According to information released by Statistics Estonia on September 11, July exports of goods increased by 6 and imports by 9% YoY.
Increased imports of base metals and articles of base metal and transport equipment contributed to the growth in imports.
Exports from Estonia in July amounted to EUR 900 million and imports to EUR 1.1 billion at current prices. The trade deficit was EUR 197 million, up from EUR 153 million in last July.
The top destination countries for Estonia’s exports in July were Finland (15% of Estonia’s total exports), Sweden (14%) and Latvia (10%). Electrical equipment and base metals and articles of base metal were the primary commodities exported to Finland, while electrical equipment and transport equipment, including ships, were the main commodities exported to Sweden, and mineral products, including electricity, and agricultural products and food preparations were the main commodities exported to Latvia.
The biggest increases occurred in exports to Germany (up by EUR 19 million), Russia and Turkey (by EUR 13 million each), with the exports of electrical equipment, including communication equipment, increasing to Germany, the exports of mechanical appliances increasing to Russia and the exports of metal waste increasing to Turkey. The biggest decrease occurred in exports to the Netherlands (down by EUR 12 million), where fewer mineral products, including shale oil, were exported.
The biggest share in exports was held by electrical equipment, followed by wood and articles of wood, agricultural products and food preparations, mineral products and mechanical appliances. The greatest increase was in the exports of raw materials and products of chemical industry (up by EUR 16 million), wood and articles of wood (up by EUR 13 million), and transport equipment (up by EUR 12 million). At the same time, the exports of electrical equipment and mineral products decreased.
The share of goods of Estonian origin in total exports was 71% in July. The rise in the exports of goods of Estonian origin was affected the most by an increase in the exports of raw materials and products of chemical industry (including caulking compounds, other mastics), wood and articles of wood (including coniferous saw-timber) and mechanical appliances (including conveyors).
The main countries of consignment in July were Finland (13% of Estonia’s total imports), Germany (11%) and Lithuania (9%). The main commodities imported were electrical equipment and mineral products (including motor spirits, electricity) from Finland; mechanical appliances and transport equipment from Germany; mineral products and agricultural products and food preparations from Lithuania. The biggest increase occurred in imports from Poland (by EUR 17 million), Finland (by EUR 12 million) and Latvia (by EUR 11 million). In imports from Poland, the imports of transport equipment, and from Finland and Latvia, the imports of base metals and articles of base metal increased. Imports from Hungary decreased the most.
The primary commodities imported to Estonia were electrical equipment, transport equipment, and agricultural products and food preparations. The biggest increase was in the imports of base metals and articles of base metal and transport equipment, and the biggest fall occurred in the imports of electrical equipment.
In July the foreign trade export volume index increased by 3% and the import volume index by 10% compared to the same period last year. (ERR/Business World Magazine)