Analytics, Baltic Export, Foreign trade , Good for Business, Latvia, Markets and Companies

Over the first two months of this year, the foreign trade turnover of Latvia at current prices reached EUR 4.07 billion – EUR 408.2 mill. or 11.2% more than in the corresponding period of 2017. The exports value constituted EUR 1.89 bln (an increase of EUR 244.0 mill. or 14.8%), whereas the imports value – EUR 2.18 bln (an upturn of EUR 164.2 mill. or 8.2%).

Calendar and seasonally adjusted data at current prices show that, compared to February 2017, in February 2018 the exports value at current prices went up by 11.5% and the imports value by 8.2%, whereas, compared to the previous month, the exports value decreased by 3.2% and the imports value by 1.4%.

Main changes in exports in February 2018, compared to February 2017:

-       exports of vegetable products up by EUR 23.0 mill. or 56.8%,
-       exports of wood and articles of wood up by EUR 21.7 mill. or 15.0%,
-       exports of machinery and mechanical appliances; electrical equipment up by EUR 21.2 mill. or 13.6%,
-       exports of products of the chemical and allied industries up by EUR 11.8 mill. or 19.4%,
-       exports of basic metals and articles of basic metals down by EUR 6.8 mill. or 8.4%.

Main changes in imports in February 2018, compared to February 2017:

-       imports of machinery and mechanical appliances; electrical equipment up by EUR 37.4 mill. or 19.4%,
-       imports of basic metals and articles of basic metals up by EUR 21.3 mill. or 28.5%,
-       imports of wood and articles of wood up by EUR 12.5 mill. or 39.4%,
-       imports of mineral products down by EUR 20.2 mill. or 19.1%,
-       imports of vehicles, aircraft, vessels and associated transport equipment down by EUR 14.7 mill. or 15.1%.

In February, the main export partners of Latvia in trade with EU countries were Lithuania (15.5% of total exports), Estonia (10.2%), Sweden (8.1%) and Germany (7.2%), whereas the main import partners were Lithuania (18.1% of total imports), Germany (10.5%), Poland (8.6%) and Estonia (8.0%).

Foreign trade of Latvia by country groups in February 2018, (at current prices)

The main partner in trade with third countries was Russia, share of which in total Latvian exports in February accounted for 8.4%, but in imports – 6.8%.

Main commodities in exports of Latvia in February 2018 (at current prices)

The rise in the exports of cereals in February 2018, as compared to February 2017, was facilitated by an increase in the exports of wheat and meslin by EUR 19.1 mill. or 3 times. But exports of iron and steel reduced as exports of flat-rolled products of iron and non-alloy steel decreased by EUR 13.1 mill. or 64.9%.

Main commodities in imports of Latvia in February 2018 (at current prices)

Rise of imports of iron and steel in February 2018, as compared to February 2017, was mostly affected by the increase in imports of flat-rolled products of iron and non-alloy steel of EUR 13.6 mill. or 2 times. In turn, a drop was experienced in the imports of mineral fuels, mineral oils and products of their distillation, as the imports of natural gas in gaseous state dropped by EUR 28.4 mill. or 85.7%.

More information on the foreign trade of Latvia by month and quarter, as well as by country group and commodity group is available in the Foreign trade section of the CSB database.