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Latvia’s export volumes up 11.3% in August

Photo: Riga Free Port.
In August 2018 the foreign trade turnover of Latvia amounted to EUR 2.55 billion, which at current prices was 11.3 % more than in August 2017, of which the exports value of goods was 7.8 % and imports value of goods was 14.0 % higher.

In August, Latvia exported goods in the amount of EUR 1.08 billion but imported in the amount of EUR 1.47 billion. Compared to August 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 43.6 % to 42.3 %, according to data from the Central Statistical Bureau of Latvia.
 

Over the first eight months of this year, the foreign trade turnover of Latvia at current prices reached EUR 18.05 billion – EUR 1.61 billion or 9.8 % more than in the corresponding period of 2017. The exports value constituted EUR 8.0 billion (an increase of EUR 687.6 million or 9.4 %), whereas the imports value – EUR 10.05 billion (an upturn of EUR 924.4 million or 10.1 %).
 

Calendar and seasonally adjusted data at current prices show that, compared to August 2017, in August 2018 the exports value at current prices went up by 8.0 % and the imports value by 14.4 %, whereas, compared to the previous month, the exports value increased by 2.9 % and the imports value by 1.8 %.
 

Main changes in exports in August 2018, compared to August 2017, included the following: exports of wood and articles of wood up by EUR 48.2 million or 30.9 %; exports of vehicles and associated transport equipment up by EUR 15.6 million or 30.0 %; exports of machinery and mechanical appliances; electrical equipment up by EUR 12.8 million or 6.6 %; exports of basic metals and articles of basic metals up by EUR 12.5 million or 14.2 %; exports of vegetable products down by EUR 7.7 million or 12.6 %.
 

Main changes in imports in August 2018, compared to August 2017, included the following: imports of mineral products up by EUR 108.0 million or 80.3 %; imports of basic metals and articles of basic metals up by EUR 23.8 million or 25.9 %; imports of wood and articles of wood up by EUR 11.3 million or 29.3 %; imports of vehicles and associated transport equipment up by EUR 10.3 million or 7.2 %; imports of prepared foodstuffs up by EUR 6.5 million or 5.2 %.
 

In August, the main export partners of Latvia in trade with EU countries were Lithuania (15.3 % of total exports), Estonia (11.9 %), Sweden (8.0 %) and Germany (7.2 %), whereas the main import partners were Lithuania (18.9 % of total imports), Germany (8.6 %), Poland (8.5 %) and Estonia (6.9 %).
 

Russia was the main partner in trade with third countries; its share in total Latvian exports in August accounted for 9.4 %, whereas in imports – for 12.3 %.
 

Rise of exports of wood and wood products; wood charcoal in August 2018, as compared to August 2017, was affected by the increase in exports of round timber of EUR 17.1 million or 2.3 times. In turn, exports of pharmaceutical products dropped as exports of medicaments decreased by EUR 5.0 million or 17.0 %.
 

Rise of imports of mineral fuels, mineral oils and products of their distillation in August 2018, as compared to August 2017, was affected by the increase in imports of natural gas of EUR 66.5 million or 2.5 times. In turn, decline in imports of passenger cars by EUR 24.4 million or by 49.7 % significantly influenced the total imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

BNN

10-10-2018
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