Latvia Trade Gap Widens In July

(RTTNews) - Latvia's foreign trade deficit increased in July from a year ago, as exports grew faster than imports, preliminary data from the statistical office showed on Wednesday.

The trade deficit rose to EUR 453.7 million in July from EUR 223.2 million in the corresponding month last year. In June, the shortfall was EUR 476.0 million.

Exports climbed 14.9 percent annually in July, and imports were 7.3 percent higher.

The country exported 2.3 times more mineral fuels, mineral oils, and products of their distillation in July, and outflows of machinery and mechanical appliances advanced 27.2 percent. On the other hand, the country imported 23.9 percent more pharmaceutical products.

On a monthly basis, both exports and imports increased by 4.9 percent and 2.8 percent, respectively, in July.