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Latvian exports of goods grow 0.7%, imports up 3.5% in seven months
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    News

    Latvian exports of goods grow 0.7%, imports up 3.5% in seven months

    RIGA, Sept 10 (LETA) - During the first seven months of 2019 Latvia exported EUR 7.218 billion worth of goods, up 0.7 percent against the same period in 2018, while imports rose 3.5 percent to EUR 9.034 billion, according to the data released today by the Central Statistical Bureau.

    In July 2019, Latvian exports rose 5.7 percent against June 2019 and rose by 3.1 percent against July 2018 to EUR 1.039 billion. Latvian imports, meanwhile, increased 14.1 percent month-on-month and dropped 0.7 percent year-on-year to EUR 1.38 billion in July 2019.

    Compared to July 2018, Latvia’s foreign trade balance improved as the share of exports increased from 42 percent a year ago to 43 percent in July 2019.

    In July 2019, Latvia exported mainly mainly wood and articles of wood; wood charcoal. Exports of these commodities declined 0.7 percent from June 2019 and 7.5 percent from July 2018 to EUR 176.144 million, accounting for 16.9 percent of total exports. Exports of electrical machinery and equipment rose 17.7 percent month-on-month and 13.3 percent year-on-year to EUR 115.812 million, or 11.1 percent of total exports, and exports of machinery and mechanical appliances increased 12.3 percent month-on-month, but decreased 26.3 percent year-on-year to EUR 69.786 million, or 6.7 percent of total exports.

    Mineral fuel, oil and its products thereof accounted for the biggest share of Latvian imports in July 2019. The value of these imports grew 15.3 percent month-on-month and 23.4 percent year-on-year to EUR 167.804 million, accounting for 12.2 percent of total imports. Electrical machinery and equipment followed with EUR 141.932 million (10.3 percent), up 20.5 percent month-on-month and up 8.8 percent year-on-year. Imports of machinery and mechanical appliances rose 14.2 percent month-on-month and dropped 24.5 percent year-on-year to EUR 134.233 million, accounting for 9.7 percent of total imports.

    In July, the main export partners of Latvia in trade with EU countries were Lithuania (19.2 percent of total exports), Estonia (11.4 percent), Germany (7.2 percent) and the UK (5.8 percent), whereas the main import partners were Lithuania (18.7 percent of total imports), Germany (11.5 percent), Poland (9.1 percent) and Estonia (8.9 percent). The main partner in trade with third countries was Russia, share of which in total Latvian exports in July accounted for 9.8 percent, but in imports – 8.2 percent.

    In July 2019, compared to July 2018, share of the European Union countries grew in total exports value – by 1.1 percentage points, but in imports value – rose by 4.5 percentage points. Drop in share of CIS countries comprised 1.4 percentage point in exports and 2.5 percentage point in imports.

    As exports value of goods in April 2019 exceeded imports value of goods, foreign trade balance of Latvia was positive with 114 partner countries. It was negative in trade with 53 countries.

    • Published: 10.09.2019 14:46
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