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informed the Ministry that in May this year, compared to May last year, Latvian exports grew by 8.5%, still displaying a rapid growth rate, slightly lower than previous month and averaged over the first five months of the year.
Exports of agricultural and food products in May compared with May of the previous year increased by 7.9% and food exports increased by 26.2%, while exports of of unprocessed agricultural products were less than one year. exports fell by 49.3%. As in previous months, the value of wood and wood products exports rose sharply in May – up 17.4% from May of last year and in parallel with the growing demand from this group of products, wood prices also increased
. a 17% increase in May was virtually a one-time operation – turbojet and turboprop engines and other gas turbines, an increase of 38.1 million euros, while in the other categories of machinery and equipment, the volumes exported were 5.9% lower than those of a year ago. With the exception of this re-export operation, the overall growth rate of Latvian exports would have been lower in May – around 4.5%
In May, the rapid rise in exports of metals and metal products was 32.7%, while construction products According to the MF, overall, in May, the situation of exports of goods was similar to that of previous months, and also in the first five months of the year. year, export growth increased by 18.2% and 20.1% respectively compared to the same month of the previous year. The main suppliers were the largest export groups of goods – food, wood products, as well as machinery and equipment, whose exports grew respectively by 8%, 12.1% and 12.4% in five month. Latvia's exports of goods in the first five months of 2018 were 9.3% higher than a year ago
Largest export markets of Latvia in the first five months year – round were the fastest exports to Sweden – 14.7% and the UK 11%. On the other hand, exports to Poland decreased by 6%, Estonia by 0.9% and exports to Lithuania remained stable, with a modest increase of 2.6%
"The situation in foreign markets remains favorable to Latvian exports.The indicators of economic growth and confidence in the main export markets of Latvia, unlike last year and the first months of the year. year, have stabilized at a relatively high level after the crisis, and at the same time the Minister indicated that, from a somewhat advanced perspective, the development of Latvian exports could be negatively affected by Protectionist policies continue to grow in the world, including the establishment of tariffs between the United States and China Increased income Exports of Latvian goods should continue to grow be in the coming months, but growth rates could be lower than in 2017 and the first few months of the year.
Like exports, imports of goods in May also rose rapidly by 10.4% over last May. The rise in imports is linked to strong domestic demand, with both growth in private consumption and especially in investment volumes. In May, imports of machinery, mechanical appliances and electrical equipment increased by 30.4% over May of last year, largely due to the fact that imports of machinery, mechanical appliances and electrical equipment were up 30.4% year-on-year. Increased imports of turbojet and turboprop engines and the expansion of the AirBaltic fleet. With the increase in imports slightly faster than exports, the foreign trade deficit in May rose to 230.5 million euros and is slightly higher than that of the same month a year ago [19659003]. 9.3% or 416.8 million euros more than for the corresponding period of 2017, but imported – from 5.847 billion euros, an increase of 7.9% or 430 million euros. euros, according to the Central Bureau of Statistics.
In May, Latvia exported 1.047 billion euros worth of goods, or 6.2% or 61.1 million euros in euros more than in April and 8.5 % or 82.5 million euros more than in May 2017. In turn, Latvia imports 1.277 billion euros, or 11.6% or 132.9 million euros. euros more than in April and 10.4% or 120.5 million euros more than last May.
Compared to May 2017, exports decreased from 45.5% to 45% in total foreign trade.
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