Latvijas Banka, 2005 Pârpublicçjot obligâta avota norâde. The source is to be indicated when reproduced.

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 Latvijas maksâjumu bilance veidota atbilstoði Starptautiskâ Valûtas fonda "Maksâjumu bilances rokasgrâmatas" 5. izdevuma prasîbâm. Izdevumâ publicçtie pârskata ceturkðòa dati var tikt precizçti nâkamâ ceturkðòa publikâcijâ. 4. ceturkðòa publikâcijâ var tikt precizçti attiecîgâ gada ceturkðòu dati, savukârt 2. ceturkðòa publikâcijâ var tikt precizçti iepriekðçjo triju gadu ceturkðòu dati (galvenokârt, lai, veicot metodoloìiska rakstura pârmaiòas, dati bûtu salîdzinâmi ilgâkâ laika periodâ). Daþkârt sakarâ ar datu elektroniskâs apstrâdes tehnoloìijas specifiku skaitïu noapaïoðanas rezultâtâ iespçjamas nelielas atðíirîbas starp saskaitâmo kopsummu un uzrâdîto kopçjo apjomu. Latvijas maksâjumu bilances un starptautisko investîciju bilances publicçðanas datumi atrodami Starptautiskâ Valûtas fonda Datu izplatîðanas standartu biïetena padomes interneta lapâ (http://dsbb.imf.org). Latvijas maksâjumu bilance un starptautisko investîciju bilance visagrâk tiek publicçta Latvijas Bankas interneta lapâ (http:// www.bank.lv). Latvia's balance of payments is compiled in accordance with the guidelines of the IMF's publication Balance of Payments Manual, 5th Edition. In this publication, data of the reporting quarter may be subject to revision in the publication of the next quarter balance of payments. Publication of the fourth quarter may include revised quarterly data for the respective year, whereas the publication of the second quarter balance of payments may include revised quarterly data for the previous three years (primarily to ensure longer term data comparability upon making methodological adjustments). In some cases, electronic data processing technologies may have led to slight discrepancies between the total amount shown and the sum of the subitems. The IMF's Dissemination Standards Bulletin Board (http:// dsbb.imf.org) disseminates release dates for Latvia's balance of payments and international investment position. Latvia's balance of payments and international investment position are first made available at the Bank of Latvia's Internet site (http://www.bank.lv). Latvijas Banka, 2005 Pârpublicçjot obligâta avota norâde. The source is to be indicated when reproduced. 2

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 SATURS CONTENTS LATVIJAS MAKSÂJUMU BILANCES APSKATS 4 LATVIJAS MAKSÂJUMU BILANCES SAGATAVOÐANAS PAMATPRINCIPI 9 EIROPAS KOPIENAS EKONOMISKÂS DARBÎBAS STATISTISKÂ KLASIFIKÂCIJA (NACE) 21 TABULAS 23 Latvijas maksâjumu bilance (galvenie râdîtâji; 2000 2004) 24 Latvijas maksâjumu bilance ceturkðòu dalîjumâ (galvenie râdîtâji) 26 Latvijas maksâjumu bilance (2000 2004) 28 Latvijas maksâjumu bilance ceturkðòu dalîjumâ 40 Latvijas starptautisko investîciju bilance 52 Latvijas ârçjais parâds 58 Uzkrâtâs ârvalstu tieðâs investîcijas Latvijâ darbîbas veidu dalîjumâ 60 Uzkrâtâs ârvalstu tieðâs investîcijas Latvijâ valstu dalîjumâ 62 REVIEW OF THE BALANCE OF PAYMENTS 4 BASIC PRINCIPLES FOR COMPILING THE BALANCE OF PAYMENTS 9 STATISTICAL CLASSIFICATION OF ECONOMIC ACTIVITIES IN THE EUROPEAN COMMUNITY (NACE) 21 TABLES 23 Latvia's Balance of Payments (principal items; 2000 2004) 24 Latvia's Balance of Payments by Quarter (principal items) 26 Latvia's Balance of Payments (2000 2004) 28 Latvia's Balance of Payments by Quarter 40 Latvia's International Investment Position 52 Latvia's External Debt 58 Foreign Direct Investment Stock in Latvia by Kind of Activity 60 Foreign Direct Investment Stock in Latvia by Investing Country 62 3

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 LATVIJAS MAKSÂJUMU BILANCES APSKATS REVIEW OF THE BALANCE OF PAYMENTS Maksâjumu bilances tekoðâ konta negatîvais saldo 2005. gada 1. ceturksnî bija 198.0 milj. latu jeb 10.7% no iekðzemes kopprodukta (IKP; 2004. gada atbilstoðajâ periodâ 151.8 milj. latu jeb 9.5%). 1. ceturksnî salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu samazinâjâs preèu negatîvâ saldo attiecîba pret IKP. Tekoðâ konta negatîvâ saldo pieaugumu noteica tas, ka pakalpojumu un kârtçjo pârvedumu pozitîvâ saldo attiecîba pret IKP samazinâjâs un mazliet palielinâjâs ienâkumu negatîvâ saldo attiecîba pret IKP. Turpinâjâs 2004. gada otrajâ pusç aizsâkusies straujâ ârçjâs tirdzniecîbas attîstîba, par ko îpaði liecina eksporta izaugsme. To noteica spçcîgâ ekonomiskâ aktivitâte iekðzemç un augoðais ârçjais pieprasîjums, jo 1. ceturksnî bija vçrojams ekonomiskâs aktivitâtes kâpums Eiropâ. Salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu Latvijas preèu eksports 1. ceturksnî palielinâjâs par 36.5%, bet imports par 25.8%. 1 Importa pârsvars pâr eksportu saruka. Latvijas eksportâ 1 dominçja tradicionâlâs eksporta preces koks un koka izstrâdâjumi (26.0% no eksporta kopapjoma), parastie metâli un parasto metâlu izstrâdâjumi (15.1%), minerâlprodukti (10.6%), tekstilmateriâli un tekstilizstrâdâjumi (9.9%), lauksaimniecîbas un pârtikas preces (9.5%), tomçr vairâku preèu grupu nevienmçrîga attîstîba noteica eksporta strukturâlas pârmaiòas salîdzinâjumâ ar iepriekðçjo gadu. Koka un koka izstrâdâjumu îpatsvars no 35.9% 2004. gada 1. ceturksnî kritâs lîdz 26.0% 2005. gada 1. ceturksnî, jo ðîs preèu grupas izstrâdâjumu eksports janvâra vçtras postîjumu un siltâs ziemas ietekmç nepieauga salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu. Eksporta pieaugumu nodroðinâja minerâlprodukti, parastie metâli un parasto metâlu izstrâdâjumi, lauksaimniecîbas un pârtikas preces un mehânismi un mehâniskas ierîces, elektroiekârtas. Koka un koka izstrâdâjumu un tekstilmateriâlu un tekstilizstrâdâjumu eksports reâlajâ izteiksmç saruka, bet kopumâ 1. ceturksnî eksporta fiziskâ apjoma kâpums bija straujâks nekâ cenu pieaugums. Lai gan bija bûtisks gandrîz visu nozîmîgâko eksporta preèu cenu kâpums, minerâlproduktu, parasto metâlu un parasto metâlu izstrâdâjumu, lauksaimniecîbas un pârtikas preèu, mehânismu un mehânisku ierîèu, elektroiekârtu un satiksmes lîdzekïu izveduma reâlais apjoms palielinâjâs straujâk. Latvijas eksports 1 uz ES valstîm 1. ceturksnî pieauga par 32.6%, bet nedaudz saruka ðo valstu îpatsvars eksporta kopapjomâ. Strauji (attiecîgi par 65.3% un 42.2%) auga eksports uz NVS (Krieviju) un pârçjâm valstîm (Ðveici). ES valstu grupâ eksporta kâpumu noteica eksports uz ES10 valstîm (Igauniju, Lietuvu un Poliju), savukârt eksporta pieaugumâ uz ES15 