News > Current Account Positive, Overall Balance of Exports and Imports Posts a Small Surplus

Current Account Positive, Overall Balance of Exports and Imports Posts a Small Surplus

Riga, 14 July 2010. By the Latvian Institute.

In May 2010, the current account surplus reached LVL 82.1 million (EUR 116.8 mln), with exports exceeding imports by LVL 5.3 million (EUR 7.54 mln). Exports of services exceeded their imports while exports of goods were lower than imports; nevertheless, the overall balance was positive.

Artūrs Kaņepājs, Bank of Latvia Economics Expert, said that exports of services posted a somewhat lower year-on-year level as a result of freight transportation and travel services; however, a higher level of passenger transportation by air as well as the EU funds received by the government made a considerable positive contribution to the current account surplus. He indicated that data reveals that people prefer to spend less during their travel rather than cut the number of trips.

Kaņepājs forecasted: “It is highly likely that similar trends in services trade will persist also in the coming months. As to the overall annual forecast, a surplus of the current account is still expected, albeit smaller than last year due to lower private sector (foreign investors) losses. The overall balance of exports and imports will be close to balance.”

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