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Latvia registers EU's fifth steepest drop in exports in first nine months

By Editor. 18.12.2009

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Latvia's exports declined 27 percent in the first nine months of 2009, compared to the same period last year, which was the fifth steepest decrease in the European Union, according to the latest "Eurostat" data.

All EU countries' export volumes have decreased, with the biggest falls recorded in Finland - 36 percent, Lithuania - 32 percent, Sweden - 29 percent and Bulgaria - 29 percent. Estonia's exports fell 26 percent, informs Leta.

Although Latvia's exports this year have decreased slightly less than those of the neighbor countries, the export volume of Latvia is still much smaller than those of Estonia and Lithuania. Latvia's exports totaled EUR 3.8 billion in the first nine months, compared to Estonia's EUR 4.7 billion and Lithuania's EUR 8.5 billion.

The smallest decreases in export volumes were registered in Ireland - 1 percent, Luxembourg - 13 percent, as well as Greece, Denmark and Romania - by 18 percent each.

The EU's largest exporters in the first nine months were Germany, Netherlands and France with export volumes of, respectively, EUR 587.3 billion, EUR 260.4 billion and EUR 251.1 billion.

The EU's imports also decreased sharply in the first nine months, with the biggest decreases reported by Lithuania (42 percent), Latvia (41 percent), Bulgaria and Romania (36 percent), and Estonia (35 percent). The smallest decreases were registered in Malta (19 percent) and Germany (19 percent).

As Latvia's imports decreased more than exports, the foreign trade deficit decreased to EUR 1.2 billion, compared to EUR 3.2 billion a year ago.

Germany had the biggest foreign trade surplus of EUR 91.7 billion, followed by Ireland with EUR 29.7 billion and Netherlands with EUR 27.9 billion foreign trade surplus.

The largest foreign trade deficits were registered in Great Britain (EUR 69.9 billion), France (EUR 38.6 billion) and Spain (EUR 36.8 billion).




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