valstîm dominçja Lielbritânija, Dânija, Somija un Îrija. Izveduma pieaugumu uz Ðveici un Poliju noteica minerâlprodukti, uz ES15 valstîm parastie metâli un parasto metâlu izstrâdâjumi, uz Igauniju un Lietuvu visas nozîmîgâkâs eksporta preces, îpaði parastie metâli un parasto metâlu izstrâdâjumi, uz Krieviju visas nozîmîgâkâs eksporta preces. Piecas nozîmîgâkâs partnervalstis (Lielbritânija, Vâcija, Igaunija, Lietuva un Zviedrija) saòçma pusi no Latvijas eksporta kopapjoma. Auga to valstu skaits, ar kurâm Latvijai bija pozitîva ârçjâs tirdzniecîbas bilance. In the first quarter of 2005, the current account deficit of the balance of payments was 198.0 million lats or 10.7% of gross domestic product (GDP; 151.8 million lats or 9.5% in the corresponding period of 2004). The goods deficit to GDP decreased year-on-year in the first quarter. The growth of the current account deficit was caused by a decrease in the surplus of services and current transfers to GDP and a slight increase in the income deficit to GDP. Foreign trade continued the buoyant development trend from the second half 2004, most notably manifested in export growth. This was determined by the high domestic economic activity and growing external demand as a result of a pickup in the economic activity in Europe in the first quarter. Exports of Latvia's goods grew by 36.5% and imports of goods 25.8% year-on-year in the first quarter. 1 Excess of imports over exports shrank. Latvia's exports 1 were dominated by the traditional export goods: wood and articles of wood (26.0% of total exports), base metals and articles of base metals (15.1%), mineral products (10.6%), textiles and textile articles (9.9%), agricultural and food products (9.5%); nevertheless, an uneven development in exports of several groups of goods caused year-on-year structural changes. The share of wood and articles of wood decreased from 35.9% in the first quarter of 2004 to 26.0% in the first quarter of 2005, as no year-on-year increase in exports for the products of this group was observed as a result of the January storm and the mild winter. Exports expanded on account of mineral products, base metals and articles of base metals, agricultural and food products, machinery and mechanical appliances, electrical equipment. In real terms, exports of wood and articles of wood, textiles and textile articles shrank; nevertheless, the overall growth of the export volume in the first quarter exceeded that of the prices. Although the prices of almost all major export goods rose significantly, the volume of exports of mineral products, base metals and articles of base metals, agricultural and food products, machinery and mechanical appliances, electrical equipment and transport vehicles in real terms expanded at a more rapid rate. In the first quarter, Latvia's exports 1 to the EU countries increased by 32.6%, whereas the share of these countries in total exports contracted slightly. Exports to the CIS countries (Russia) and other countries (Switzerland) grew rapidly (by 65.3% and 42.2%, respectively). In the EU countries group, exports picked up on account of the EU10 countries (Estonia, Lithuania and Poland), whereas the export growth to the group of the EU15 countries was dominated by the United Kingdom, Denmark, Finland and Ireland. The growth of exports to Switzerland and Poland was determined by mineral products, to the EU15 countries by base metals and articles of base metals, to Estonia and Lithuania by all major export goods, particularly base metals and articles of base metals, and to Russia by all major export goods. Five principal export partners of Latvia (the United Kingdom, Germany, Estonia, Lithuania and Sweden) received half of Latvia's total exports. The number of countries with which Latvia maintains a foreign trade surplus increased. 1 Latvijas Republikas Centrâlâs statistikas pârvaldes sagatavotie ârçjâs tirdzniecîbas dati. 1 Source for foreign trade statistics: Central Statistical Bureau of Latvia. 4

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 Nepalielinoties koka un koka izstrâdâjumu eksportam, Latvijas eksports uz nozîmîgâkajâm ES15 tirdzniecîbas partnervalstîm pieauga nedaudz. 1. ceturksnî salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu saruka Latvijas eksportçtâju tirgus daïas ðo valstu tirgos, bet pieauga Igaunijas un Lietuvas tirgos, uz kuriem savukârt bija nozîmîgs eksporta kâpums. Salîdzinâjumâ ar iepriekðçjo ceturksni tirgus daïas pieauga visâs ES nozîmîgâkajâs tirdzniecîbas partnervalstîs. Produktivitâtes kâpumu eksportçjoðajâs nozarçs veicinâja investîciju pieaugums. Turpinâja palielinâties preèu ar augstâku pievienoto vçrtîbu îpatsvars. Ârçjâs tirdzniecîbas nosacîjumi 1 1. ceturksnî uzlabojâs par 3.7% un veicinâja eksporta ienâkumu kâpumu, jo salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu eksporta vienîbas vçrtîba palielinâjâs straujâk nekâ importa vienîbas vçrtîba (pieaugums attiecîgi 14.2% un 10.1%). Lai gan eksporta cenu kâpums bija lielâks, arî eksporta fiziskais apjoms auga straujâk nekâ importa fiziskais apjoms. Salîdzinâjumâ ar iepriekðçjo ceturksni eksporta un importa vienîbas vçrtîbas pieaugums bija mçrens (attiecîgi 4.5% un 3.4%). 1. ceturksnî saglabâjâs lata reâlâ efektîvâ kursa indeksa (REK) 2 lejupejoðâ tendence, kas bija vçrojama kopð 2004. gada vidus. Tas salîdzinâjumâ ar iepriekðçjâ gada 4. ceturksni samazinâjâs par 1.9% un salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu par 1.5%. Tâdçjâdi saglabâjâs ârçjai tirdzniecîbai labvçlîgi konkurçtspçjas nosacîjumi. 