Latvia's foreign trade shows slight decline in 2019

Source: Xinhua| 2020-02-11 00:37:50|Editor: yan
Video PlayerClose

RIGA, Feb. 10 (Xinhua) -- Latvia's foreign trade turnover in 2019 declined 0.1 percent year on year to around 28.52 billion euros at current prices, according to the data released on Monday by the national statistics office.

The Baltic country's exports quickened 0.4 percent against a year ago to 12.8 billion euros in 2019, whereas imports slowed 0.4 percent year on year to 15.73 billion euros, statistics show.

The Economics Ministry's analyst Edmunds Gergelevics commented that the main product groups driving Latvia's export growth last year included timber and timber products, electrical appliances and equipment, grain, alcoholic and nonalcoholic beverages, as well as pharmaceutical products.

Exports to European Union countries grew at a faster pace, by 2.2 percent, primarily thanks to increased exports of oilseeds and metal products, electrical appliances and equipment, as well as tobacco. Meanwhile, exports of fossil fuels declined.

Latvian exports to the Commonwealth of Independent States, or CIS countries picked up 5.3 percent last year as the economic situation stabilized in the region. The main products shipped to the CIS included alcoholic and nonalcoholic beverages, textiles, rolling stock and its parts.

Latvian imports dropped in 2019 primarily because of reduced imports of machinery and mechanical appliances, as well as mineral products.

The Economics Ministry expects Latvia's export dynamics to remain moderate this year amid continued uncertainty in foreign markets.