Economic affairs

02.12.2014. 19:09

Economic co-operation between Latvia and the United Kingdom

Trade in 2009 (source: Central Statistics Bureau  of Latvia)

  • Export:

1. Lithuania – 742 316 478 EUR or 15.52 % of total exports from Latvia

2. Estonia – 643 952 219 EUR or 13.46 %

3. Russia – 450 498 191 EUR or 9.42 %

4. Germany – 409 289 032 EUR or 8.56%

5. Sweden – 289 304 745 EUR or 6.05 %

    …                         

8. UK – 153 774 542 EUR or 3.21%

  • Import:

1. Lithuania – 984 952 448 EUR or 16.63 % of total imports to Latvia

2. Russia – 719 575 612 EUR or 12.15 %

3. Germany – 649 938 151 EUR or 10.98 %

4. Poland – 480 576 038 EUR or 8.12 %

5. Estonia – 431 470 921 EUR or 7.29 %

    …

21. UK – 70 296 204 EUR or 1.19 %

The turnover of the Latvia-UK trade in 2009 amounted to 224 070 746 EUR, the UK ranked 14th among Latvia's foreign trade partners. During this period Latvia had a positive trade balance with the UK at 83 478 338 EUR.

Main exports to the UK in 2009 by kind of goods

Type of goods

EUR

Share of total export

Total

153 774 542

100 %

Wood and articles of wood

Wood, sawn and chipped lengthwise – 76.72%

89 939 928

58.68%

Base metals and articles of base metals

Bars and rods of iron or non-alloy steel, not further worked than forged, hot-rolled – 70.65%

22 654 967

14.78%

Textiles and textile articles

Women's and girls' suits, ensembles, jackets, blazers, dresses, skirts, trousers, breeches and shorts – 32.65%

9 861 330

6.43%

Miscellaneous manufactured articles

8 430 960

5.50%

Machinery and mechanical appliances; electrical equipment

4 270 482

2.79%

Transport vehicles

3 784 886

2.47%

Products of chemical and allied industries

3 141 557

2.05%

Articles of stone, plaster, cement and asbestos; glass and glassware; ceramic products

2 980 954

1.94%

Live animals; animal products

2 824 691

1.84%

Food industry products

1 701 193

1.11%

Pulp of wood; paper and paperboard

784 864

0.51%

Vegetable products

767 656

0.50%

Precious and semi-precious stones; articles of precious metal or of metal clad with precious metal

611 326

0.40%

Plastics and articles thereof; rubber and articles thereof

610 210

0.40%

Other

1 409 538

0.91%

Main imports from the UK in 2009 by kind of goods

Type of goods

EUR

Share of total import

Total

70 296 204

100%

Machinery and mechanical appliances; electrical equipment

Machinery for working rubber or plastics or producing articles thereof – 14.81%

14 921 572

21.23%

Products of chemical and allied industries

Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products – 17.52%

11 029 912

15.69%

Textiles and textile articles

Worn clothing and worn textile articles  - 48.52%

10 739 745

15.28%

Base metals and articles of base metals

Refined copper and copper alloys – 62.13%

5 604 357

7.97%

Food industry products

5 249 423

7.47%

Transport vehicles

4 168 083

5.93%

Plastics and articles thereof; rubber and articles thereof

3 741 916

5.32%

Pulp of wood; paper and paperboard

3 276 936

4.66%

Optical instruments and apparatus (incl. Medical); clocks and watches; musical instruments

3 209 671

4.57%

Live animals; animal products

3 141 151

4.47%

Miscellaneous manufactured articles

1 576 308

2.24%

Vegetable products

1 071 344

1.52%

Mineral products

813 639

1.16%

Footwear, headgear, umbrellas, and other articles

550 766

0.78%

Raw hides and skins; leather, furskins and articles thereof

335 686

0.48%

Articles of stone, plaster, cement and asbestos; glass and glassware; ceramic products

327 477

0.47%

Precious and semi-precious stones; articles of precious metal or of metal clad with precious metal

260 125

0.37%

Fats and oils

159 088

0.23%

Wood and articles of wood

105 526

0.15%

Arms and ammunition

13 479

0.02%

Latvia-UK trade dynamics from 2004 to 2009, EUR

Year

Export

Import

2004

401 525 324

113 241 906

2005

397 190 196

114 580 132

2006

352 497 937

159 800 936

2007

375 574 161

162 033 932

2008

222 359 325

139 887 809

2009

153 774 542

70 296 204

Investment (source: Bank of Latvia, Lursoft)  

At the end of 2009, UK direct investment (positions) in Latvia amounted to 111.4 MLVL, but Latvia’s direct investment in the UK (positions) as of the same date was 4.3 million LVL[1].

As of 13 April 2010, there were 776 UK – Latvian joint ventures listed with the Enterprise Register of Latvia. The UK investment in share capital of Latvian companies totalled 220 MLVL[2].



[1] Statistics of Latvijas Banka

NB! Data complied by the Banka of Latvia presents Latvia's  investments where  positions exceed 0.1 million Lati at least at the end of one reporting period, but foreign investment in Latvia – where positions exceed 1 million Lati at least at  the end of one period.

[2] Data from the Register of Enterprises of Latvia compiled by Lursoft.