1. ceturksnî REK saruka attiecîbâ pret visu nozîmîgâko tirdzniecîbas partnervalstu valûtâm, t.sk. pret attîstîto partnervalstu valûtâm par 1.0% un pret triju ES10 valstu un Krievijas valûtâm par 3.7%. Tomçr salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu REK attiecîbâ pret nozîmîgâko attîstîto tirdzniecîbas partnervalstu valûtâm nedaudz (par 0.8%) pieauga, bet situâcija triju ES10 valstu un Krievijas tirgos bija pretçja: REK attiecîbâ pret ðo valstu valûtâm samazinâjâs par 5.9%. Lai gan pozitîvâs REK pârmaiòas noteica lata nominâlâ efektîvâ kursa samazinâjums, tomçr pozitîvi vçrtçjama arî cenu lîmeòa pârmaiòu attiecîbas pret triju ES10 valstu un Krievijas valûtâm kriðanâs salîdzinâjumâ ar iepriekðçjo ceturksni (par 0.2%). To noteica inflâcijas sarukums Latvijâ 2005. gada pirmajos mçneðos un vienlaikus tâs pieaugums Igaunijâ, Lietuvâ un Krievijâ. Importa kâpumu 1 1. ceturksnî ietekmçja joprojâm augstais iekðzemes pieprasîjums un strauji augoðais eksports. Nozîmîgâkâs preèu grupas bija mehânismi un mehâniskas ierîces, elektroiekârtas (18.5% no importa kopapjoma), minerâlprodukti (16.1%), lauksaimniecîbas un pârtikas preces (11.6%), parastie metâli un parasto metâlu izstrâdâjumi (9.7%), íîmiskâs rûpniecîbas un tâs saskarnozaru raþojumi (9.4%) un satiksmes lîdzekïi (9.2%). Vislielâkais bija minerâlproduktu, lauksaimniecîbas un pârtikas preèu, mehânismu un mehânisku ierîèu, elektroiekârtu un parasto metâlu un parasto metâlu izstrâdâjumu importa pieaugums, bet satiksmes lîdzekïu ieveduma apjoms nemainîjâs salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu un reâlajâ izteiksmç pat kritâs. To noteica iepriekðçjâ gada atbilstoðâ perioda augstâ bâze. 1. ceturksnî turpinâjâs koka un 1 Latvijas Republikas Centrâlâs statistikas pârvaldes sagatavotie ârçjâs tirdzniecîbas dati. 2 REK aprçíinâ iekïautas 13 galvenâs tirdzniecîbas partnervalstis, t.sk. 9 attîstîtâs valstis (ASV, Dânija, Francija, Itâlija, Lielbritânija, Nîderlande, Somija, Vâcija un Zviedrija) un 3 ES10 valstis (Igaunija, Lietuva un Polija) un Krievija. With no increase in exports of wood and articles of wood, Latvia's exports to the major EU15 trade partner countries grew insignificantly. In the first quarter, the market shares of Latvia's exporters in the EU15 countries contracted year-on-year, whereas in Estonia and Lithuania expanded against the background of a significant rise in exports to those markets. The market shares in all major EU trade partner countries increased quarteron-quarter. Productivity growth in export sectors was supported by higher investment. The share of higher value-added goods continued to grow. In the first quarter, terms of trade 1 improved by 3.7% facilitating a rise in export income, as the year-on-year increase in the export unit value was steeper than that of the import unit value (14.2% and 10.1%, respectively). Although the export price rise was higher, the export volume also grew more rapidly than the import volume. The quarter-on-quarter increase in export and import unit value was moderate (4.5% and 3.4%, respectively). In the first quarter, the real effective exchange rate index of the lats (REER) 2 continued its downward trend from the middle of 2004. It declined by 1.9% quarter-on-quarter and 1.5% yearon-year, preserving competitiveness of exporters. In the first quarter, the REER posted a decrease against all major trade partner currencies, including against the currencies of developed partner countries by 1.0% and against the currencies of the three EU10 countries and Russia by 3.7%. Nevertheless, the REER against the currencies of the major developed trade partner countries increased slightly year-on-year (by 0.8%), whereas the markets of the three EU10 countries and Russia displayed an opposite trend, with the REER against the currencies of those countries declining by 5.9%. Although the positive REER developments were driven by a decline in the nominal effective exchange rate of the lats, the quarter-on-quarter decrease of the price change ratio against the currencies of the three EU10 countries and Russia (by 0.2%) is also to be considered a positive sign. The decrease was determined by the shrinking of inflation in Latvia in the first months of 2005 and, at the same time, its increase in Estonia, Lithuania and Russia. Growth of imports 1 in the first quarter was affected by the persistently high domestic demand and rapidly expanding exports. Machinery and mechanical appliances, electrical equipment (18.5% of total imports), mineral products (16.1%), agricultural and food products (11.6%), base metals and articles of base metals (9.7%), products of the chemical and allied industries (9.4%) and transport vehicles (9.2%) were the most important Latvia's import goods. The highest rise was recorded for imports of mineral products, agricultural and food products, machinery and mechanical appliances, electrical equipment, and base metals and articles of base metals, whereas the imports of transport vehicles remained unchanged year-on-year and even shrank in real terms due to the base effect. Imports of wood and articles of wood, and plastics and articles thereof continued to expand rather rapidly in the first quarter. Volume of imports grew more rapidly than the prices. The rise in imports of machinery and 1 Source for foreign trade statistics: Central Statistical Bureau of Latvia. 2 The basket of currencies is comprised of the currencies of 13 countries (9 developed countries: Denmark, Finland, France, Germany, Italy, the Netherlands, Sweden, the United Kingdom and the US; and three EU10 countries (Estonia, Lithuania and Poland) and Russia) that account for the largest share of Latvia's foreign trade. 5

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 koka izstrâdâjumu un plastmasu un to izstrâdâjumu importa samçrâ spçcîgs kâpums. Importa fiziskais apjoms auga straujâk nekâ tâ cenas. Mehânismu un mehânisku ierîèu, elektroiekârtu importa kâpumu noteica fiziskâ apjoma pieaugums, parasto metâlu un parasto metâlu izstrâdâjumu importa pieaugumu vairâk ietekmçja cenu kâpums, savukârt minerâlproduktu, lauksaimniecîbas un pârtikas preèu un plastmasu un to izstrâdâjumu ieveduma kâpumu ietekmçja abi faktori. Importâ nozîmîgâkâs partnervalstis 1 bija Vâcija, Lietuva, Krievija, Igaunija, Baltkrievija un Polija. No ðîm valstîm tika ievests nedaudz vairâk par pusi no importa kopapjoma. Lielâkais importa pieaugums bija no Lietuvas, Krievijas, Baltkrievijas, Polijas un Igaunijas. Ieveduma kâpumâ no Igaunijas un Polijas bija daþâdas nozîmîgas importa preces, bet importa kâpumâ no Krievijas, Lietuvas un Baltkrievijas noteicoðie bija minerâlprodukti. Pakalpojumu pozitîvais saldo 1. ceturksnî salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu mazliet saruka, jo saòemto pakalpojumu pieauguma temps (45.8%) bija straujâks nekâ sniegto pakalpojumu kâpuma temps (24.6%). Pârvadâjumu pakalpojumu pozitîvâ saldo palielinâðanâs (par 15.2 milj. latu; galvenokârt jûras transporta pârvadâjumos) nesedza braucienu negatîvâ saldo kâpumu (18.8 milj. latu) un citu pakalpojumu pozitîvâ saldo nelielo sarukumu. Braucienu negatîvais saldo palielinâjâs, ievçrojami augot Latvijas ceïotâju izdevumiem ârvalstîs. No 2.6 lîdz 3.3 diennaktîm palielinâjâs arî Latvijas ceïotâju vidçjais ceïojumu ilgums, bet ârvalstu ceïotâjiem Latvijâ tas nemainîjâs. 