Baltic foreign trade on the rise

RIGA -- Data from the three Baltic states has revealed that all three countries saw a sharp increase in foreign trade over the past year.

The increase is a strong indication that the Baltic economies -- as well as the economies of their closest trading parters -- are increasingly healthy.

According to Statistics Lithuania, in June exports increased by 32.4 and imports by 31.3 percent year-on-year. In the first half of 2011 (January to June), compared to the same period in 2010, exports and imports increased by 41.2 and 41.9 per cent respectively.

In Latvia, meanwhile, the national statistics agency reports 30.2 percent more export volume than in June 2010, and 27.4 percent more imports. The vast majority of Latvian imports and exports -- both more than 70% -- were in trade with other EU countries.

Statistics Estonia reports similar figures. "Exports increased by 43% and imports by 33% compared to June of the previous year," the statistics agency said. The largest share of both exports and imports were from machinery and equipment.