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Exports in Latvia up 13.3% in October

Photo: pixabay.com
In October 2018 the foreign trade turnover of Latvia amounted to EUR 2.66 billion, which at current prices was 13.3 % more than in October 2017, of which the exports value of goods was 6.8 % and imports value of goods was 18.8 % higher.

In October, Latvia exported goods in the amount of EUR 1.16 billion, but imported in the amount of EUR 1.50 billion. Compared to October 2017, foreign trade balance has worsened as exports in total foreign trade amount decreased from 46.2 % to 43.6 %, according to data from the Central Statistical Bureau of Latvia.
 

Over the first ten months of this year, the foreign trade turnover of Latvia at current prices reached EUR 23.16 billion – EUR 2.08 billion or 9.9 % more than in the corresponding period of 2017. The exports value constituted EUR 10.22 billion (an increase of EUR 780.4 million or 8.3 %), whereas the imports value – EUR 12.94 billion (an upturn of EUR 1.30 million or 11.1 %).
 

Calendar and seasonally adjusted data show that, compared to October 2017, in October 2018 the exports value at current prices went up by 5.1 % and the imports value – by 16.0 %, whereas, compared to the previous month, the exports value decreased by 0.4 % and the imports value – by 5.0 %.
 

Main changes in exports in October 2018, as compared to October 2017, included the following: exports of wood and articles of wood up by EUR 34.9 million or 20.1 %; exports of machinery and mechanical appliances; electrical equipment up by EUR 30.9 million or 17.8 %; exports of products of the chemical and allied industries up by EUR 22.8 million or 28.7 %; exports of basic metals and articles of basic metals up by EUR 10.7 million or 11.3 %; exports of vegetable products down by EUR 38.9 million or 38.5 %.
 

Main changes in imports in October 2018, as compared to October 2017, included the following: imports of vehicles and associated transport equipment up by EUR 66.7 million or 57.7 %; imports of machinery and mechanical appliances; electrical equipment up by EUR 62.9 million or 24.4 %; imports of mineral products up by EUR 32.3 million or 25.3 %; imports of basic metals and articles of basic metals up by EUR 22.7 million or 20.6 %; imports of wood and articles of wood up by EUR 16.9 million or 42.4 %.
 

In October, the main export partners of Latvia in trade with EU countries were Lithuania (16.7 % of total exports), Estonia (11.3 %), Sweden (6.7 %) and Germany (6.6 %), whereas the main import partners were Lithuania (17.1 % of total imports), Germany (10.2 %), Poland (8.7 %) and Estonia (6.8 %).
 

The main partner in trade with third countries was Russia, share of which in total Latvian exports in October accounted for 9.9 %, but in imports – for 9.6 %.
 

Rise of exports of pharmaceutical products in October 2018, as compared to October 2017, was affected by the increase in exports of medicines by EUR 9.2 million or 27.0 %. But exports of beverages, spirits and vinegar reduced as exports of whiskey dropped by EUR 5.8 million or 21.6 %.
 

Rise of imports in commodity group “aircraft, spacecraft, and parts thereof” in October 2018, compared to October 2017, was affected by purchase of aircraft – increase of EUR 61.3 million and imports of wood and articles of wood; wood charcoal grew as imports of sawn wood rose by EUR 6.3 million or 52.4 %.

BNN

12-12-2018
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