Provisional data compiled by the Central Statistical Bureau of Latvia (CSB) show that, compared to October, foreign trade turnover of Latvia at current prices in November 2015 dropped by 3.8 %, of which exports value of goods declined by 5.8 % and imports value - by 2.0 %.In November, the amount of goods exported by Latvia comprised EUR 935.3 million, while the amount imported constituted EUR 1 060.0 million. As exports in the total foreign trade dropped down to 46.9 % (in October 2015 - 47.9%), foreign trade balance declined slightly.
Latvia's foreign trade, million EUR
Data source: CSB
Notes: data on August 2015 have been specified
Main changes in exports in November, compared to October:
- exports of vegetable products dropped by EUR 33.7 million or by 25.4 %,
- exports of wood and articles of wood decreased by EUR 22.9 million or by 14.1 %,
- exports of mineral products reduced by EUR 19.8 million or by 26.9 %,
- exports of basic metals and articles of basic metals declined by EUR 7.1 million or by 8.9 %,
- exports of machinery and mechanical appliances; electrical equipment grew by EUR 17.5 million or by 11.1 %,
Main changes in imports in November, compared to October:
- imports of transport vehicles and equipment fell by EUR 13.1 million or by 13.2 %,
- imports of machinery and mechanical appliances; electrical equipment dropped by EUR 10.7 million or by 4.4 %,
- imports of textiles and textile articles reduced by EUR 9.8 million or by 21.7 %,
- imports of basic metals and articles of basic metals declined by EUR 8.4 million or by 10.7 %,
- imports of products of the chemical and allied industries grew by EUR 23.0 million or by 23.3 %,
In November, the most significant part in Latvia's exports to EU countries took exports to Lithuania (18.5 % of total exports), Estonia (11.5 %), Germany (6.5 %), and Sweden (5.4 %), whereas main imports partners were Lithuania (15.2 % of total imports), Germany (12.0 %), Poland (10.3 %), and Estonia (7.1 %).
Latvia's foreign trade in November 2015 by country group, at current prices
Exports | Imports | |||||
million EUR | % of total | Changes as % over October 2015 | million EUR | % of total | Changes as % over October 2015 | |
Total | 935.3 | 100 | -5.8 | 1 060.0 | 100 | -2.0 |
European Union countries | 644.4 | 68.9 | -12.2 | 829.1 | 78.2 | -2.4 |
Euro Area countries | 450.8 | 48.2 | -11.2 | 595.9 | 56.2 | -3.0 |
CIS countries | 114.3 | 12.2 | -1.3 | 134.3 | 12.7 | 0.7 |
Other countries | 176.6 | 18.9 | 23.6 | 96.6 | 9.1 | -2.4 |
Russia was the key partner in Latvia's trade with third countries, comprising 8.6% in the total Latvia's exports and 9.2% in the total Latvia's imports in November.
Changes in main commodities in Latvia's exports in November 2015, at current prices
thousand EUR | % of total | Changes as % over | |||
November 2014 | October 2015 | average of previous 12 months | |||
Total | 935 251 | 100 | 2.2 | -5.8 | 8.5 |
wood and wood products; wood charcoal | 139 789 | 14.9 | 3.3 | -14.1 | -3.2 |
electrical machinery and equipment | 128 327 | 13.7 | 9.8 | 22.3 | 18.1 |
cereals | 75 521 | 8.1 | 94.0 | 27.5 | 2.8 times |
beverages, spirits and vinegar | 51 659 | 5.5 | -20.3 | 5.7 | 47.6 |
mineral fuels, mineral oils and products of their distillation | 49 599 | 5.3 | -30.6 | -27.6 | -16.9 |
machinery and mechanical appliances | 46 688 | 5.0 | -1.7 | -11.2 | -9.4 |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof | 41 574 | 4.4 | 5.9 | 20.6 | 10.2 |
pharmaceutical products | 28 867 | 3.1 | 12.2 | 7.3 | 7.5 |
articles of iron or steel | 28 753 | 3.1 | 1.6 | -19.4 | 2.6 |
iron and steel | 28 627 | 3.1 | 17.6 | 1.0 | -7.4 |
Rise in exports of cereals in November 2015, as compared to November 2014, was caused by the increase in the exports of wheat and meslin of EUR 39.4 million or 2.2 times. Whereas due to the decline in exports of petroleum oils and oils obtained from bituminous minerals of EUR 17.1 million or 99.0 %, exports of mineral fuels, mineral oils and products of their distillation diminished.
Changes in main commodities in Latvia's imports in November 2015, at current prices
thousand EUR | % of total | Changes as % over | |||
November 2014 | October 2015 | average of previous 12 months | |||
Total | 1 059 984 | 100 | -2.8 | -2.0 | 0.7 |
electrical machinery and equipment | 130,724 | 12.3 | -10.8 | -6.6 | 0.2 |
mineral fuels, mineral oils and products of their distillation | 119,267 | 11.3 | -26.8 | -1.0 | -4.5 |
machinery and mechanical appliances | 104,839 | 9.9 | 4.0 | -1.4 | 3.2 |
vehicles other than railway or tramway rolling stock, and parts and accessories thereof | 74 715 | 7.0 | 6.2 | -13.8 | -3.6 |
pharmaceutical products | 52 933 | 5.0 | 31.8 | 50.2 | 24.2 |
plastics and articles thereof | 41 769 | 3.9 | 0.4 | -1.3 | -2.8 |
beverages, spirits and vinegar | 36 841 | 3.5 | 19.5 | 8.1 | 34.3 |
wood and wood products; wood charcoal | 30 990 | 2.9 | 5.4 | -5.6 | 0.9 |
iron and steel | 27 296 | 2.6 | -0.01 | -13.3 | -25.7 |
The rise in imports of pharmaceutical products in November 2015, as compared to the November 2014, was mainly affected by the increase in imports of medical products of EUR 5.4 thousand or 16.2 %. While drop in imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by the decline in imports of diesel oil of EUR 16.1 million or 21.2 %.
More information on Latvia's foreign trade in breakdown by month and quarter, as well as by country group and commodity group is available in CSB database section 'Foreign trade '.
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CSB - Central Statistical Bureau issued this content on 2016-01-11 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-11 11:43:01 UTC
Original Document: http://www.csb.gov.lv/en/notikumi/november-foreign-trade-turnover-latvia-has-reduced-38-41888.html