Total foreign trade turnover at current prices in December 2008 reached 819.4 mln lats – less by 12.3 mln lats or 1.5% than a month before and less by 130.7 mln lats or 13.8% than in December 2007, according to provisional data of Central Statistical Bureau data.
The exports plunged 4.6% on month in December 2008, and 11.1% on year.
Compared to December 2007, in December 2008 there was exports increase of cereal crops (exported mostly to Denmark, Morocco and Yemen) – 3.3 times, of alcoholic and non-alcoholic beverages – by 33.5%, of essential oils, perfumery and cosmetics – by 45.5%, of machinery and mechanical appliances – by 24.4%. In its turn, the exports of iron and steel decreased by 54.5%, of motor vehicles (including rail transport) and parts thereof – by 34.6%, of rubber and articles thereof – by 41.4%, of wood and wood products – by 39.3%, of furniture, articles of bedding and lighting equipment – by 32.8%.The imports increased by 0.4% on month in December 2008, but decreased by 15.2% on year.
Compared to December 2007, in December 2008 the most notable decrease had imports of wood and wood products – by 63.0%, of motor vehicles and parts thereof – by 43.6%, of articles of iron or steel – by 36.4%, of rubber and articles thereof – by 30.0%, of electrical machinery and equipment – by 27.3%, of articles of apparel, not knitted or crocheted – by 23.0%. In its turn, imports of pharmaceutical products increased by 40.9%, of fish – by 25.3%, of meat and offal – by 20.0%, of meat and fish products – by 10.8%.Latvia was running a 227 million LVL (ca. 323 million EUR) trade deficit in December 2008, for the whole 2008 the trade deficit was 3.07 billion LVL (ca. 4.365 billion EUR). The trade gap in December is some 29 million LVL lower than the average for 2008. Note, Latvia cannot run trade deficit (well, adjust it for services and transfers) without external financing ...
The monthly dynamics were negative for exports, but not anymore the 20% plunge on month seen in November.
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