Exports, imports dip over first three quarters

In the first nine months of 2016, Latvia exported €7.471 billion worth of goods, down 1.6 percent or €125.3 million from the same period in 2015, while imports dropped 4.5 percent or €423.1 million to €8.901 billion, the Central Statistical Bureau said.

In September this year, Latvia exported €953.582 million worth of goods, up 9.8 percent or €85 million from August 2016 but by 2.7 percent or €26.6 million less than in September 2015.

Latvian imports declined 0.5 percent or €5 million from August 2016 and dropped 3.2 percent or €34.3 million from September 2015 to  €1.041 billion in September 2016.

Latvia's external trade balance improved somewhat in September 2016 as the share of exports increased to 47.8 percent from 45.4 percent in August 2016.

Timber, timber products and charcoal dominated Latvian exports in September this year, accounting for 16.1 percent of total exports and adding up to €153.627 million, up 10 percent from August 2016 and growing 10.2 percent from September 2015.

Exports of electric appliances and equipment amounted to €97.811 million (10.3 percent), up 13.3 percent from August 2016 but by 10.7 percent less year-on-year.

In September this year, Latvia's main export partners in the EU included Lithuania (17.7 percent of total export), Estonia (11.6 percent), Germany (8.7 percent) and Sweden (5.6 percent).

Latvia's main import partners were Lithuania (18.4 percent of total import), Germany (11.9 percent), Poland (11.4 percent) and Estonia (8 percent).

Among non-EU countries, Russia was Latvia's key trade partner despite ongoing sanctions in both directions with exports to Russia accounting for 7.8 percent of total Latvian exports and Russian products making up 6.6 percent of Latvia's total imports in September 2016.

 

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