Date,
Time MSK

22.03.2016



Latvian-Russian Bilateral Trade in 2015


In 2015 Latvian-Russian bilateral trade volume decreased by 26% and reached 2.1 billion USD compared to 2.8 billion USD in 2014.


Latvian exports to Russia fell to 0.9 billion USD (by 37%) while imports fell to 1.2 billion USD (by 14%) (see Figure 1).



Figure 1. 2007-2015 Latvian-Russian bilateral trade turnover, billion USD. Source: ITC Trade Map.

Figure 1. 2007-2015 Latvian-Russian bilateral trade turnover, billion USD.png


Latvian exports to Russia


Latvia primarily exports to Russia the following products (see Figure 2, Table 1):


▪ Beverages, spirits and vinegar (30%)

▪ Machinery, nuclear reactors, boilers, etc (17%)

▪ Electrical, electronic equipment (8%)

▪ Pharmaceutical products (6%)

▪ Plastics and articles thereof (5%)

▪ Optical, photo, technical, medical, etc apparatus (4%)

▪ Live trees, plants, bulbs, roots, cut flowers etc (3%)

▪ Essential oils, perfumes, cosmetics, toileteries (2%)

▪ Vehicles other than railway, tramway (2%)

▪ Paper and paperboard, articles of pulp, paper and board (2%)

▪ Wood and articles of wood, wood charcoal (1%)

▪ Salt, sulphur, earth, stone, plaster, lime and cement (1%)

▪ Rubber and articles thereof (1%)

▪ Meat, fish and seafood food preparations nes (1%)


In 2015 the imports of Latvian made products in Russia experienced a significant fall. The imports of meat, fish and seafood food preparations nes fell by 75%; the imports of wood and articles of wood, wood charcoal- by 73%.



Figure 2. Structure of Latvian Exports to Russia in 2015. Source: ITC Trade Map.

Figure 2. Structure of Latvian Exports to Russia in 2015.png



Table 1. Key products exported from Latvia to Russia in 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Latvian products

22

Beverages, spirits and vinegar

$499,810

$277,076

-45%

0.3

27.7

84

Machinery, nuclear reactors, boilers, etc

$134,454

$152,267

13%

0.1

1.9

85

Electrical, electronic equipment

$106,102

$71,640

-32%

0.3

3.4

30

Pharmaceutical products

$79,726

$55,452

-30%

0.5

5.5

39

Plastics and articles thereof

$63,898

$48,807

-24%

0.3

7.2

90

Optical, photo, technical, medical, etc apparatus

$19,527

$39,330

101%

0.1

2.8

06

Live trees, plants, bulbs, roots, cut flowers etc

$26,462

$27,419

4%

3.3

18

33

Essential oils, perfumes, cosmetics, toileteries

$25,744

$19,160

-26%

0.2

9.7

87

Vehicles other than railway, tramway

$30,807

$18,822

-39%

0.00

12.6

48

Paper and paperboard, articles of pulp, paper and board

$22,291

$16,822

-25%

0.4

9.3

44

Wood and articles of wood, wood charcoal

$45,298

$12,416

-73%

3.5

11.1

25

Salt, sulphur, earth, stone, plaster, lime and cement

$22,883

$11,783

-49%

1.6

4.7

40

Rubber and articles thereof

$16,484

$10,667

-35%

0.00

7.1

16

Meat, fish and seafood food preparations nes

$40,667

$10,304

-75%

5.9

17.7



Russian exports to Latvia


In 2015 Russia has exported to Latvia the following products (see Figure 3, Table 2):


▪ Mineral fuels, oils, distillation products, etc (44%)

▪ Iron and steel (19%)

▪ Fertilizers (9%)

▪ Wood and articles of wood, wood charcoal (6%)

▪ Animal,vegetable fats and oils, cleavage products, etc (2%)

▪ Articles of iron or steel (2%)

▪ Electrical, electronic equipment (2%)

▪ Beverages, spirits and vinegar (2%)

▪ Machinery, nuclear reactors, boilers, etc (1%)

▪ Cereals (1%)

▪ Plastics and articles thereof (1%)

▪ Paper and paperboard, articles of pulp, paper and board (1%)

▪ Pearls, precious stones, metals, coins, etc (1%)

▪ Railway, tramway locomotives, rolling stock, equipment (1%)



2015 showed a significant rise in Russian exports to Latvia of electrical, electronic equipment (+174%). At the same time the exports of railway, tramway locomotives, rolling stock, equipment (-66%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to Latvia in 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to Latvia in 2015.png



Table 2. Key products exported from Russia to Latvia in 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

27

Mineral fuels, oils, distillation products, etc

$680,551

$506,812

-26%

29.1

72

Iron and steel

$215,724

$219,237

2%

38

31

Fertilizers

$92,496

$107,873

17%

58.3

44

Wood and articles of wood, wood charcoal

$56,127

$69,272

23%

14.2

15

Animal,vegetable fats and oils, cleavage products, etc

$38,268

$24,720

-35%

33.4

73

Articles of iron or steel

$29,184

$24,094

-17%

7.8

85

Electrical, electronic equipment

$8,116

$22,220

174%

0.5

22

Beverages, spirits and vinegar

$25,582

$18,468

-28%

6.2

84

Machinery, nuclear reactors, boilers, etc

$11,031

$16,776

52%

0.8

10

Cereals

$9,127

$15,760

73%

9

39

Plastics and articles thereof

$12,392

$13,663

10%

2.1

48

Paper and paperboard, articles of pulp, paper and board

$15,500

$12,955

-16%

4.2

71

Pearls, precious stones, metals, coins, etc

$11,483

$12,295

7%

9.1

86

Railway, tramway locomotives, rolling stock, equipment

$27,878

$9,377

-66%

35.1



Table 3 represents basic macroeconomic and foreign trade indicators for both countries.



Table 3. Macroeconomic Indicators for Russia and Latvia. Source: IMF World Economic Outlook Database, April 2015


Macroeconomic Indicator

Russia

Latvia

GDP in 2014, billion dollars

1,857.461

31.970

GDP in 2015, billion dollars

1,175.996

28.362

Inflation, average consumer prices, %

7.82

0.50

Volume of imported goods, billion dollars

282.6

13.9

Volume of exported goods, billion dollars

492.1

11.5

Unemployment rate, %

5.10

10.44

Population, millions

143.7

2.0


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