According to the information released by Statistics Estonia on April 9, Estonian exports of goods increased by 4% and imports by 5% YoY in February, with exports being boosted by wood, articles of wood and prefabricated wood buildings.
In February, exports from Estonia amounted to EUR 1.16 billion and imports to EUR 1.26 billion at current prices. The trade deficit totaled EUR 95 million, EUR 12 million more than during the same period last year.
That month, the top destination countries of Estonian exports were Finland (15% of total exports), Sweden (11%), Latvia (8%) and the US (8%). Electrical equipment and base metals and articles of base metals were the primary commodities exported to Finland; to Sweden, wood and articles of wood as well as electrical equipment; to Latvia, transport equipment, agricultural products and food preparations; and to the US, mineral products.
The biggest increase occurred in exports to the US (up by EUR 58 million), the Netherlands (EUR 16 million) and Turkey (EUR 16 million). The biggest increase in exports to the US occurred in data communication equipment; to the Netherlands, in mineral products; and to Turkey, in wood. The biggest decrease occurred in exports to the UK (down by EUR 22 million), to where fewer mineral products were dispatched.
Electrical equipment accounted for the biggest share in goods exports (15% of Estonia’s total exports), followed by mineral products (14%), and wood and articles of wood (12%). The biggest increase was recorded in the exports of wood and articles of wood (up by EUR 21 million), miscellaneous manufactured articles (EUR 14 million), and mechanical appliances (EUR 11 million). The biggest decrease, meanwhile, occurred in exports of mineral products (down by EUR 23 million).
The share of goods of Estonian origin in total exports in February was 74%. The exports of goods of Estonian origin increased by 4% and re-exports by 3% YoY. In the exports of goods of Estonian origin, the largest growth was recorded in the exports of wood and articles of wood – including wood pellets, glue-laminated timber, and coniferous sawn timber. Exports of mineral products such as shale oil and electricity, meanwhile, decreased.
The primary countries of consignment in February were Finland (12% of Estonia’s total imports), Germany (11%), and Sweden (10%). Mineral products and electrical equipment were the main commodities imported from Finland; from Germany, transport equipment and mechanical appliances; and from Sweden, electrical and transport equipment.
Imports increased the most from Sweden (by EUR 13 million), boosted by imports of electrical equipment. Imports decreased the most from Belarus (by EUR 13 million), due primarily to a decrease of nearly half in the imports of mineral products.
The main commodities imported to Estonia were electrical equipment (13% of Estonia’s total imports), mineral products (12%), and transport equipment (11%). The biggest increase was recorded in the imports of raw materials and products of chemical industry (up by EUR 17 million), while the biggest decrease was recorded in the imports of mechanical appliances (down by EUR 12 million).
In February, the foreign trade export volume index increased by 4% and the import volume index decreased by 1%. (ERR/Business World Magazine)
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