2 Savukârt skaita ziòâ lielâks bija ârvalstu ceïotâju skaita pieaugums. Ienâkumu negatîvais saldo 1. ceturksnî salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu palielinâjâs par 8.2 milj. latu, jo nerezidentu Latvijâ gûto ienâkumu apjoms pieauga vairâk nekâ rezidentu ârvalstîs gûto ienâkumu apjoms. Nerezidentu Latvijâ gûto ienâkumu apjoma kâpumâ dominçja tieðo investîciju ienâkumi (28.1 milj. latu; reinvestçtâs peïòas veidâ), bet mazâkâ apjomâ palielinâjâs arî portfeïieguldîjumu un citu ieguldîjumu ienâkumi. Savukârt rezidentu ârvalstîs gûto ienâkumu apjoms pieauga gan ieguldîjumu ienâkumu, gan atlîdzîbas nodarbinâtajiem veidâ. Ieguldîjumu ienâkumu apjoma kâpumu noteica banku procentu ienâkumi. Kârtçjo pârvedumu pozitîvais saldo salîdzinâjumâ ar iepriekðçjâ gada atbilstoðo periodu saruka par 9.8 milj. latu, jo 1. ceturksnî valdîba veica iemaksas ES budþetâ (28.5 milj. latu). Arî saòemto kârtçjo pârvedumu pieaugumu noteica valdîbas sektors (saòemtie ES fondu lîdzekïi). Kapitâla un finanðu konta pozitîvais saldo bija 172.3 milj. latu. Bûtiski palielinoties ârvalstu tieðo investîciju apjomam, to pozitîvais saldo 1. ceturksnî sedza 52.1% no tekoðâ konta negatîvâ saldo un sasniedza 5.6% no IKP. Ârvalstu tieðâs investîcijas Latvijâ (116.8 milj. latu) ieplûda galvenokârt elektroenerìijas, gâzes un ûdens apgâdes nozarç, finanðu starpniecîbâ, vairumtirdzniecîbâ un mazumtirdzniecîbâ, apstrâdes rûpniecîbâ un transporta, glabâðanas un sakaru nozarç reinvestçtâs peïòas un paðu kapitâla veidâ. Portfeïieguldîjumu saldo bija negatîvs (37.8 milj. latu), un to noteica rezidentu (banku) ieguldîjumu palielinâjums parâda vçrtspapîros. 1 Latvijas Republikas Centrâlâs statistikas pârvaldes sagatavotie ârçjâs tirdzniecîbas dati. 2 Latvijas Republikas Centrâlâs statistikas pârvaldes sagatavotie dati par tûrismu. 6

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 mechanical appliances, electrical equipment was underpinned by an increase in volume, imports of base metals and articles of base metals expanded primarily on account of higher prices, whereas the growth of imports of mineral products, agricultural and food products, and plastics and articles thereof was affected by both factors. Latvia's major trade partners in imports 1 were Germany, Lithuania, Russia, Estonia, Belarus and Poland. These countries accounted for slightly more than a half of total imports. Imports from Lithuania, Russia, Belarus, Poland and Estonia expanded the most notably. Imports from Estonia and Poland grew on account of various major import goods, whereas that from Russia, Lithuania and Belarus mainly on account of mineral products. In the first quarter, the services surplus decreased slightly yearon-year, as the growth rate of services received (45.8%) was higher than that of services rendered (24.6%). The increase of the transportation surplus (15.2 million lats; mainly due to a rise in sea transport) did not offset the growth of the travel services deficit (18.8 million lats) and the slight decrease of other services surplus. Travel services deficit rose due to a significant increase in spending of travellers from Latvia abroad. The average length of trip for travellers from Latvia increased from 2.6 to 3.3 visitor nights, whereas for foreign travellers in Latvia it remained unchanged. 2 The increase in the number of foreign travellers in Latvia was higher than that of travellers from Latvia abroad. The income deficit grew by 8.2 million lats year-on-year in the first quarter, as the increase of non-resident income in Latvia exceeded that of resident income abroad. The rise in non-resident income in Latvia was dominated by direct investment income (28.1 million lats; in the form of reinvested earnings), whereas the growth of portfolio investment and other investment income was more moderate. Resident income abroad increased both in the form of investment income and compensation to employees. The growth of investment income was determined by interest income of banks. The current transfer surplus decreased by 9.8 million lats yearon-year, because of contributions to the EU budget made by Latvia's Government in the first quarter (28.5 million lats). The growth of received current transfers was also determined by the Government sector (received EU funds). The surplus of the capital and financial account amounted to 172.3 million lats. With foreign direct investment inflows growing significantly, their net inflow covered 52.1% of the current account deficit in the first quarter and reached 5.6% of GDP. The inflows of foreign direct investment in Latvia (116.8 million lats) were mainly channelled to electricity, water and gas supply, financial intermediation, trade, manufacturing and transport, storage and communication in the form of reinvested earnings and equity capital. An increase in resident (bank) investment in debt securities resulted in net portfolio investment outflow (37.8 million lats). 1 Source for foreign trade statistics: Central Statistical Bureau of Latvia. 2 Source for tourism statistics: Central Statistical Bureau of Latvia. 7

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 Tekoðâ konta negatîvâ saldo segumâ saglabâjâs lîdzðinçjâ tendence finansçjumâ dominçja ilgtermiòa kapitâls. Daïu tekoðâ konta negatîvâ saldo 1. ceturksnî sedza arî citu ieguldîjumu pozitîvais saldo (149.0 milj. latu). Rezidentu citu ieguldîjumu apjoms ârvalstîs bija neliels. Banku pieprasîjuma noguldîjumu apjoms ârvalstîs pieauga, vienlaikus sarûkot nerezidentiem izsniegto îstermiòa aizdevumu apjomam un pieaugot citu sektoru izsniegto îstermiòa tirdzniecîbas kredîtu apjomam. Saistîbas pret nerezidentiem palielinâjâs, galvenokârt bankâm piesaistot nerezidentu ilgtermiòa aizòçmumus (no mâtesbankâm), kâ arî pieprasîjuma noguldîjumus. Rezerves aktîvi 1. ceturksnî palielinâjâs par 75.2 milj. latu, un to noteica Latvijas Bankas veiktie tagadnes darîjumi valûtas tirgû. The composition of the current account deficit coverage remained unchanged, and financing was dominated by long-term capital. In the first quarter, the current account deficit was partly covered also by the net inflow of other investment (149.0 million lats). Other investment made by residents abroad was modest. Demand deposits of banks abroad increased, whereas shortterm loans to non-residents shrank and short-term trade credit to other sectors grew. Liabilities to non-residents expanded, mainly with banks attracting long-term borrowing from nonresidents (parent banks) and demand deposits. Reserve assets increased by 75.2 million lats in the first quarter as a result of the Bank of Latvia's spot transactions on the foreign exchange market. 8

