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In September, exports grew faster than imports

According to Statistics  Estonia, in September 2016, the exports of goods increased by 13% and imports by  2% compared to September of the previous year. In the third quarter as a whole  exports grew 7%.

In September, exports from Estonia amounted to 1.1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 62 million euros (in September 2015, it was 161 million euros).

The top destination country of Estonia’s exports in September was Sweden (15% of Estonia’s total exports), followed by Finland (15%) and Latvia (10%). The biggest increase occurred in exports to the Netherlands, Mexico and Germany (up by 33 million, 26 million and 16 million euros, respectively). Compared to September 2015, more mineral products were exported to the Netherlands and more electrical equipment to Mexico and Germany. Exports to the main destination country Sweden decreased by 13 million euros.

The biggest share in Estonia’s exports in September was held by electrical equipment, followed by mineral products, agricultural products and food preparations and miscellaneous manufactured articles. The increase in exports was greatly influenced by the exports of mineral products (incl. motor spirits, shale oil), electrical equipment (incl. communication equipment) and mechanical appliances (incl. industrial equipment). There was a decrease in the exports of agricultural products and food preparations.

The share of goods of Estonian origin in total exports was 71% in September. Compared to September 2015, the exports of goods of Estonian origin increased by a tenth and re-exports, i.e. the exportation of goods imported from a foreign country, by a fifth. The exports of goods of Estonian origin were influenced the most by a rise in the exports of mineral products, electrical equipment and mechanical appliances. Among goods of Estonian origin, the biggest decrease occurred in the exports of agricultural products and food preparations.

The main countries of consignment in September were Finland (13% of Estonia’s total imports), Germany (12%), Lithuania (10%) and Latvia (10%). The biggest rise occurred in imports from the Netherlands, Russia and the Czech Republic. Compared to September 2015, there was a growth in the imports of electrical equipment from the Netherlands, of mineral products from Russia and of electrical equipment from the Czech Republic. The greatest decrease occurred in imports from Finland.

In September, the main commodities imported to Estonia were electrical equipment, agricultural products and food preparations, and transport equipment. The growth in imports was influenced the most by the imports of transport equipment and raw materials and products of the chemical industry. The biggest fall occurred in the imports of mechanical appliances.

In the 3rd quarter of 2016, exports increased 7% and imports 1%, the previous time that exports grew this much quarter-over-quarter was in the 3rd quarter of 2012. Export growth compared to the same period of 2015 was influenced the most by the increased exports of electrical equipment and mineral products. In the 3rd quarter, among destination countries, the biggest increase occurred in exports to Mexico, Romania and the Netherlands.

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