Growth in export is largely explained by a rich crop of wheat and rye. Total value of grain gathered in current year is approximately estimated as a half billion euros. Home consumption may take about a quarter of the crop volume while the rest goes to the export markets, improving the statistics of Latvia’s foreign trade.
Among large groups of goods exported from Latvia, which have demonstrated the growth in annual profile, the wood and its products may be distinguished, as well as chemical (especially pharmaceutical) products. Export has increased of metals and metalware, as well as construction materials. Export of food products was supported due to milk and fish products, fruits and nuts.
In turn, the decline in export volumes was observed in mineral products, textile and plastic products. Ongoing decrease is demonstrated in the sector of beverages where reexport occupies a considerable share.
Major Latvia’s partners in foreign trade remained the same as 12 months ago.
We deliver the goods first of all to our neighbours: Lithuania and Estonia. This situation is explained by a strong business integration of these three Baltic countries.
The third place in the export share and volume is still held by Russia, although its specific weight has noticeably reduced during the last 12 months: from 11.6% to 8.6%.
Germany and Sweden only go after this eastern market.
According to data of the Central Statistics Bureau, not only the share of Russia has decreased in entire Latvian export compared to a year ago, but also of CIS in total (from 16% to 12.2%), as well as of EU common market: 73% to 68.9%.
If judged by Latvian statistics, growth in exported goods took place at the expense of third countries, of which share has increased from 11% to 18.9%. Justice should be done here to the initiative of Latvian exporters who, on the background of EU stagnation and falling solvency of EEU, are seeking for and find new sales markets outside these economic alliances.
It can be already forecasted that in accordance with the results of 2015 Latvian export will in total demonstrate growth, which is evidenced by the fact that the total growth in 11 months of previous year was 1.2%.
Within January thru November, export to EU has increased by approximately 3%.The biggest adverse effect of course came from Russia: Latvian export to this country has dropped by 25% (by 7% to other CIS countries). But the total growth in export of commodities was mainly contributed by active development by our exporters of distant and often exotic enough markets in America, Africa and Asia. Total growth in export along these directions was about 15%.
According to operative data of the Central Statistics Bureau, the value of Latvian export in November was EUR 935.5 mln, of import – EUR 1.060 mln, in actual prices.
