Outperforming the other Baltic states, Latvia’s export volume increased by 1.2 percent in 2015, according to data published by the Central Statistics Bureau. Imports, meanwhile, fell 1.3 percent y-o-y. The country narrowed its trade gap by €288.7m.
“Last year, both export and import were adversely influenced by various factors not directly linked to the Latvian economy. The steep drop of the oil price in the world, for example, significantly reduced both export and import value of oil products in euro. This made export figures look worse but was good for us because cheaper oil allowed the Latvian economy to save €255m or 1 percent of GDP last year,” Martins Abolins, an economist at Citadele was quoted as saying by LETA.
“To a great extent, Latvia’s export growth was driven by rising exports of grain, timber, as well as various electric appliances, machines and optical equipment. Apart from the oil products and alcoholic beverages, the biggest reduction was recorded in the export of various dairy and fish products, as well as clothing. The drop in these products’ export was largely caused by Russia’s sanctions and economic issues, but this drop has had a limited impact on overall growth figures,” Abolins added.
