In June Latvian foreign trade turnover amounted to EUR 2.15 billion, which at current prices was 19.2% more than in June 2016, of which the exports and imports values of goods were 12.2% and 25.1% higher, respectively.
In June, Latvia exported goods in the amount of EUR 920.3 million, and imported goods in the amount of EUR 1.23 billion. The foreign trade balance worsened, as exports in the total foreign trade value fell to 42.8% (in June 2016 – 45.5%), according to data from the Central Statistical Bureau of Latvia.
During the first half of the present year, the foreign trade turnover of Latvia at current prices reached EUR 12.02 billion – EUR 1.31 billion or 12.3% more than in the corresponding period of 2016. The exports value constituted EUR 5.39 billion (an increase of EUR 501.5 million or 10.3%), whereas the imports value comprised EUR 6.62 billion (an upturn of EUR 810.6 million or 13.9%).
Main changes in exports in June compared to June 2016: exports of base metals and articles of base metals up by EUR 29 million or 41.7%; exports of machinery and mechanical appliances; electrical equipment up by EUR 20.6 million or 13.7%; exports of prepared foodstuffs up by EUR 16.9 million or 25.7%; exports of live animals and animal products up by EUR 8.9 million or 28.6%; exports of wood and articles of wood up by EUR 7.7 million or 5%; exports of vehicles, aircraft, vessels and associated transport equipment down by EUR 4.8 million or 8.2%.
Main changes in imports in June compared to June 2016: imports of base metals and articles of base metals up by EUR 32.5 million or 42.4%; imports of prepared foodstuffs up by EUR 27.2 million or 33.7%; imports of machinery and mechanical appliances; electrical equipment up by EUR 26.4 million or 12.2%; imports of products of the chemical and allied industries up by EUR 25.4 million or 25.9%; imports of mineral products up by EUR 18 million or 19.2%.
In June, the main export partners of Latvia in trade with the EU countries were Lithuania (16.8% of total exports), Estonia (11.5%), Germany (6.9%) and Sweden (6.6%), whereas the main import partners – Lithuania (19.5% of total imports), Germany (10.6%), Poland (9.1%) and Estonia (7.3%).
Russia was the main partner in trade with third countries; its share in the total Latvian exports in June accounted for 9%, whereas in imports – for 6.3%.
Rise in the exports of iron and steel in June 2017 compared to June 2016 was facilitated by the increase in exports of waste and scrap of cast iron of EUR 17 million or 12-fold. In its turn, exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof reduced, as exports of passenger cars dropped by EUR 4.8 million or 23.3%.
Growth in the imports of beverages, spirits and vinegar in June was facilitated by the increase in imports of spirits of EUR 15.6 million or 2.6-fold. Meanwhile, decline in the imports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof was mainly influenced by the reduction in imports of transport vehicles for transportation of 10 and more persons of EUR 5.3 million or 90.5%. (BNN/Business World Magazine)