenced by decrease of imports of natural gas by 44.0 mln euros or 56.9% (imports only from Russia).

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
Lilita Laganovska
Phone: +371 67366604



[1] Data on 2013 have been revised.