Share of exports in foreign trade of Latvia declines

09.01.2015

Provisional data of the Central Statistical Bureau (CSB) show that in November 2014 compared to the previous month exports value of goods at current prices dropped by 13.4%, and imports value of goods decreased by 5.7%. In November Latvia exported goods in the amount of 911.9 mln euros, and imported goods in the amount of 1 070.5 mln euros. Foreign trade balance worsened as exports in total foreign trade value declined to 46.0% (in October 2014 – 48.1%).

Foreign trade of Latvia, mln euros1

Data source: Central Statistical Bureau of Latvia

Compared to October foreign trade balance in November was significantly affected by decrease of 47.2 mln euros or 44.7% in exports of vegetable products. Export of vegetable products was mostly impacted by drop in exports of wheat and meslin – of 39.0 mln euros or 61.1%.

Main changes in exports in November, compared to October:

  • exports of machinery and mechanical appliances; electrical equipment fell by 24.2 mln euros or 14.5%,
  • exports of prepared foodstuffs dropped by 18.8 mln euros or 14.9%,
  • exports of mineral products decreased by 11.6 mln euros or 11.8%,
  • exports of basic metals and articles of basic metals declined by 11.3 mln euros or 13.2%,
  • exports of optical instruments and apparatus (including medical); clocks and watches, musical instruments grew by 4.8 mln euros or 39.1%.

Main changes in imports in November, compared to October:

  • imports of basic metals and articles of basic metals dropped by 27.5 mln euros or 27.0%,
  • imports of vehicles and associated transport equipment declined by 13.6 mln euros or 21.0%,
  • imports of plastics and articles thereof decreased by 12.6 mln euros or 18.3%,
  • imports of textiles and textile articles declined by 10.2 mln euros or 18.5%,
  • imports of optical instruments and apparatus (including medical); clocks and watches, musical instruments grew by 4.7 mln euros or 21.0%.

Foreign trade of Latvia by country group in November 2014, at current prices

 

Exports

Imports

 

mln euros

% of

total

In % (+, -) over October 2014

mln euros

% of

total

In % (+, -) over October 2014

Total

911.9

100

-13.4

1 070.5

100

-5.7

Member States of the European Union

665.9

73.0

-7.9

854.4

79.8

-6.0

   Euro area countries

282.2

30.9

-8.6

425.2

39.7

-5.7

CIS countries

145.4

16.0

-12.5

118.4

11.1

-5.8

Other countries

100.6

11.0

-38.7

97.7

9.1

-3.0

In November main export partners were Lithuania (18.8% of total export), Estonia (11.3%), Germany (6.6%) and Sweden (5.9%); main import partners were Lithuania (18.3% of total import), Poland (11.1%), Germany (9.7%) and Estonia (7.8%).

The main partner in trade with third countries was Russia, the share of which in total Latvian exports in November accounted for 11.6%, but in imports – 8.2%.

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

 

thsd euros

% of

total

% (+, -) over

November 2013

October 2014

average of previous 12 months

Total

911 939

100

-0.8

-13.4

+7.0

wood and wood products; wood charcoal

149 318

16.4

+9.0

-4.4

+4.5

electrical machinery and equipment

100 459

11.0

-1.7

-15.2

+7.2

mineral fuels, mineral oils and products of their distillation

81 397

8.9

+21.5

-12.6

+24.7

beverages, spirits and vinegar

66 645

7.3

-5.8

-17.9

+50.6

machinery and mechanical appliances

42 219

4.6

-14.3

-12.8

-3.5

cereals

35 271

3.9

+14.0

-56.7

+32.5

articles of iron and steel

29 765

3.3

+0.6

-14.6

+3.6

vehicles other than railway or tramway

27 795

3.0

-18.0

-18.6

-18.0

pharmaceutical products

27 537

3.0

-15.2

+3.5

+1.4

iron and steel

25 900

2.8

-7.3

-18.4

-20.6

Rise in exports of mineral fuels, mineral oils and products of their distillation in November 2014 compared to November 2013 was affected by growth of 17.1 mln euros in dispatches of crude petroleum oils to Lithuania. In turn, decline in exports of passenger cars of 3.3 mln euros significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

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

 

thsd euros

% of

total

% (+, -) over

November 2013

October 2014

average of previous 12 months

Total

1 070 473

100

+0.05

-5.7

+2.9

mineral fuels, mineral oils and products of their distillation

176 965

16.5

+7.8

+0.9

+19.0

electrical machinery and equipment

139 701

13.1

+25.5

+3.6

+26.8

machinery and mechanical appliances

89 433

8.4

-2.7

-2.9

-0.04

vehicles other than railway or tramway

47 753

4.5

-38.8

-19.4

-30.6

pharmaceutical products

44 242

4.1

+2.8

+10.1

+6.1

plastics and articles thereof

41 547

3.9

+4.8

-9.9

-2.1

wood and wood products; wood charcoal

30 605

2.9

+38.5

-7.2

+16.6

beverages, spirits and vinegar

30 451

2.8

+32.3

+0.03

+30.7

Rise of imports of wood and wood products; wood charcoal in November 2014, as compared to November 2013, was mostly affected by increase of 4.3 mln euros in imports of wood in the rough.In turn, decline in imports of passenger cars of 17.2 mln euros significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

More information on Latvia’s foreign trade by month and quarter, by country group and commodity group is available in the CSB data base section "Foreign trade" Short term statistical data.

 

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



1 Data on February and August 2014 have been revised.