Latvia’s exports gain 7.5% y/y in H1.

By bne IntelliNews August 15, 2013

A second report on foreign trade by the Central Statistical Bureau shows that in H1/13 exports increased by 7.5% y/y to LVL 3.37bn (EUR 5.37bn) at constant prices, while imports remained almost flat inching by 0.1% y/y to LVL 4.17bn. The share of exports in the foreign trade in H1 increased to 44.7% vs. 43% a year ago.

Exports and imports dynamics in H1 resulted in a foreign trade deficit of LVL 0.8bn (EUR 1.13bn), which is 22.5% lower y/y.  As reported previously, trade deficit in June 2013 decreased by 45% y/y to LVL 107mn (EUR 152.4mn). Exports’ growth in June increased in y/y terms by 1.8% y/y (5% y/y in March and April, 0.1% in May), while imports’ decline intensified further to y/y 10% y/y. In m/m terms exports declined by 2.5% m/m and imports remained flat m/m.

Foreign trade deficit in 2012 increased by 4.7% y/y to LVL 1.8bn (EUR 2.56bn), with growth rate of the deficit steadily declining throughout 2012 from 38% y/y seen in H1/12 and 13.5% y/y in Jan-Sep 2012. Exports growth picked up from 10.5% y/y seen in H1/12 to 15% y/y in 2012 overall. Exports outpaced imports growth of 12.7% y/y. Exports and imports reached LVL 6.9bnand LVL 8.7bn, in 2012, respectively. To compare, in 2011 exports and imports growth stood at 28% y/y, with exports growth slowing down from over 40% y/y seen in the beginning of 2011.

The Bank of Latvia economist Daina Pelece commented previously that in June exports’ growth y/y would amount to 7.7% y/y if unaccounted for a drop in exports of base metals due to troubled metals major Liepajas Metalurgs. However, slowdown of exports is still broad-based as the growth rates declined in almost all major segments and trading partners in June. Good exports of cereals and grain due to favourable harvest was noted.

At the same time the CB believes that consumer and producer confidence indicators improving in Europe for the past three months will translate into stable export volumes. However, in the long-term investment is required to expand capacity and improve competitiveness.

Exporters/importers by economic activity

Source: CSB

Exports

Imports

mln lats

as % of total volume

mln lats

as % of total volume

Total

3 373.0

100

4 168.7

100

Agriculture, forestry and fishing 

67.2

2.0

19.8

0.5

Mining and quarrying

31.4

0.9

8.2

0.2

Manufacturing

1 372.2

40.7

626.9

15.0

Electricity, gas, and steam supply

33.1

1.0

252.6

6.1

Water supply, sewerage, waste management and remediation activities

20.7

0.6

18.3

0.4

Construction

20.5

0.6

41.6

1.0

Wholesale and retail trade; repair of motor vehicles and motorcycles

1 264.7

37.5

2 396.7

57.5

Transport and storage

108.9

3.2

73.9

1.8

Other kinds of activity; without breakdown by sections

454.3

13.5

730.7

17.5

Related Articles

Lithuania calls for further committments from Gazprom to end EU anti-trust case

Gazprom’s commitments to lessen the impact of its dominant position as a supplier of gas to Lithuania and other CEE countries are not sufficient and the European Commission should ensure they are ... more

Russia offers Latvian port a slice of the Nord Stream pie

The Latvian port of Ventspils has been asked to store and handle delivery of pipes for Nord Stream 2, the controversial Russian gas pipeline project, the chairman of the port said on April 20. The ... more

Latvia opens its gas market as it seizes control from Russia

The Latvian gas market opened up to liberalisation on April 3 following entry into force of a number of legal changes. Riga has fought hard to end control of the gas transmission and storage ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss