Estonia's exports up 17% on year in June in 2018

In June 2018, exports from Estonia amounted to 1.3 bln euros and imports to Estonia to 1.4 bln euros at current prices. The trade deficit was 153 mln euros (in June 2017, it was 114 mln euros).

In June 2018, the top destination countries of Estonia’s exports were Finland (15% of Estonia’s total exports of goods), Latvia (11%) and Sweden (10%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; mineral products (fuel additives, electricity) and transport equipment (motor cars) were the main commodities exported to Latvia; electrical equipment and wood and articles of wood were the main commodities exported to Sweden. The biggest increase occurred in exports to the USA (up by 52 mln euros), Singapore (up by 42 mln euros) and Latvia (up by 41 mln euros). In exports to the USA, the exports of electrical equipment (data communication equipment) increased the most. There was also an increase in the exports of mineral products to Singapore and Latvia. The biggest decrease occurred in exports to the Netherlands (down by 22 mln euros).

In June, the biggest share in the exports of goods was held by electrical equipment and mineral products (both 16% share of the total exports of goods), followed by wood and articles of wood (11%). The greatest increase was in the exports of mineral products (up by 77 mln euros) and wood and articles of wood and electrical equipment (both up by 25 mln euros).

The share of goods of Estonian origin in total exports was 74% in June 2018. The exports of goods of Estonian origin increased by 20% and re-exports by 7%. Increased exports in the commodity sections of mineral products (oil, shale oil, fuel additives) and wood and articles of wood (glue-laminated boards, sawn timber, wooden doors) and miscellaneous manufactured articles (prefabricated wood buildings) contributed to the increase in the exports of goods of Estonian origin.

The main countries of consignment in June 2018 were Finland (13% share of Estonia’s total imports of goods), Lithuania and Germany (both 10%). The main commodities imported were: mineral products and electrical equipment from Finland, mineral products and raw materials and products of chemical industry from Lithuania, and transport equipment and mechanical appliances from Germany. The biggest increase occurred in imports from Russia (up by 57 mln euros), Belarus (up by 47 mln euros) and Lithuania (up by 33 mln euros), where the imports of mineral products (motor spirit, fuel additives) increased the most.

The main commodities imported to Estonia were mineral products (18% of Estonia’s total imports of goods), electrical equipment (14%) and transport equipment (11%). The greatest increase was in the imports of mineral products (up by 153 mln euros), electrical equipment (up by 20 mln euros) and mechanical appliances (up by 17 mln euros).

In the 2nd quarter of 2018, exports of goods from Estonia amounted to 3.7 bln euros and imports to Estonia to 4.2 bln euros. The trade deficit in the 2nd quarter was 536 mln euros (in the 2nd quarter of 2017, it was 452 mln euros).

In the 2nd quarter of 2018, the growth in exports compared to the same period of the previous year was supported by increased exports of mineral products (up by 181 mln euros), wood and articles of wood (up by 57 mln euros), transport equipment (up by 37 mln euros), and miscellaneous manufactured articles (up by 36 mln euros). In the comparison of countries, exports have increased the most to the USA (up by 108 mln euros), Latvia (up by 101 mln euros) and Finland (up by 69 mln euros). At the same time, exports to Sweden have decreased the most (down by 58 mln euros).

(Source: http://www.baltic-course.com/eng/good_for_business/?doc=142199)