Press Release

In May foreign trade turnover of Latvia was 3.5 % larger than a year ago

Provisional data of the Central Statistical Bureau show that in May 2019 the foreign trade turnover of Latvia amounted to EUR 2.5 billion, which at current prices was 3.5 % more than in May 2017, of which the exports value of goods was 2.6 % lower, but imports value of goods was 8.6 % higher. In May, Latvia exported goods in the amount of EUR 1.07 billion, but imported – in the amount of EUR 1.43 billion. Compared to May 2018, foreign trade balance has worsened as exports in total foreign trade amount decreased from 45.4 % to 42.8 %.

Over the first five months of this year, the foreign trade turnover of Latvia at current prices reached EUR 11.63 billion – EUR 576.8 million or 5.2 % more than in the corresponding period of 2018. The exports value constituted EUR 5.2 billion (an increase of EUR 107.2 million or 2.1 %), whereas the imports value – EUR 6.43 billion (an upturn of EUR 469.6 million or 7.9 %).

Calendar and seasonally adjusted data show that, compared to May 2018, in May 2019 the exports value at current prices fell by 3.2 % , the imports value grew by 12 %, whereas, compared to the previous month, the exports value decreased by 2.2 %, but the imports value increased by 3.4 %.

Main changes in exports in May 2019, compared to May 2018:

  • exports of vegetable products up by EUR 22.1 million or 61.9 %,
  • exports of miscellaneous manufactured articles up by EUR 6.5 million or 18.6 %,
  • exports of machinery and mechanical appliances; electrical equipment down by EUR 42.5 million or 19.7 %,
  • exports of wood and articles of wood up by EUR 14.7 million or 7.3 %,
  • exports of basic metals and articles of basic metals down by EUR 6.6 million or 6.1 %.

Main changes in imports in May 2019, compared to May 2018:

  • imports of vehicles and associated transport equipment up by EUR 134.6 million or 99.7 %, 
  • imports of mineral products up by EUR 24.7 million or 21.2 %,
  • imports of products of the chemical and allied industries up by EUR 11.8 million or 9.9 %,
  • imports of machinery and mechanical appliances; electrical equipment down by EUR 58.5 million or 18.4 %
  • imports of basic metals and articles of basic metals down by EUR 15.7 million or 13 %.

In May, the main export partners of Latvia in trade with EU countries were Lithuania (17.6 % of total exports), Estonia (11.9 %), Germany (7.4 %) and Sweden (7.3 %), whereas the main import partners were Lithuania (16.7 % of total imports), Germany (10.9 %), Poland (8.7 %) and Estonia (8.3 %). The main partner in trade with third countries was Russia, share of which in total Latvian exports in May accounted for 8.7 %, but in imports – Canada with 9 % in total imports.

In May 2019, compared to May 2018, share of the European Union countries grew in total exports value – by 3 percentage points, but in imports value – fell by 3.8 percentage points. Rise in share of CIS countries comprised 0.4 percentage points in exports and 0.6 percentage points in imports.

Foreign trade of Latvia by country groups in May 2019
(at current prices)

 

Exports

Imports

 

million EUR

% of

total

changes as %, compared to May 2018

million EUR

% of

total

changes as %, compared to May 2018

Total

1 068.3

100

-2.6

1 430.0

100

8.6

European Union countries

790.2

74.0

1.5

1 042.6

72.9

3.2

euro area countries

539.6

50.5

2.6

782.9

54.7

3.3

CIS countries

134.6

12.6

0.8

146.0

10.2

15.5

other countries

143.5

13.4

-22.2

241.4

16.9

34.1

In May 2019 foreign trade balance of Latvia was positive with 128 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 39 countries.

Balance of foreign trade of Latvia
(difference in export and import values of goods, million EUR)

Graph - Balance of foreign trade of Latvia

 In May 2019, compared to May 2018, rise in exports of furniture, other furnishing articles; prefabricated buildings was affected by increase in exports of mobile homes by EUR 1.3 million or 3.5 times. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 56.3 million or 98.2 %.

Main commodities in exports of Latvia in May 2019
(at current prices)

 

Thousand EUR

As % of total

Changes as %, compared to

May 2018

April 2019

average of previous 12 months

Total

1 068 277

100

-2.6

1.1

-0.4

wood and articles of wood; wood charcoal

185 879

17.4

-7.3

-8.5

-5.6

electrical machinery and equipment

112 738

10.6

12.3

8.5

3.8

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

65 389

6.1

0.3

8.1

9.3

machinery and mechanical appliances

61 152

5.7

-47.3

-0.6

-25.8

mineral fuels, mineral oils and products of their distillation

51 672

4.8

-0.1

-3.7

-6.1

beverages, spirits and vinegar

49 382

4.6

-9.2

34.6

-7.9

iron and steel

41 714

3.9

-17.5

-6.2

0.4

articles of iron and steel

39 811

3.7

15.2

10.8

13.7

pharmaceutical products

38 663

3.6

6.8

-13.1

1.3

furniture, other furnishing articles; prefabricated buildings

35 064

3.3

18.3

15.5

16.9

 

Rise of imports in commodity group "aircraft, spacecraft, and parts thereof” in May 2019, compared to May 2018, was affected by purchase of aircrafts of EUR 126.7 million, but imports of machinery and mechanical appliances fell as imports of turbojets, turbopropellers and other gas turbines reduced by EUR 60.7 million or 98.8 %.

Main commodities in imports of Latvia in May 2019
(at current prices)

 

Thousand EUR

As % of

total

Changes as %, compared to

May 2018

April 2019

average of previous 12 months

Total

1 429 967

100

8.6

6.2

6.3

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

137 596

9.6

5.8

21.3

22.8

machinery and mechanical appliances

135 891

9.5

-29.9

4.5

-9.5

mineral fuels, mineral oils and products of their distillation

135 162

9.5

21.8

38.4

-0.1

aircraft, spacecraft and parts thereof

129 763

9.1

46.4 times

98.2

2.6 times

electrical machinery and equipment

123 937

8.7

-0.5

-3.8

-8.2

plastics and articles thereof

60 936

4.3

7.1

4.4

15.5

pharmaceutical products

51 130

3.6

11.2

-27.0

-2.9

wood and articles of wood; wood charcoal

49 348

3.5

-9.1

-4.2

-2.4

beverages, spirits and vinegar

49 030

3.4

-10.6

31.9

-0.6

iron and steel

45 946

3.2

-24.5

-28.7

-16.8

 

Media requests:
Communication Section

E-mail: media@csb.gov.lv
Phone: +371 67366989, +371 27880666

More information on data:
Lilita Laganovska
Foreign Trade Statistics Methodology, Analysis and Dissemination Section
E-mail:
Lilita.Laganovska@csb.gov.lv
Phone: +371 67366604

 

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