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“Of course, many economic indicators are currently showing strong growth rates, compared to the first wave of Covid-19 in the first half of last year, but exports this year were also 30% higher than in June 2019. The rapid growth of exports in June this year managed to achieve both due to the increase in production volumes in Latvian industry and the increase in the prices of Latvian wood products on world markets, “the banks point out”Citadel“economist Mārtiņš Āboliņš.
“Swedbank“Agnese Buceniece, a senior economist, says prices are still important. In June, producer prices for exported products rose by 15% year-on-year, while import prices rose by 9.2% in May, most likely in June. However, at least half of foreign trade The increase in turnover was driven by strong foreign demand, as well as the ability of Latvian producers to adapt production processes and supply to the changing situation of the pandemic.
The Ministry of Finance estimates that the rapid development of Latvia’s exports of goods in the first half of this year has more than offset the decline in exports of transport and tourism services, and in 2021 Latvia’s exports of goods and services could reach close to 10% in real terms.
“The current shortage of goods and supply disruptions create favorable conditions for Latvian exports, but at the same time put pressure on local industries to increase costs. We are also seeing sharp changes in Lithuanian and Estonian export figures, which show even slightly higher growth rates. a wave of morbidity to avoid disruptions and take advantage of favorable businessSEB bank “economist Dainis Gašpuitis.
In turn, banks “Luminor“Economist Pēteris Strautiņš notes that a significant factor of uncertainty in the near future is the delta version of the coronavirus. The recent past shows that it is unlikely to harm export demand. However, it may be a risk Another risk for the near future is that there are links in the world economy that are clearly no longer able to cope with the burden.
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