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 LATVIJAS MAKSÂJUMU BILANCES SAGATAVOÐANAS PAMATPRINCIPI 1. IEVADS Maksâjumu bilance ir statistikas pârskats par ekonomiskajiem darîjumiem starp vienas valsts rezidentiem un pârçjo pasauli (nerezidentiem) noteiktâ periodâ (mçnesî, ceturksnî, gadâ). Maksâjumu bilance ietver tekoðo kontu, kapitâla un finanðu kontu un statistisko novirzi. Latvijâ kopð 1992. gada maksâjumu bilanci sagatavo un publicç katru ceturksni. No 1992. gada lîdz 1999. gadam (ieskaitot) to veica Latvijas Republikas Centrâlâ statistikas pârvalde (tâlâk tekstâ CSP). Saskaòâ ar 1999. gada 10. augustâ parakstîto Latvijas Bankas un CSP lîgumu "Par valsts maksâjumu bilances sagatavoðanu", sâkot ar informâciju par 2000. gada 1. ceturksni, maksâjumu bilances sagatavoðana ir Latvijas Bankas pârziòâ. Statistisko informâciju maksâjumu bilances vajadzîbâm vâc saskaòâ ar "Valsts statistikas likumu", kas paredz, ka viena no institûcijâm, kuras Latvijas Republikâ organizç un veic valsts statistikas darbu, ir Latvijas Banka. Likumâ "Par Latvijas Banku" noteikts, ka Latvijas Banka vâc, reìistrç un apkopo maksâjumu bilances sagatavoðanai nepiecieðamos statistikas datus. 2. MAKSÂJUMU BILANCES INFORMÂCIJAS AVOTI Latvijas Banka gan pati vâc maksâjumu bilances sagatavoðanai nepiecieðamos statistikas datus, gan izmanto citu institûciju savâkto informâciju. Maksâjumu bilances informâcijas avoti ir ðâdi. TEKOÐAIS KONTS Preces Ârçjâs tirdzniecîbas statistika (CSP) Pârskatu par transporta un starpniecîbas pakalpojumiem kopsavilkums (LB) Pârskatu par zvejniecîbu kopsavilkums (CSP) Latvijas Bankas peïòas un zaudçjumu aprçíins (LB) Nebanku ârçjo maksâjumu statistika (LB) Pârvadâjumi Pârskatu par transporta un starpniecîbas pakalpojumiem kopsavilkums (LB) Nebanku ârçjo maksâjumu statistika (LB) Ârçjâs tirdzniecîbas statistika (CSP) Braucieni Latvijas Republikas robeþu ðíçrsojuðo personu apsekojuma statistika (CSP) Latvijas Republikas robeþu ðíçrsojuðo personu skaits (CSP) Nebanku ârçjo maksâjumu statistika (LB) Citi pakalpojumi Pârskatu par pakalpojumiem kopsavilkums (LB) Nebanku ârçjo maksâjumu statistika (LB) Banku sektora statistika (LB) Pârskats par pârapdroðinâðanas prçmijâm un atlîdzîbâm (FKTK) Pârskats par Latvijas Republikas vçstniecîbu, pârstâvniecîbu un konsulâtu ieòçmumiem un izdevumiem (ÂM) Pârskats par ârvalstu vçstniecîbâm, pârstâvniecîbâm un BASIC PRINCIPLES FOR COMPILING THE BALANCE OF PAYMENTS 1 INTRODUCTION The balance of payments is a statistical statement summarising the economic transactions of a country's residents with the rest of the world (non-residents) for a definite period of time (a month, a quarter, a year). The balance of payments consists of the current account, the capital and financial account, and net errors and omissions. Latvia's balance of payments has been compiled and published every quarter since 1992. From 1992 until 2000, this was done by the Central Statistical Bureau of Latvia (CSB). Pursuant to the agreement "On the Preparation of the National Balance of Payments" concluded between the Bank of Latvia and the CSB on August 10, 1999, the Bank is responsible for the compilation of the balance of payments as of the first quarter of 2000. Balance of payments statistics are collected in accordance with the Law "On State Statistics", which names the Bank of Latvia among those institutions that organise and conduct statistical work in the Republic of Latvia. Likewise, the Law "On the Bank of Latvia" stipulates that the Bank of Latvia shall collect, register and compile balance of payments statistics. 2 SOURCES FOR THE BALANCE OF PAYMENTS In compiling the balance of payments, the Bank of Latvia uses statistics collected by it and other institutions. Data sources are as follows. CURRENT ACCOUNT Goods Foreign trade statistics (CSB) Aggregated data on transportation and intermediary services (BL) Aggregated data on extraterritorial trade by shipping vessels (CSB) Bank of Latvia's profit and loss statement (BL) Statistics on non-bank external payments (BL) Transportation Aggregated data on transportation and intermediary services (BL) Statistics on non-bank external payments (BL) Foreign trade statistics (CSB) Travel Aggregated data on persons entering and leaving the country (CSB) Number of persons entering and leaving the country (CSB) Statistics on non-bank external payments (BL) Other services Aggregated data on services (BL) Statistics on non-bank external payments (BL) Banking statistics (BL) Reinsurance premiums and claims paid (FCMC) Aggregated data on revenue and expenditure of Republic of Latvia embassies, representative offices and consulates (MFA) Aggregated data on VAT repaid to foreign embassies, 9

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 konsulâtiem atmaksâto pievienotâs vçrtîbas nodokli (VID) Latvijas Bankas peïòas un zaudçjumu aprçíins (LB) Ârçjâs tirdzniecîbas statistika (CSP) Ienâkumi Banku sektora statistika (LB) Pârskats par investîcijâm kredîtiestâþu pamatkapitâlâ (FKTK) Pârskats par kredîtiestâþu auditçto gada peïòu/zaudçjumiem un to sadalîjumu (FKTK) Latvijas Bankas peïòas un zaudçjumu aprçíins (LB) Pârskatu par ârçjiem ieguldîjumiem kopsavilkums (LB) Pârskatu par fizisko personu noslçgtajiem lîgumiem darbam ârvalstîs kopsavilkums (LB) Darba statistika (CSP) Valdîbas ârçjais parâds (VK) Nebanku ârçjo maksâjumu statistika (LB) Pârskats par Latvijas Republikas vçstniecîbu, pârstâvniecîbu un konsulâtu ieòçmumiem un izdevumiem (ÂM) Pârskats par ârvalstu vçstniecîbu, pârstâvniecîbu un konsulâtu samaksâtajâm sociâlâs apdroðinâðanas obligâtajâm iemaksâm (VID) Kârtçjie pârvedumi Nebanku ârçjo maksâjumu statistika (LB) Saòemtie ES fondu lîdzekïi un iemaksas ES budþetâ (VK un FM) Tehniskâ palîdzîba (VK un FM) Ârçjâs tirdzniecîbas statistika (CSP) Banku sektora statistika (LB) Valsts budþeta ieòçmumi un izdevumi (VK) Starptautisko naudas pârvedumu kopsavilkums (CSP) Latvijas Bankas peïòas un zaudçjumu aprçíins (LB) Darba statistika (CSP) Pârskats par Latvijas Republikas vçstniecîbu, pârstâvniecîbu un konsulâtu ieòçmumiem un izdevumiem (ÂM) Izmaksâtâs pensijas (VSAA) KAPITÂLA KONTS Saòemtie ES fondu lîdzekïi (VK) Tehniskâ palîdzîba (VK un FM) Nebanku ârçjo maksâjumu statistika (LB) FINANÐU KONTS Tieðâs