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In August, exports decreased by 6% and imports by 3% in Estonia

According to Statistics Estonia, in August 2015, exports of goods decreased by 6% and imports by 3% compared to August of the previous year. The decrease in exports was mostly influenced by a fall in the trade of electrical equipment, metals and products thereof, and mineral products.

In August, exports from Estonia amounted to 0.9 billion euros and imports to Estonia to 1 billion euros at current prices. The trade deficit was 124 million euros and it increased by 32 million euros compared to August 2014.

The biggest share in Estonia’s exports in August was held by electrical equipment (22% of Estonia’s total exports), followed by wood and products thereof (10%), and mineral products (10%). The biggest decrease occurred in the exports of electrical equipment (down by 29 million euros), mineral products (down by 15 million euros), and metals and products thereof (down by 15 million euros). Compared to the same month of 2014, the biggest increase occurred in the exports of mechanical appliances and wood and products thereof (up by 10 million and 6 million euros, respectively).  

In August, the main commodities imported were electrical equipment (18% of Estonia’s total imports), agricultural products and food preparations (11%), mineral products (10%) and mechanical appliances (10%). The drop in imports was influenced the most by a decrease in the imports of mineral products (down by 33 million euros) and transport equipment (down by 8 million euros). At the same time, the imports of mechanical appliances increased by 11 million euros.

The top destination country of Estonia’s exports in August was Sweden (19% of Estonia’s total exports), followed by Finland (17%) and Latvia (11%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and metals and products thereof were the main commodities exported to Finland; mineral products (incl. electricity) and agricultural products and food preparations were the main commodities exported to Latvia.

The biggest decrease occurred in exports to Russia and the USA (both down by 14 million euros) and Latvia (down by 13 million euros). Exports to Russia decreased mainly due to decrease in the exports of raw materials and products of the chemical industry (incl. organic chemicals and caulking compounds), agricultural products and food preparations (incl. spirits), and textiles and textile articles (incl. overcoats, jackets, suits). Exports to the USA and Latvia decreased mainly due to a decrease in the exports of electrical equipment. At the same time, there was a significant increase in exports to the Netherlands (up by 12 million euros) and the United Kingdom (up by 11 million euros). Exports to the Netherlands grew on account of mineral products (incl. fuel oils), and exports to the United Kingdom – due to the increased dispatches of wood and products thereof (incl. pellets).

The main countries of consignment in August were Finland (14% of Estonia’s total imports), Germany (11%) and Lithuania (11%). The main commodities imported were mineral products (incl. motor spirits, electricity) and electrical equipment from Finland; mechanical appliances and transport equipment from Germany; mineral products and agricultural products and food preparations from Lithuania. The biggest decrease occurred in imports from Italy (down by 20 million euros), Finland (down by 14 million euros) and Germany (down by 11 million euros). Imports from Italy decreased mainly due to a drop in the imports of transport equipment; imports from Finland and Germany fell due to the decreased imports of mineral products. At the same time, the greatest increase occurred in the imports from the Netherlands and Lithuania (up by 12 million and 8 million euros, respectively).

In August compared to July 2015, exports decreased by 4% and imports by 7%.

(source: http://www.baltic-course.com/eng/analytics/?doc=111492)

12.10.2015

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