In October, foreign trade turnover grew by 4.1 %

12.12.2016

Provisional data of the Central Statistical Bureau (CSB) show that, as compared to September, in October 2016 Latvian foreign trade turnover at current prices grew by 4.1 %, as the exports value of goods rose by 1.9 % and the imports value increased by 6.1 %. In October, Latvia exported goods in the amount of EUR 971.3 mln, and imported goods in the amount of EUR 1.1 bln. The foreign trade balance worsened, as exports in the total foreign trade value dropped to 46.8 % (in September – 47.8 %).

During the first ten months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 18.47 bln – EUR 556.9 mln or 2.9 % less than in the corresponding period of 2015. The exports value amounted to EUR 8.45 bln (a drop of EUR 150.1 mln or 1.7 %), whereas the imports value amounted to EUR 10.02 bln (a drop of EUR 406.8 mln or 3.9 %).

Foreign trade of Latvia, mln EUR

 

Notes: data on July 2016 have been revised

 

Main changes in exports in October, compared to September:

-       exports of vegetable products rose by EUR 13.6 mln or 12.7 %,

-       exports of mineral products increased by EUR 6.5 mln or 14.4 %,

-       exports of articles of stone, plaster, cement, glassware and ceramic products grew by EUR 5.2 mln or 21.0 %,

-       exports of basic metals and articles of basic metals fell by EUR 9.9 mln or 13.1 %.

-       exports of wood and articles of wood dropped by EUR 6.1 mln or 4.0 %.

Main changes in imports in October, compared to September:

-       imports of machinery and mechanical appliances; electrical equipment grew by EUR 26.6 mln or 13.2 %,

-       imports of mineral products rose by EUR 14.2 mln or 15.4 %,

-       imports of basic metals and articles of basic metals increased by EUR 10.5 mln or 12.2 %,

-       imports of prepared foodstuffs grew by EUR 9.3 mln or 9.3 %,

-       imports of vehicles and associated transport equipment dropped by EUR 10.3 mln or 10.0 %.

In October, the main export partners in trade with EU countries were Lithuania (18.2 % of total exports), Estonia (11.2 %), Germany (7.0 %) and Sweden (6.8 %), whereas the main import partners were Lithuania (17.2 % of total imports), Germany (12.0 %), Poland (10.6 %) and Estonia (7.3 %).

Foreign trade of Latvia by country group in October 2016, at current prices

 

Exports

Imports

 

mln EUR

% of

total

Changes as % compared to September 2016

mln EUR

% of

total

Changes as % compared to September 2016

Total

971.3

100

1.9

1 104.2

100

6.1

European Union countries

726.2

74.8

0.5

870.9

78.9

1.8

   Euro area countries

489.8

50.4

-3.9

634.6

57.5

3.8

CIS countries

111.6

11.5

4.1

118.9

10.8

22.8

Other countries

133.5

13.7

7.7

114.4

10.3

29.3

 

Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 8.1 %, whereas in imports – for 8.4 %.

Changes of main commodities in Latvia’s exports in October 2016, at current prices

 

thsd EUR

% of

total

Changes as % compared to

October 2015

September 2016

average of previous 12 months

Total

971 334

100

-3.5

1.9

13.7

wood and wood products; wood charcoal

147 484

15.2

-5.1

-4.0

0.9

electrical machinery and equipment

95 515

9.8

-22.0

-2.3

-5.1

cereals

89 585

9.2

25.9

2.2 times

2.3 times

machinery and mechanical appliances

51 087

5.3

-5.4

-5.7

-2.6

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

49 198

5.1

-2.4

-0.1

8.0

mineral fuels, mineral oils and products of their distillation

47 415

4.9

-20.7

17.5

15.2

beverages, spirits and vinegar

46 306

4.8

-5.4

8.7

42.3

pharmaceutical products

35 265

3.6

28.3

8.5

11.6

articles of iron or steel

29 585

3.0

-9.2

-14.3

5.0

furniture, other furnishing articles; prefabricated buildings

26 828

2.8

19.9

-4.1

14.8

Growth in the exports of pharmaceutical products in October 2016, as compared to October 2015, was influenced by an increase in the exports of medicines (of EUR 6.5 mln or 27.1 %).In turn, there was a drop in the exports of electrical machinery and equipment, as the exports of monitors, projectors and television receivers decreased by EUR 7.1 mln or 22.6 %.

Changes of main commodities in Latvia’s imports in October 2016, at current prices

 

thsd EUR

% of

total

Changes as % compared to

October 2015

September 2016

average of previous 12 months

Total

1 104 169

100

0.4

6.1

9.7

electrical machinery and equipment

134 689

12.2

-7.9

17.5

14.3

mineral fuels, mineral oils and products of their distillation

102 468

9.3

-19.1

15.5

11.2

machinery and mechanical appliances

93 241

8.4

-9.5

7.5

-4.8

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

88 111

8.0

0.3

-7.4

-3.9

iron and steel

52 357

4.7

66.5

26.9

69.0

pharmaceutical products

45 872

4.2

17.8

2.7

-1.4

plastics and articles thereof

44 141

4.0

8.0

0.3

6.8

beverages, spirits and vinegar

41 163

3.7

16.9

-3.3

39.1

wood and wood products; wood charcoal

34 617

3.1

11.0

0.7

6.6

paper and paperboard; articles of paper pulp, of paper or of paperboard

25 001

2.3

14.3

4.3

15.6

Growth in the imports of iron and steel in October 2016, as compared to October 2015, was affected by an increase in the imports of flat-rolled products of iron and non-alloy steel (of EUR 23.6 mln or 2.6 times). In turn, the drop in the imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by a decrease in the imports of diesel oil (of EUR 17.3 mln or 24.3 %).

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.

 

Media requests:
Beate Danusēviča
Information and Communication Section
E-mail: media [at] csb [dot] gov [dot] lv
Phone: +371 67366924, +371 27880666
www.csb.gov.lv
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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