Trade in prepared foodstuffs witnessed growth in June

11.08.2014

Provisional data of the Central Statistical Bureau show that in June 2014 compared to the previous month exports value of goods at current prices decreased by 3.8%, and imports value of goods declined by 0.2%. In June Latvia exported goods in the amount of 778.4 mln euros, but imported - in the amount of 986.6 mln euros. The foreign trade balance slightly worsened in June as exports in total foreign trade value declined to 44.1% (in May 2014 – 45.0%).

Foreign trade of Latvia, in mln euros1

Data source: Central Statistical Bureau of Latvia

Despite the foreign trade turnover downturn in June, as compared to May exports of prepared foodstuffs rose by 6.7 mln euros or 10.5%. The most rapid growth was recorded in exports to Russia - of 6.9 mln euros or 31.1% (mainly of spirits – of 5.1 mln euros), as well as in exports to Ireland - of 0.6 mln euros or 4.8 times (mainly of bran and middlings). In turn, imports of prepared foodstuffs rose by 6.6 mln euros or 8.8%: from Poland by 2.5 mln euros or 28.2% (mainly of food preparations of flour) and from Germany - by 1.6 mln euros or 28.7% (mainly of spirits).

On 7 August 2014 Russia imposed a ban on imports of certain foodstuffs from the EU and other countries. In the first half of 2014 the total value of exports of these goods to Russia accounted for 38.5 mln euros or 8.1% (in the first half of 2013, 17.5 mln euros or 3.5%). More information on how the food import embargo imposed by Russia impacts the Latvian exports will be published in a separate press release.   

Main changes in exports in June (compared to May):

  • exports of basic metals and articles of basic metals decreased by 26.8 mln euros or 26.2%;
  • exports of wood and articles of wood dropped by 9.2 mln euros or 6.0%;
  • exports of products of the chemical and allied industries grew by 9.6 mln euros or 16.3%.

Main changes in imports in June (compared to May):

  • imports of products of the chemical and allied industries declined by 10.1 mln euros or 9.2%;
  • imports of live animals and animal products decreased by 4.1 mln euros or 10.8%;
  • imports of vehicles, aircraft, vessels and associated transport equipment increased by 10.0 mln euros or 14.0%.

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

 

Exports

Imports

 

mln euros

% of

total

in % (+, -) over May 2014

mln euros

% of

total

in % (+, -) over May 2014

Total

778.4

100

-3.8

986.6

100

-0.2

Member States of the European Union

560.2

72.0

-5.9

793.2

80.4

-1.5

   Euro area countries

242.3

31.1

-5.6

408.5

41.4

+0.4

CIS countries

121.8

15.6

+11.9

115.0

11.7

+4.5

Other countries

96.4

12.4

-8.6

78.4

7.9

+7.5

In June the main export partners were Lithuania (18.2% of total export), Estonia (11.8%), Germany (7.1%) and Poland (5.9%); the main import partners were Lithuania (17.2% of total import), Poland (11.7%), Germany (11.3%) and Estonia (7.6%). Share of exports in trade with Russia comprised 11.3%, but in imports – 7.2%.

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

 

thsd euros

% of

total

% (+, -) over

June 2013

May 2014

average of previous 12 months

Total

778 365

100

-0.7

-3.8

-7.5

wood and wood products; wood charcoal

144 075

18.5

+11.2

-6.0

+3.5

electrical machinery and equipment

80 582

10.4

-1.7

-7.3

-7.3

 mineral fuels, mineral oils and products of their distillation

55 707

7.2

-3.7

-7.2

-17.6

machinery and mechanical appliances

43 981

5.7

-0.2

+10.5

+0.7

beverages, spirits and vinegar

31 434

4.0

-2.9

+15.9

-23.6

iron and steel

30 622

3.9

-4.4

-41.2

-7.3

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

27 877

3.6

+1.9

-6.6

-9.2

articles of iron and steel

27 582

3.5

+8.2

-12.5

-0.1

pharmaceutical products

26 314

3.4

+19.7

-14.2

-0.5

dairy produce, eggs, natural honey

24 422

3.1

+14.7

+15.6

+4.7

Rise of exports of pharmaceutical products in June 2014, as compared to June 2013, was mostly affected by the increase in exports of medicaments by 1.1 mln euros or 5.9%. In turn, exports of iron and steel dropped rapidly as exports of waste and scrap of cast iron decreased by 4.1 mln euros or 28.9%.

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

 

thsd euros

% of

total

% (+, -) over

June 2013

May 2014

average of previous 12 months

Total

986 637

100

+2.1

-0.2

-5.7

mineral fuels, mineral oils and products of their distillation

138 272

14.0

-5.4

+1.6

-14.0

electrical machinery and equipment

96 773

9.8

-1.4

-4.9

-7.0

machinery and mechanical appliances

82 995

8.4

-4.5

+5.5

-8.5

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

64 461

6.5

-14.7

+6.0

-6.2

plastics and articles thereof

43 588

4.4

+0.04

+4.4

+4.8

pharmaceutical products

43 418

4.4

+32.6

-19.3

+3.1

iron and steel

38 033

3.9

+14.7

+9.9

+2.0

Growth of imports of pharmaceutical products in June 2014, as compared to June 2013, was mostly affected by the increase in imports of medicaments by 2.7 mln euros or 10.9%. In turn, decline in imports of passenger cars by 4.9 mln euros or by 14.6% 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



Data on March 2014 have been revised.