Baltic Exports Hit Hard from the Russian Trade Embargo

CEIC Macro Watch Global #46 - July 31, 2015 One year since the introduction of the Russian embargo on European Union agricultural products imposed in August 2014 as a ‘tit-for-tat’ measure, exports from the Baltic states are showing the effects. Estonia, the largest Baltic exporter, has been hit the hardest, with its exports declining by 5.8% year-on-year (YoY) in May 2015, weighed down by exports to Russia falling by 41.6% YoY in the same period. Latvia and Lithuania were not as affected, their total exports falling by 2.8% YoY and 2.2% YoY respectively. The biggest export losses can be seen in the food sector, such as dairy products which have slumped for all three Baltic States. Estonia’s exports of dairy products, eggs and honey decreased by 40.3% YoY in May 2015%, Lithuania’s fell by 33.3% YoY and Latvia’s – by 30.3%, making them one of the most embargo-affected sectors. By Marcin Workowski in Poland - CEIC Analyst Discuss this post and many other topics in our LinkedIn Group (you must be a LinkedIn member to participate). Request a Free Trial Subscription. Back to Blog
3rd August 2015 Baltic Exports Hit Hard from the Russian Trade Embargo

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