investîcijas Pârskatu par ârçjiem ieguldîjumiem kopsavilkums (LB) Banku sektora statistika (LB) Pârskats par investîcijâm kredîtiestâþu pamatkapitâlâ (FKTK) Pârskats par kredîtiestâþu auditçto gada peïòu/zaudçjumiem un to sadalîjumu (FKTK) Nebanku ârçjo maksâjumu statistika (LB) Birþâ kotçto uzòçmumu akciju cenas (RFB) Portfeïieguldîjumi Pârskatu par ârçjiem ieguldîjumiem kopsavilkums (LB) Banku sektora statistika (LB) Pârskats par investîcijâm kredîtiestâþu pamatkapitâlâ (FKTK) Latvijas Bankas bilance (LB) Valdîbas ârçjais parâds (VK) Nebanku ârçjo maksâjumu statistika (LB) representative offices and consulates (SRS) Bank of Latvia's profit and loss statement (BL) Foreign trade statistics (CSB) Income Banking statistics (BL) Aggregated data on investment in credit institutions' share capital (FCMC) Aggregated data on credit institutions' annual profit/loss, as verified by auditors, and its distribution (FCMC) Bank of Latvia's profit and loss statement (BL) Aggregated data on foreign investment (BL) Aggregated data on contracts concluded by natural persons for working abroad (BL) Labour statistics (CSB) Government external debt (ST) Statistics on non-bank external payments (BL) Aggregated data on revenue and expenditure of Republic of Latvia embassies, representative offices and consulates (MFA) Aggregated data on social security contributions by foreign embassies, representative offices and consulates (SRS) Current transfers Statistics on non-bank external payments (BL) Resources received from EU funds and contributions to the EU budget (ST and MF) Technical assistance (ST and MF) Foreign trade statistics (CSB) Banking statistics (BL) Statistics on the state budget revenue and expenditure (ST) Aggregated data on international cash transfers (CSB) Bank of Latvia's profit and loss statement (BL) Labour statistics (CSB) Aggregated data on revenue and expenditure of Republic of Latvia embassies, representative offices and consulates (MFA) Aggregated data on pension payments (SSSA) CAPITAL ACCOUNT Resources received from EU funds (ST) Technical assistance (ST and MF) Statistics on non-bank external payments (BL) FINANCIAL ACCOUNT Direct investment Aggregated data on foreign investment (BL) Banking statistics (BL) Aggregated data on investment in credit institutions' share capital (FCMC) Aggregated data on credit institutions' annual profit/loss, as verified by auditors, and its distribution (FCMC) Statistics on non-bank external payments (BL) Prices for enterprise shares quoted at the Stock Exchange (RSE) Portfolio investment Aggregated data on foreign investment (BL) Banking statistics (BL) Aggregated data on investment in credit institutions' share capital (FCMC) Bank of Latvia's balance sheet (BL) Government external debt (ST) Statistics on non-bank external payments (BL) 10

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 Atvasinâtie finanðu instrumenti Latvijas Bankas bilance (LB) Banku sektora statistika (LB) Pârskatu par vçrtspapîru darîjumiem kopsavilkums (FKTK) Nebanku ârçjo maksâjumu statistika (LB) Citi ieguldîjumi Pârskatu par ârçjiem ieguldîjumiem kopsavilkums (LB) Banku sektora statistika (LB) Latvijas Bankas bilance (LB) Valdîbas ârçjais parâds (VK) Pârskats par valdîbas kontu atlikumiem ârvalstîs (VK) Nebanku ârçjo maksâjumu statistika (LB) Rezerves aktîvi Latvijas Bankas bilance (LB) ÂM Latvijas Republikas Ârlietu ministrija CSP Latvijas Republikas Centrâlâ statistikas pârvalde FKTK Finanðu un kapitâla tirgus komisija FM Latvijas Republikas Finanðu ministrija LB Latvijas Banka RFB Rîgas Fondu birþa VID Valsts ieòçmumu dienests VK Valsts kase VSAA Valsts sociâlâs apdroðinâðanas aìentûra Financial derivatives Bank of Latvia's balance sheet (BL) Banking statistics (BL) Aggregated data on transactions with securities (FCMC) Statistics on non-bank external payments (BL) Other investment Aggregated data on foreign investment (BL) Banking statistics (BL) Bank of Latvia's balance sheet (BL) Government external debt (ST) Aggregated data on balance of government accounts abroad (ST) Statistics on non-bank external payments (BL) Reserve assets Bank of Latvia's balance sheet (BL) MFA Ministry of Foreign Affairs CSB Central Statistical Bureau of Latvia FCMC Financial and Capital Market Commission MF Ministry of Finance BL Bank of Latvia RSE Riga Stock Exchange SRS State Revenue Service ST State Treasury SSSA State Social Security Agency 3. TEKOÐAIS KONTS Tekoðais konts râda noteiktâ periodâ veikto preèu un pakalpojumu eksportu un importu, ienâkumus un izdevumus (darba samaksu, dividendes, procentus) un kârtçjos pârvedumus (pensijas, dâvinâjumus, nodokïus u.c.), kas nav paredzçti ieguldîjumiem. 3.1. Preces Postenî "Preces", kas atspoguïo noteiktâ periodâ veikto preèu eksportu un preèu importu, ietver vispârçjâs nozîmes preces, preces pârstrâdei, preèu remontu, transporta organizâciju iegâdâtâs preces un nemonetâro zeltu. 3.1.1. Vispârçjâs nozîmes preces Informâciju par vispârçjâs nozîmes precçm gûst no CSP apkopotâs ârçjâs tirdzniecîbas statistikas datiem. Tie ietver INTRASTAT mçneða pârskatu datus par preèu tirdzniecîbas darîjumiem ar Eiropas Savienîbas valstîm un muitas kravu deklarâciju datus par preèu tirdzniecîbas darîjumiem ar treðajâm valstîm. Ârçjâs tirdzniecîbas statistikas dati Latvijâ tiek sagatavoti, izmantojot speciâlâs tirdzniecîbas sistçmas shçmu (preèu eksportâ un preèu importâ neiekïauj ârvalstîs raþoto preèu ievedumu muitas noliktavâs un izvedumu no muitas noliktavâm uz ârvalstîm). Eksporta apjomâ iekïauj preces, ko izved pârdoðanai ârvalstîs, reeksportu, t.i., Latvijâ importçtâs preces, kas izvestas atpakaï uz ârvalstîm, un humâno un lîdzîgu palîdzîbu. Importa apjomâ iekïauj preces, kas deklarçtas patçriòam Latvijâ, un humâno un lîdzîgu palîdzîbu. Ârçjâs tirdzniecîbas statistikâ preèu eksportu uzrâda FOB 1 cenâs, bet preèu importu CIF 2 cenâs. FOB cena ietver preces vçrtîbu un transporta un apdroðinâðanas izmaksas lîdz eks- 1 Free on board franko uz kuìa klâja. 2 Cost, insurance, freight preces cena, apdroðinâðana, vedmaksa. 