In October, the foreign trade turnover of Latvia amounted to EUR 2.7 billion, which at current prices was 3.9% larger than a year ago, of which the exports value of goods was 7.7% higher and imports value of goods – 0.6% higher.
Latvia exported goods in the amount of EUR 1.31 billion and imported – in the amount of EUR 1.39 billion. Compared to October 2019, foreign trade balance improved slightly, as exports in total foreign trade amount increased from 46.9% to 48.6%, according to data from the Central Statistical Bureau of Latvia.
During the ten months of this year foreign trade turnover of Latvia at current prices reached EUR 23.08 billion, down by EUR 963.3 million or by 4% YoY. The exports value constituted EUR 10.77 billion (-EUR 27.8 million or -0.3%), whereas the imports value comprised EUR 12.31 billion (-EUR 935.5 million or -7.1%).
Calendar and seasonally adjusted data show that, compared to October 2019, in October 2020 the exports value at current prices went up by 9.8% and the imports value – by 4%, whereas, compared to the previous month, the exports value went down by 0.6%, and the imports value – by 0.4%.
Main changes in exports in October 2020, compared to October 2019, included the following: exports of vegetable products up by EUR 45.8 million or 35.7%; exports of machinery and mechanical appliances; electrical equipment up by EUR 35 million or 17.5%; exports of wood and articles of wood up by EUR 19.9 million or 10.8%; exports of products of the chemical and allied industries down by EUR 13.8 million or 13.1%; exports of prepared foodstuffs down by EUR 8.7 million or 6.6%,
Main changes in imports in October 2020, compared to October 2019, included the following: imports of machinery and mechanical appliances; electrical equipment up by EUR 24.3 million or 8.2%; imports of vegetable products up by EUR 18 million or 31.8%; imports of wood and articles of wood up by EUR 8.8 million or 18%; imports of mineral products down by EUR 33.6 million or 26%; imports of vehicles and associated transport equipment down by EUR 13.5 million or 11.6%.
In October, the main export partners of Latvia in trade with EU countries were Lithuania (15.8% of total exports), Estonia (10.9%), Germany (6.3%) and Sweden (4.8%), whereas the main import partners were Lithuania (17.9% of total imports), Germany (10.6%), Poland (10.2%) and Estonia (8.6%). Russia was the main partner in trade with third countries; its share in total Latvian exports in October accounted for 9.3%, whereas in imports – for 6.4%.
In October 2020, compared to October 2019, share of the European Union countries in total exports value fell by 0.8% and in imports value – by 1.4%. Share of CIS countries in exports fell by 0.9% and in imports – by 0.4%. 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 47 countries.
Rise of exports of oil seeds, oleaginous fruits in October was mostly affected by increase of exports of rape and colza seeds by EUR 27.6 million or 4.7-fold. In turn, in reduction in exports of vehicles and associated transport equipment was mostly affected by a drop in exports of passenger cars by EUR 10.5 million or 40.2%.
The rise in imports of wood and articles of wood; wood charcoal in October 2020, as compared to October 2019, was facilitated by an increase in imports of sawn wood by EUR 4.8 million or 40.6%. In turn, reduction in imports of mineral fuels, mineral oils and products of their distillation was mostly influenced by decrease of imports of natural gas by EUR 12.2 million or 47.3%. (BNN/Business World Magazine)