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External trade turnover in Latvia grew 9.6% in May

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In May 2018 foreign trade turnover of Latvia amounted to EUR 2.32 billion, at current prices constituting 9.6 % more than in May 2017, of which exports value of goods rose by 8.5 % and imports value of goods by 10.4 %.


In May 2018, Latvia exported goods in the amount of EUR 1.05 billion and imported in the amount of EUR 1.28 billion. Compared to May 2017, foreign trade balance worsened slightly, as exports in the total foreign trade amount fell from 45.5 % to 45.0 %, according to data from the Central Statistical Bureau of Latvia.
 

Calendar and seasonally adjusted data at current prices show that, compared to May 2017, in May 2018 exports value went up by 7.1 % and imports value by 10.3 %, whereas, compared to the previous month, exports value increased by 4.4 %, and imports value by 6.6 %.
 

Main changes in exports in May 2018, compared to May 2017, included the following: exports of wood and articles of wood up by EUR 29.2 million or 17.4 %; exports of machinery and mechanical appliances; electrical equipment up by EU 28.3 million or 17.0 %; exports of basic metals and articles of basic metals up by EUR 26.6 million or 32.7 %; exports of prepared foodstuffs up by EUR 21.2 million or 26.2 %; exports of motor vehicles and parts and accessories thereof up by EUR 16.8 million or 20.1 %;
 

Main changes in imports in May 2018, compared to May 2017, included the following: imports of machinery and mechanical appliances; electrical equipment up by EUR 72.7 million or 30.4 %; imports of prepared foodstuffs up by EUR 20.6 million or 20.1 %; imports of basic metals and articles of basic metals up by EUR 19.2 million or 19.1 %; imports of wood and articles of wood up by EUR 13.9 million or 34.1 %; imports of mineral products down by EUR 11.3 million or 10.2 %.
 

In May, Lithuania (16.4 % of total exports), Estonia (11.8 %), Sweden (7.0 %) and Germany (6.6 %) were the main export partners of Latvia in trade with EU countries, and Lithuania (18.1 % of total imports), Germany (10.6 %), Poland (8.7 %) and Estonia (8.2 %) were the main import partners.
 

Russia was the main partner in the trade with the third countries; in April its share in the total Latvian exports accounted for 9.0 % and in imports for 6.2 %.
 

In May 2018, compared to May 2017, the rise in the exports of machinery and mechanical appliances; electrical equipment was facilitated by the increase in exports of turbojets, turbo propellers and other gas turbines of EUR 38.1 million. Exports of pharmaceutical products fell as exports of medicaments dropped by EUR 8.2 million or 22.9 %.
 

In May 2018, compared to May 2017, the rise in the imports of machinery and mechanical appliances; electrical equipment in was influenced by the increase in imports of turbojets, turbo propellers and other gas turbines of EUR 61.1 million. In the same time, decline in imports of mineral fuels, mineral oils and products of their distillation was mainly affected by the drop in imports of diesel oil of EUR 11.8 million or 17.8 %.
 

Over the first five months of this year, Latvian foreign trade turnover at current prices reached EUR 10.76 billion – EUR 846.8 million or 8.5 % more than in the corresponding period a year ago. Exports value constituted EUR 4.92 billion (rise of EUR 416.8 million or 9.3 %), whereas imports value EUR 5.85 billion (increase of EUR 430.0 million or 7.9 %).

BNN

11-07-2018
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