3 CURRENT ACCOUNT The current account shows exports and imports of goods and services, income (salaries, wages, other benefits, dividends, interest payments), as well as current transfers (pensions, donations, taxes, etc.), which are not intended for investment, in a specified period of time. 3.1 Goods Goods covers exports and imports of general merchandise, goods for processing, repairs on goods, goods procured in ports by carriers, and non-monetary gold in a specified period of time. 3.1.1 General Merchandise Data on general merchandise are derived from foreign trade statistics, provided by the CSB. They include INTRASTAT monthly data on trading of goods with the Member States of the European Union and customs declaration data on trading of goods with third countries. In compiling foreign trade statistics, the special trade system scheme is used. This means that where goods produced abroad are imported to and exported from customs warehouses such imports and exports are excluded from the total. Exports include goods taken out of the country for trading abroad, re-exports, i.e. exports of goods previously imported to Latvia for exporting back to foreign countries, humanitarian and similar aid. Imports include goods declared for domestic consumption, humanitarian and similar aid. In foreign trade statistics, exported goods are stated in FOB 1 value, while imported goods are stated in CIF 2 value. FOB value is the price of a commodity on the border of the exporting country, which includes the transportation and insurance costs 1 Free on board. 2 Cost, insurance, freight. 11

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 portçtâjvalsts robeþai. CIF cena ietver preces vçrtîbu un transporta un apdroðinâðanas izmaksas lîdz importçtâjvalsts robeþai. Lai nodroðinâtu atbilstîbu starptautiskajiem standartiem, saskaòâ ar kuriem preèu eksports un preèu imports maksâjumu bilancç uzrâdâms FOB cenâs, CSP katru mçnesi veic preèu importa datu korekcijas, izmantojot koeficientus, kuri râda FOB un CIF cenu vidçjo attiecîbu 1998. un 1999. gadâ (lîdz 2000. gadam preèu imports muitas kravu deklarâcijâs tika uzrâdîts gan FOB, gan CIF cenâs). Lai nodroðinâtu preèu importa ìeogrâfisko dalîjumu un gûtu korektu informâciju par kravu pârvadâjumiem, korekcijas veic individuâli katram transporta veidam un preces izcelsmes valstij rezidentu un nerezidentu dalîjumâ. Ja muitas kravas deklarâcijâ preèu vçrtîba norâdîta ârvalstu valûtâ, ðo vçrtîbu pârrçíina latos pçc Latvijas Bankas noteiktâ attiecîgâs ârvalstu valûtas kursa muitas kravas deklarâcijas aizpildîðanas dienâ. Ârçjâs tirdzniecîbas statistikâ tiek iekïauta arî informâcija par elektroenerìijas un dabasgâzes eksportu un importu. Papildus ârçjâs tirdzniecîbas statistikas datiem tiek ietverta informâcija no CSP apkopotajiem pârskatiem par tirdzniecîbas apjomu uz kuìiem, kas zvejo eksteritoriâlajos ûdeòos, informâcija (vçrtîbas korekcija) par Latvijâ raþotajâm un muitas noliktavâs ievestajâm precçm, kuras tiek eksportçtas (preces novçrtç tajâs paðâs cenâs, kâdas tâm reìistrçtas, ievedot muitas noliktavâs), informâcija no Latvijas Bankas peïòas un zaudçjumu aprçíina par banknoðu drukâðanas un monçtu kalðanas izdevumiem un Latvijas Bankas apkopotâs nebanku ârçjo maksâjumu statistikas. 3.1.2. Preces pârstrâdei Preces pârstrâdei atspoguïo preces pârstrâdei Latvijâ un ârvalstîs. Preces pârstrâdei Latvijâ ir pârstrâdei importçtâs preces ar saistîbâm par atpakaïizveðanu un pçc pârstrâdes eksportçtâs preces. Preces pârstrâdei ârvalstîs ir pârstrâdei eksportçtâs preces ar saistîbâm par atpakaïieveðanu un pçc pârstrâdes importçtâs preces. Visus darîjumus reìistrç pilnâ vçrtîbâ (pârstrâdei ievesto vai izvesto preèu vçrtîba un pçc pârstrâdes izvesto vai ievesto preèu vçrtîba). Informâciju par precçm pârstrâdei gûst, izmantojot CSP ârçjâs tirdzniecîbas statistikas datus, kas aprçíinâti, pamatojoties uz INTRASTAT mçneðu pârskatu un muitas kravu deklarâciju datiem (pârrçíinot cenas saskaòâ ar 3.1.1. punktâ minçto metodoloìiju). 3.1.3. Preèu remonts Preèu remonta eksportâ ietver to remontdarbu vçrtîbu, kurus veikuði rezidenti, remontçjot nerezidentu îpaðumâ esoðos transportlîdzekïus, bet preèu remonta importâ to remontdarbu vçrtîbu, kurus veikuði nerezidenti, remontçjot rezidentu îpaðumâ esoðos transportlîdzekïus. Informâciju par preèu remontu gûst no CSP veiktajiem aprçíiniem, izmantojot INTRASTAT mçneðu pârskatu un muitas kravu deklarâciju datus, Latvijas Bankas apkopoto pârskatu par transporta un starpniecîbas pakalpojumiem kopsavilkuma un nebanku ârçjo maksâjumu statistikas. only up to the border. CIF value is the price of a commodity on the border of the importing country, which includes the transportation and insurance costs only up to the border. To provide for compliance with international standards, which require that exports and imports be presented on a FOB basis in the balance of payments data for imports of goods are adjusted every month. Adjustments, based on ratios showing the average relation between FOB and CIF values in 1998 and 1999, are made by the CSB on a monthly basis (until 2000, imported goods in customs declarations were in both FOB and CIF values). To ensure the breakdown of imports of goods by country and to obtain correct information on freight, adjustments are made for each mode of transport and country of goods' origin, stating separately resident carriers and non-resident carriers. Where the price of goods in a customs cargo declaration is stated in a foreign currency, it is translated into lats, applying the Bank of Latvia's exchange rate as on the day the customs cargo declaration was filled out. Foreign trade statistics also include data on exports and imports of electricity and natural gas. In addition to foreign trade statistics, the following data sources are used: reports on extraterritorial trade by shipping vessels (data compiled by the CSB), CSB information (value adjustment) on goods produced in Latvia and exported from customs warehouses (such goods are stated at the prices they have upon entering customs warehouses), information on banknote production and coinage costs from the Bank of Latvia's profit and loss statement, and statistics on non-bank external payments, compiled by the Bank of Latvia. 3.1.2 Goods for Processing Goods for processing covers goods for processing both in and outside Latvia. Goods for processing in Latvia includes imports of goods for processing and subsequent exports of these goods. Goods for processing abroad includes exports of goods for processing and subsequent imports of these goods. All transactions are recorded on a gross basis (the value of goods imported or exported for processing and the value of goods exported or imported after processing). Data on goods for processing are derived from foreign trade statistics, which is compiled by the CSB based on the data of INTRASTAT monthly reports and customs cargo declarations (prices are recalculated in accordance with the methodology described in section 3.1.1). 3.1.3 Repairs on Goods Credit entries under Repairs on goods cover the value of repairs performed by residents on transport vehicles owned by nonresidents, while debit entries, the value of repairs performed by non-residents on transport vehicles owned by residents. The CSB derives the relevant information from data of INTRASTAT monthly reports and customs cargo declarations, as well as the Bank of Latvia's aggregated data on transportation and intermediary services, and statistics on non-bank external payments. 12

