Foreign trade down in June

Provisional data of the Central Statistical Bureau (CSB) released August 9 show that, as compared to May, in June 2016 Latvian foreign trade turnover at current prices decreased by 2.4 %.

The export value of goods declined by 3.1 % and the import value dropped by 1.8 %. 

In June, Latvia exported goods in the amount of €815 million and imported goods in the amount of €984m.

The foreign trade balance worsened slightly, as exports in the total foreign trade value dropped to 45.3 % (in May 2016 – 45.6 %).

However, the Finance Ministry attempted to put a positive spin on the figures on August 10 by predicting exports would soon pick up again.

"Compared to the same month last year, exports as a whole remained at last year's level (+0.4%), while the value of imports decreased by 4.1%," the ministry said in a statement.

"Future export prospects should be assessed with caution, and downside risks still remain. At the same time it should be noted that although manufacturing turnover in exports this year has been volatile, in the first half of the year growth is positive," it added.

"Growth rates in the second half could be a little better than at the beginning, thus compensating for the fall in the first half of the year."

In June, the main export partners in trade with EU countries were Lithuania (19.0 % of total export), Estonia (12.7 %), Germany (6.9 %) and Sweden (6.8 %), whereas the main import partners were Lithuania (16.5 % of total imports), Germany (12.6 %), Poland (11.7 %) and Estonia (7.7 %).

Russia was the main non-EU trade partner; its share in total Latvian exports in June accounted for 7.9 %, whereas in imports – for 7.1 %.

 

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Economy
Economy