Provisional data of the Central Statistical Bureau of Latvia (CSB) show that in June 2018 foreign trade turnover of the Baltic country amounted to EUR 2.37 billion, which at current prices was 9.1 % more than in June 2017, of which the exports value of goods rose by 10.7 % and imports value of goods by 7.9 %.
In June, Latvia exported goods in the amount of EUR 1.03 billion and imported in the amount of EUR 1.33 billion. Compared to the June 2017, foreign trade balance improved slightly, as exports in the total foreign trade amount rose from 43.1 % to 43.7 %.
During the first half of this year, Latvian foreign trade turnover at current prices reached EUR 13.14 billion – EUR 1.06 million or 8.7 % more than in the corresponding period of 2017. Exports value constituted EUR 5.96 billion (rise of EUR 524.6 million or 9.7 %), while imports value EUR 7.18 billion (increase of EUR 531.7 million or 8.0 %).
Calendar and seasonally adjusted data at current prices show that, compared to June 2017, in June 2018 exports value went up by 11.2 % and imports value by 7.7 %, whereas, compared to the previous month, exports value increased by 1.5 %, and imports value by 6.6 %.
Main changes in exports in June 2018, compared to June 2017:
- exports of vegetable products up by EUR 39.2 million or 2.2 times;
- exports of wood and articles of wood up by EUR 27.5 million or 17.0 %,
- exports of machinery and mechanical appliances; electrical equipment up by EU 13.4 million or 7.5 %;
- exports of the chemical and allied industries up by EUR 10.3 million or 14.2 %;
- exports of live animals; animal products down by EUR 2.4 million or 5.3 %.
Main changes in imports in June 2018, compared to June 2017:
- imports of machinery and mechanical appliances; electrical equipment up by EUR 60.2 million or 24.1 %;
- imports of the chemical and allied industries up by EUR 18.1 million or 15.7 %;
- imports of wood and articles of wood up by EUR 16.1 million or 43.8 %;
- imports of vegetable products up by EUR 10.9 million or 28.3 %;
- imports of mineral products down by EUR 5.9 million or 5.3 %.
(Source: Central Statistical Bureau of Latvia- CSB)
In June, Lithuania (15.5 % of the total exports), Estonia (11.4 %), Sweden (6.7 %) and Germany (6.4 %) were the main export partners of Latvia in trade with the EU countries, whereas Lithuania (17.1 % of the total imports), Germany (10.4 %), Poland (9.6 %) and Estonia (7.8 %) were the main import partners.Russia was the main partner in trade with third countries; in June its share in the total Latvian exports accounted for 9.0 % and in imports for 5.1 %.
Rapid growth in exports of cereals in June 2018, compared to June of the previous year, was mostly influenced by the increase in exports of wheat and meslin of EUR 19.7 million or 2.8 times. Exports of electrical machinery and equipment fell as exports of telephones for cellular networks dropped by EUR 28.5 million or 61.6 %.
In June 2018, compared to June 2017, the rise in imports of machinery and mechanical appliances; electrical equipment was influenced by the increase in imports of turbojets, turbopropellers and other gas turbines – of EUR 62.9 million. At the same time, the decline in imports of electrical machinery and equipment was mainly affected by the drop in imports of telephones for cellular networks – of EUR 27.1 million or 53.0 %, the CSB said.