Latvia’s external trade goes down 14.4%

In January 2016, foreign trade turnover at current prices dropped by 14.4%, of which exports value of goods fell by 13.0% and imports value of goods – by 15.6% as compared to December 2015.

In January, Latvia exported goods in the amount of EUR 711.0 million, but imported – in the amount of EUR 820.8 million. As exports in the total foreign trade went up to 46.4% (45.7%in December 2015), foreign trade balance increased, according to data from the Central Statistical Bureau of Latvia.

Main changes in exports in January, compared to December: exports of prepared foodstuffs dropped by EUR 34.3 million or 40.5%; exports of machinery and mechanical appliances; electrical equipment fell by EUR 26.0 million or 19.2%; exports of vegetable products dropped by EUR 18.2 million or 22.1%; imports of optical instruments and apparatus (including medical); clocks and watches, musical instruments decreased by EUR 12.1 million or 51.7%; exports of wood and articles of wood grew by EUR 6.5 million or 5.0 %.

The main changes in imports in January (compared to December) included the following: exports of machinery and mechanical appliances; electrical equipment fell by EUR 39.8 million or 19.2%; imports of vehicles and associated transport equipment declined by EUR 27.4 million or 33.0%; imports of prepared foodstuffs reduced by EUR 22.5 million or 25.6%; imports of vegetable products reduced by EUR 10.3 million or 22.7%; imports of footwear and haberdashery grew by EUR 2.7 million or 55.2%.

In January, the main export partners in trade with the EU countries included the following: Lithuania (16.9 % of total exports), Estonia (12.8%), Germany (8.1%), and Sweden (6.3%). Whereas the main import partners were: Lithuania (17.0% of total imports), Germany (10.4%), Poland (9.8%), and Estonia (8.2%).

Reduction in exports was mainly affected by the drop in trade with third countries, among which Russia was the main partner. In January, the share of Russia in the total exports of Latvia fell down to 5.2% (in December 2015 – 9.7%), and the most notable decrease was recorded in exports of spirits – of EUR 15.5 million or 70.4%. Meanwhile, Russia’s share in imports rose up to 12.5% (in December 2015 – 10.6%), as imports of natural gas in the gaseous state rose significantly – by EUR 11.1 million or 28.2 %.

Compared to January 2015, in January 2016 the rise in exports of cereals was affected by the increase in exports of wheat and wheat and rye mix of EUR 27.3 million or 3.1 times. Whereas, due to the EUR 26.2 million or 96.4% drop in exports of waste and scrap of cast iron, exports of iron and steel reduced.

BNN 

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