LATVIJAS MAKSÂJUMU BILANCE 1 2005 LATVIA'S BALANCE OF PAYMENTS 1 2005 3.1.4. Transporta organizâciju iegâdâtâs preces Transporta organizâciju iegâdâtâs preces ir preces, ko nerezidentu transporta organizâcijas iegâdâjas Latvijâ (eksports), bet rezidentu transporta organizâcijas ârvalstîs (imports). Ðo datu avots ir Latvijas Bankas apkopoto pârskatu par transporta un starpniecîbas pakalpojumiem kopsavilkums. 3.1.5. Nemonetârais zelts Informâciju par nemonetârâ zelta (zelts, kas neietilpst rezerves aktîvos) eksportu un importu gûst, izmantojot Latvijas Bankas apkopotos nebanku ârçjo maksâjumu statistikas datus. 3.2. Pakalpojumi 3.2.1. Pârvadâjumi Pârvadâjumi ir visi vienas valsts rezidentu sniegtie transporta pakalpojumi nerezidentiem. Tie ietver pasaþieru pârvadâjumus, kravu pârvadâjumus, transportlîdzekïu nomu (kopâ ar apkalpi) un citus transporta pakalpojumus un palîgdarbîbas. Transporta pakalpojumus atspoguïo maksâjumu bilances apakðposteòos "Jûras transports", "Gaisa transports" un "Cits transports" (dzelzceïa, auto un cauruïvadu transports). Latvijâ informâciju par transporta pakalpojumiem gûst no Latvijas Bankas apkopoto pârskatu par transporta un starpniecîbas pakalpojumiem kopsavilkuma un nebanku ârçjo maksâjumu statistikas. Izmanto arî CSP apkopotos ârçjâs tirdzniecîbas statistikas datus un, lietojot 3.1.1. punktâ minçto aprçíina metodiku, iegûst starpîbu starp importçto preèu CIF un FOB cenâs noteikto vçrtîbu. No ðîs starpîbas nodalîto pârvadâjumu daïu uzrâda maksâjumu bilances postenî "Pârvadâjumi" atbilstoði transporta veidam. Datus par pasaþieru pârvadâjumiem ar gaisa transportu gûst, aprçíinos izmantojot valsts a/s "Starptautiskâ lidosta "Rîga"" sniegto informâciju par aizlidojuðo pasaþieru skaitu aviokompâniju dalîjumâ, CSP datus par Latvijas Republikas robeþu ar gaisa transportu ðíçrsojuðo rezidentu un nerezidentu skaitu mçnesî un datus par katras aviokompânijas aviobiïeðu vidçjo cenu. 3.2.2. Braucieni Postenî "Braucieni" ietver visas nerezidentu iegâdâtâs preces un saòemtos pakalpojumus Latvijâ un visus pirkumus (izmaksas), ko rezidenti veikuði ârvalstîs brauciena laikâ. Ðajâ postenî neietver pasaþieru starptautiskos pârvadâjumus. Par ceïotâju uzskata personu, kas ieradusies nerezidences valstî personiskâ vai darîjumu braucienâ un uzturas ðajâ valstî ne ilgâk par vienu gadu. Izòçmums ir studenti, praktikanti un medicînas iestâþu pacienti, kas tiek uzskatîti par ceïotâjiem neatkarîgi no uzturçðanâs laika nerezidences valstî. Informâcijai par braucieniem izmanto CSP apkopoto Latvijas Republikas robeþu ðíçrsojuðo personu apsekojuma statistiku. Robeþkontroles punktos ceïotâjus aptaujâ èetras reizes gadâ, gûstot informâciju par nerezidentu izdevumiem Latvijâ un par Latvijas rezidentu izdevumiem ârvalstîs. Ar matemâtisko metoþu palîdzîbu nosaka vienas personas vidçjos izdevumus un, ðos datus vispârinot, aprçíina kopçjos ceïotâju izdevumus. Aprçíinos izmanto Latvijas Republikas Valsts robeþsardzes reìis- 3.1.4 Goods Procured in Ports by Carriers Goods procured in ports by carriers covers goods procured by non-resident carriers in Latvia (exports) and resident carriers abroad (imports). Data are derived from aggregated data on transportation and intermediary services, compiled by the Bank of Latvia. 3.1.5 Non-Monetary Gold Data on exports and imports of non-monetary gold (gold that is not included in reserve assets) are derived from the Bank of Latvia's statistics on non-bank external payments. 3.2 Services 3.2.1 Transportation Transportation covers all transportation services rendered by residents of an economy to non-residents that involve the carriage of passengers, the movement of goods (freight), rentals (charters) of carriers with crew, and related supporting and auxiliary services. Transportation services are subdivided in the following categories: Sea transport, Air transport and Other transport. The latter includes transportation by rail, road and pipeline. Data on transportation services rendered are derived from the Bank of Latvia's aggregated data on transportation and intermediary services and from statistics on non-bank external payments. Also, CSB foreign trade statistics are used to obtain, in accordance with the calculation methodology described in section 3.1.1, the difference between CIF and FOB values of imported goods. The share of transportation is set apart from the obtained figure and included under Transportation in the balance of payments. Data on passenger transportation by air are obtained by calculation, using data on the number of departing passengers by airlines, submitted by the international airport Riga, CSB data on the monthly number of residents and non-residents crossing the state border by air and information on the average prices of airline tickets. 3.2.2 Travel Travel covers all goods and services purchased by non-resident travellers in Latvia and all purchases (expense) made by residents when travelling outside Latvia. The international carriage of travellers, however, is excluded. A traveller is an individual staying in an economy where he/she is not a resident for less than one year for the purpose of personal or business travel. This does not apply to students, trainees and medical patients, who remain residents of their economies of origin even if they stay in another economy for more than a year. Data on travel are derived from CSB aggregated data on persons entering and leaving the country. Travellers are polled at border control points four times a year thus obtaining information about non-residents' spending in Latvia and residents' spending abroad. The average spending of a traveller is calculated by using mathematical methods; and thereafter, total spending of travellers is obtained. The number of travellers is available from the 13