In April Latvian foreign trade turnover amounted to EUR 1.88 billion, up by 0.5% YoY, and the exports and imports values of goods were 1% and 0.2% higher, respectively.
In April Latvia exported goods in the amount of EUR 859.6 million, and imported goods in the amount of EUR 1.02 billion. The foreign trade balance improved slightly, as exports in the total foreign trade value increased to 45.7% (in April 2016 – 45.5%), according to data from the Central Statistical Bureau of Latvia.
During the first four months of the present year, the foreign trade turnover of Latvia at current prices reached EUR 7.67 billion, up by EUR 647.3 million, or by 9.2% YoY. The exports value constituted EUR 3.46 billion (an increase of EUR 250.7 million or 7.8%), whereas the imports value comprised EUR 4.21 billion (an upturn of EUR 396.7 million or 10.4%).
Main changes in exports in April, as compared to April 2016, included the following: exports of base metals and articles of base metals (up by EUR 21.4 million or 31.1%); exports of products of the chemical and allied industries (up by EUR 8.3 million or 12.4%); exports of prepared foodstuffs (up by EUR 8.1 million or 12.9%); exports of machinery and mechanical appliances; electrical equipment (down by EUR 11.0 million or 7%); and exports of wood and articles of wood (down by EUR 9.7 million or 6.1%).
Main changes in imports in April, compared to April 2016, included the following: imports of mineral products (up by EUR 14.6 million or 19.4%); imports of prepared foodstuffs (up by EUR 6.1 million or 7.7%); imports of live animals and animal products (up by EUR 6 million or 18.8%); imports of vehicles, aircraft, vessels and associated transport equipment (down by EUR 13.6 million or 12.8%); and imports of machinery and mechanical appliances; electrical equipment (down by EUR 6.5 million or 3%).
In April the main export partners in trade with EU countries were Lithuania (17.4% of total exports), Estonia (12%), Sweden (6.9%) and Germany (6.5%), whereas the main import partners were Lithuania (19.2% of total imports), Germany (11.6%), Poland (9.6%) and Estonia (8%).
Russia was the main partner in trade with third countries; its share in total Latvian exports in April accounted for 8.2%, whereas in imports – for 6.1%.
Growth in the exports of iron and steel in April, as compared to April 2016, was facilitated by an increase in the exports of ferrous waste and scrap (by EUR 15.7 million or 8.2-fold). In turn, exports of machinery and mechanical appliances reduced, as exports of computers and components thereof dropped by EUR 8.5 million or 61%.
Growth in the imports of iron and steel in April, as compared to April 2016, was facilitated by an increase in the imports of flat-rolled products of iron and non-alloy steel (of EUR 2.3 million or 12%). In turn, the drop in imports of miscellaneous chemical products was mainly influenced by a decline in the imports of insecticides, fungicides, herbicides and similar products (of EUR 10.9 million or 45.3%). (BNN/Business World Magazine)
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