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33% rise in exports

By Anatol Steven. 20.12.2011

Wood exports
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Latvia posts one of the biggest rises in exports in the EU.

Latvia has posted a 33% rise in exports for the first nine months of 2011 – the fifth biggest increase among European Union member states, but not quite as sizeable a surge as seen in Estonia or Lithuania.
However, the three Baltic countries’ dependence on exports leaves the economies open to shocks or a slowdown elsewhere in the EU that is likely to occur in 2012.
Exports grew by 47% in Estonia, 46% in Malta, 42% in Greece and 35% in Lithuania, according to data from the EU’s statistics office Eurostat.
Latvia’s foreign trade deficit was €1.4 billion at the end of September, compared to €1.1 billion a year ago.
All EU member states recorded increases in exports for the period, with Bulgaria's exports increasing as much as Latvia’s, by 33%. One major decline was seen in imports, which fell in Greece by 20%, reflecting the severity of the transformation continuing there.
[pictured: Wood being exported from the Latvian port in Skulte, 50 km north of Riga, to Finland, Sweden and Norway; EPA Photo / AFI / Aigars Jansons]


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