Latvian exports of goods down 0.3%, imports drop 1.7% in 2016

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In 2016, Latvia exported €10.332 billion worth of goods to foreign countries, down 0.3% or €30.9 million from 2015, while imports dropped 1.7% or €212.9 million to €12.279 billion, the Central Statistics Bureau (CSB) reported.

In 2016, Latvia’s foreign trade turnover at current prices came to €22.61 billion, which was €243.8 million or 1.1% less than in 2015.

In December 2016, Latvia exported goods in the amount of €884.5 million, and imported goods in the amount of €1.1 billion.

The foreign trade balance worsened slightly, as exports in the total foreign trade value dropped to 44.0% (in December 2015-44.9%).

In December 2016, Latvia’s main export goods included wood and wooden articles which were exported for €149.176 (16% of total exports), down 13.7% from November but up 19.4% against December 2015. Exports of electrical and electronic equipment fell 20.6% month-on-month and 4.2% year-on-year to €95.183 million (10.8%).

December imports were dominated by electrical and electronic equipment which were imported for €119.548 million (10.6% of total imports), down 14.6% from November and up 6.9% against December 2015. In December 2016, Latvia also imported €108.239 million worth of machinery and mechanical appliances (9.6%), which is about as much as in November and 0.4% less than a year ago.

At the same time, imports of transport vehicles and their parts rose 10.2% month-on-month and dropped 13.7% year-on-year to €104.777 million (9.3%), and imports of mineral fuels, oil and its products declined 3.4% month-on-month and 6.3% year-on-year to €101.557 million (9%).

Export/import partners

In December of last year, Latvia’s key export partners in the EU included Lithuania (18.8% of total exports), Estonia (11.8%), the UK (5.9%) and Sweden (5.7%), while Lithuania (16.9%), Germany (11.4%), Poland (8.9%) and Estonia (8.2%) where the main import partners.

Russia was the main non-EU trade partner in December as exports to this country made up 10.8% of Latvia’s total exports and imports accounted for 8.5%.

 

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