Latvia Foreign Trade by Groups of Commodities and Countries
Export of Latvian commodities in January-November 2002 by 11.5% exceeded the level of the same period in the preceding year (in current prices). At the beginning of the year exports were nearly identical to the level of the preceding year yet, in further months gathered much higher speed. Especially big increase was observed in the third quarter of 2002 when exports were by 21% higher than in the third quarter of 2001.
Imports in the reviewed period went up faster – by 12.8%. Therefore total trade balance of Latvia in the reported period of time has deteriorated.
Commodity exports in the beginning of 2002 were negatively influenced by the slow growth of export prices. Yet, starting with the third quarter, due to favourable changes of currency exchange rates and the general price-rise in the world, export prices went up and commodity exports dynamically increased. Unit value of exports in the first and second quarters of 2002 were in the average only by 1% and 2% higher than in the respective periods of the preceding year, yet in the third quarter the unit value by 3% exceeded the value of the same period in 2001.
In January-November 2002 commodity exports went up in all groups of goods. Export of food products (almost 1/3 of total growth of exports), metal processing and machinery and wood processing went up the fastest, which slightly changed the overall export structure in favour of these products (see Table 3.10). In turn, the share of products of light industry went down most sizeably.
Exports to the EU at the beginning of 2002 went down, yet in the third quarter substantially increased (by 20% in comparison with the respective period in the preceding year). On the whole exports to the EU countries in January-November 2002 by 10% exceeded the level of the preceding year. Traditionally, the biggest contribution into the growth of exports to the EU countries falls on products of metal processing and machinery and wood processing products. Slight decline of exports was observed only in the group of light industry commodities.…
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