Latvian Trade Deficit Narrows In January

Latvian Trade Deficit

Latvian trade deficit has narrowed in January from the year-ago period and month-on-month basis, according to its Central Statistics Bureau. This was attributed to higher value of export of goods than imports in the month.

The trade deficit was Euro 129.5 million in January, narrower than $196.5 million seen in the year-ago period and Euro 238.1 million witnessed in the preceding month.

Latvian total foreign trade turnover was Euro 2.05 billion in January representing 12.4 percent year-over-year growth. Of this, exports value of goods accounted for 18.1 percent increase whereas imports value of goods recorded 7.9 percent expansion.

Exports goods amounted to Euro 959.0 million in January while imported goods were valued Euro 1.09 billion in the same period. As a percentage of total foreign trade, exports value improved to 46.8 percent from 44.6 percent from the previous year period.

Export of machinery and mechanical appliances, electrical equipment jumped 42.7 percent or Euro 58.2 million. Similarly, basic metals and articles of basic metals exports climbed 42.3 percent or Euro 27.1 million.

As far as imports, machinery and mechanical appliances and electrical equipment grew 32.0 percent or Euro 64.4 million. In the same way, basic metals and articles of basic metals imports advanced 39.6 percent or Euro 29.6 million.

“In January, the main export partners of Latvia in trade with EU countries were Lithuania (15.7 % of total exports), Estonia (11.2 %), Germany (7.3 %) and Sweden (6.9 %), whereas the main import partners were Lithuania (18.0 % of total imports), Germany (10.1 %), Poland (9.5 %) and Estonia (7.9 %),” the release added.

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