Analytics, EU – Baltic States, Industry, Latvia, Markets and Companies

As Latvia joined Eurozone in January 2014, the export indicator (external market turnover) is calculated in breakdown by turnover in Eurozone countries and turnover in Non-eurozone countries. The CSB data show that compared to December 2013 this indicator in January 2014 decreased by 6.5% in Eurozone and by 6% in Non-eurozone.

As compared to the previous month, the most notable turnover drop was recorded in manufacture of electrical equipment  – of 13.1% (decrease in export – of 20.3%, of which in Eurozone – of 25.8% and in Non-eurozone – of 18.7%, while in domestic market there was a growth of 8.7%); in manufacture of chemicals and chemical products  – of 11.7% (in domestic market – 11.8% and in export – of 11.6%, of which in the Eurozone – of 31.7%  while in Non-eurozone there was an increase of 2.6%); in manufacture of computer, electronic and optical products  – of 9.3% (in domestic market – of 19.6% and in export – of 4.4%, of which in Eurozone – of 2.9% and in Non-eurozone – of 5.2%). The total turnover decline both – in domestic market and export could also be observed in manufacturing sectors having the largest share in industrial production: in manufacture of food products – of 1% and in wood processing – of 4.4%. 

Compared to January 2013, manufacturing turnover in industry dropped by 3.5%, according to calendar adjusted data. This decrease was mainly influenced by export – of 10.7% (of which in Non-eurozone – of 16.6%, while there was a growth of 0.9% in Eurozone).

Changes in turnover of selected manufacturing sectors, January 2014 as % of January 2013 (calendar adjusted data)

It should be noted that many enterprises in January 2014 increased their turnover, as compared to the volume of produced goods, selling the goods manufactured in the previous year. It refers for example to wood processing, food production, printing, textile and wearing apparel manufacturing enterprises.

More information on seasonally adjusted, calendar adjusted and non-adjusted industrial production volume indices is available in the CSB database.

¹ Industrial turnover index characterises monthly changes in demand for industrial goods and services on the market. It includes turnover of  mining and quarrying, as well as of  industrial enterprises at current prices.Industrial turnover breakdown by domestic market and export is used as weights. Unlike industrial goods, turnover index is not deflated, i.e, price changes are not taken into account. Turnover only includes own-produced goods sold and industrial services provided.