In September the foreign trade turnover of Latvia amounted to EUR 2.44 billion, which at current prices was 1.6% less than a year ago, of which the exports value of goods was 2.5% higher, but imports value of goods was 4.6% lower.
In September Latvia exported goods in the amount of EUR 1.09 billion, but imported in the amount of EUR 1.36 billion. Compared to September 2018 foreign trade balance has improved as exports in total foreign trade amount increased from 42.7% to 44.5%, according to data compiled by the Central Statistical Bureau of Latvia.
Over the nine months of this year the foreign trade turnover of Latvia at current prices has reached EUR 21.1 billion, up by EUR 95.1 million or by 0.5% YoY. The exports value constituted EUR 9.41 billion (+EUR 56.6 million or 0.6%), whereas the imports value – EUR 11.69 billion (+EUR 38.5 million or +0.3%).
Calendar and seasonally adjusted data showed that, compared to September 2018, in September 2019 the exports value at current prices went down by 1.5% and the imports value by 10.6%, whereas, compared to the previous month, the exports value decreased by 3.9%, but the imports value increased by 4.2%.
Main changes in exports in September 2019, compared to September 2018, included the following: exports of vegetable products up by EUR 25.6 million or by 35.8%; exports of products of the chemical and allied industries up by EUR 16.2 million or by 22%; exports of prepared foodstuffs up by EUR 15 million or by 14.5%; exports of machinery and mechanical appliances; electrical equipment down by EUR 21.6 million or by 11%; exports of wood and articles of wood down by EUR 18 million or by 10%.
Main changes in imports in September 2019, compared to September 2018, included the following: imports of vehicles and associated transport equipment up by EUR 21.8 million or by 13.5%; imports of prepared foodstuffs up by EUR 17.4 million or by 15.6%; imports of mineral products down by EUR 82.6 million or by 37 %; imports of machinery and mechanical appliances, electrical equipment down by EUR 32.9 million or by 11.3%; imports of basic metals and articles of basic metals down by EUR 13.7 million or by 12.5%.
In September the main export partners of Latvia in trade with EU countries were Lithuania (16.9% of total exports), Estonia (11.3%), Germany (6.8%) and Sweden (6.4%), whereas the main import partners were Lithuania (18.1% of total imports), Germany (10.7%), Poland (9%) and Estonia (7.6%). The main partner in trade with third countries was Russia, the share of which in total Latvian exports in September accounted for 10.5%, but in imports – for 6.8%.
In September 2019, compared to September 2018, share of the European Union countries remained the same in total exports value – (70.3%), but in imports value it grew by 6.7%. Rise in share of CIS countries comprised 1.8% in exports and drop of 5.3% in imports.
In September foreign trade balance of Latvia was positive with 124 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 42 countries.
The rise in the exports of cereals in September 2019, as compared to September 2018, was facilitated by an increase in the exports of wheat and meslin by EUR 18.5 million or by 59.3%. But exports of machinery and mechanical appliances reduced as exports of turbojets, turbopropellers and other gas turbines dropped by EUR 40.4 million or by 99.2%.
Rise of imports of aircraft, spacecraft, and parts thereof in September 2019, compared to September 2018, was affected by purchase of ground flying trainers and parts thereof of EUR 10.3 million.
In its turn, reduction of imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas in the gaseous state by EUR 65.7 million or 67.5%. (BNN/Business World Magazine)