In July, the foreign trade turnover of Latvia amounted to EUR 2.38 billion, down by 3.5% YoY at current prices was 3.5%, of which the exports value of goods dropped by 0.3%, and imports value of goods – by 5.9%.
Latvia exported goods in the amount of EUR 1.05 billion, but imported – in the amount of EUR 1.33 billion. Compared to July 2019, foreign trade balance improved slightly, as exports in total foreign trade amount increased from 42.7% to 44.1%, according to provisional data of the Central Statistical Bureau of Latvia.
During the seven months of this year foreign trade turnover of Latvia at current prices reached EUR 15.31 billion, down by 7.3% YoY. The exports value constituted EUR 7.1 billion (-3.2%), whereas the imports value comprised EUR 8.21 billion (-10.7%).
Calendar and seasonally adjusted data showed that, compared to July 2019, in July 2020 the exports value at current prices went down by 1.3% and the imports value by 4.6%, whereas, compared to the previous month, the exports value went up by 4.4% and the imports value – by 7.1%.
Main changes in exports in July, compared to July 2019, included the following: exports of machinery and mechanical appliances; electrical equipment up by EUR 27.8 million or by 14.5%; exports of wood and articles of wood up by EUR 7.7 million or by 4.4%; exports of mineral products down by EUR 13 million or by 23.7%; exports of vehicles and associated transport equipment down by EUR 12.6 million or by 18%; exports of base metals and articles of base metals down by EUR 11.9 million or by 11.2%.
Main changes in imports in July, compared to July 2019, included the following: imports of products of the chemical and allied industries up by EUR 7.7 million or by 5.7%; imports of wood and articles of wood up by EUR 6 million or by 14.2%; imports of base metals and articles of base metals up by EUR 5.4 million or by 4.7%; imports of mineral products down by EUR 67.3 million or by 38.9%; imports of vehicles and associated transport equipment down by EUR 34.8 million or by 25.5%.
In July, the main export partners of Latvia in trade with EU countries were Lithuania (18.6% of total exports), Estonia (13.4%), Germany (7%) and Sweden (5.2%), whereas the main import partners were Lithuania (17.8% of total imports), Germany (11%), Poland (10%) and Estonia (8.9%). Russia was the main partner in trade with third countries; its share in total Latvian exports in July accounted for 8.5%, whereas in imports – for 7.5%.
In July, compared to July 2019, share of the European Union countries in total exports value increased by 1.3%, but in imports value – fell by 1.3%. Share of CIS countries in exports fell by 0.6% and in imports – by 0.5%. In July, foreign trade balance of Latvia was positive with 122 partner countries, as exports value of goods exceeded imports value of goods. It was negative in trade with 48 countries. The rise in exports of electrical machinery and equipment in July, as compared to July 2019, was mostly facilitated by an increase in exports of boards, panels, consoles, desks and cabinets for electric control or the distribution of electricity by EUR 5.2 million or 2.9-fold. In turn, reduction in exports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of exports of electricity by EUR 10.1 million or by 58.8%.
The rise in imports of pharmaceutical products in July 2020, as compared to July 2019, was facilitated by an increase in imports of immunological products by EUR 3.2 million or 2-fold. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease in imports of diesel oil by EUR 30 million or by 41.7%. (BNN/Business World Magazine)
