According to information released by Statistics Estonia on August 9, in June the exports of goods increased by 17% and imports by 18% YoY.
The growth in trade was affected the most by increased trade in mineral products. In the first half of 2018 the exports of goods increased by 10% and imports by 8%.
In June exports from Estonia amounted to EUR 1.3 billion and imports to Estonia to EUR 1.4 billion at current prices. The trade deficit totaled EUR 153 million, up from EUR 114 million in June 2017.
This June the top destination countries for 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, while mineral products (fuel additives, electricity) and transport equipment (motor cars) were the main commodities exported to Latvia, and electrical equipment and wood and articles of wood the main commodities exported to Sweden.
The biggest increase occurred in exports to the US, which were up by EUR 52 million, Singapore, up by EUR 42 million, and Latvia, up by EUR 41 million. In exports to the US exports of electrical equipment (data communication equipment) increased the most, while increases were also recorded in the exports of mineral products to Singapore and Latvia. The biggest decrease, meanwhile, occurred in exports to the Netherlands, which were down by EUR 22 million.
Electrical equipment and mineral products (16% of total exported goods each) accounted for the biggest share of exported goods in June, followed by wood and articles of wood (11%). The greatest increase was seen in the exports of mineral products, up by EUR 77 million, and wood and articles of wood as well as electrical equipment, up by EUR 25 million each.
The share of goods of Estonian origin in total exports was 74% in June. The export of such goods 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 were Finland (13% share of Estonia’s total imports of goods), Lithuania and Germany (10% each). The main commodities imported were mineral products and electrical equipment from Finland, mineral products and raw materials and products of the chemical industry from Lithuania, and transport equipment and mechanical appliances from Germany. The biggest increase occurred in imports from Russia (up by EUR 57 million), Belarus (up by EUR 47 million) and Lithuania (up by EUR 33 million), where the imports of mineral products (motor spirit, fuel additives) increased the most.
Primary 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 EUR 153 million), electrical equipment (up by EUR 20 million) and mechanical appliances (up by EUR 17 million).
In the second quarter exports of goods from Estonia amounted to EUR 3.7 billion euros and imports to Estonia to EUR 4.2 billion euros. The trade deficit in the second quarter was EUR 536 million, up from EUR 452 million in the same quarter of last year.
In the second quarter the YoY growth in exports was supported by increased exports of mineral products (up by EUR 181 million), wood and articles of wood (up by EUR 57 million), transport equipment (up by EUR 37 million), and miscellaneous manufactured articles (up by EUR 36 million). By country, exports increased the most to the US (up by EUR 108 million), Latvia (up by EUR 101 million), and Finland (up by EUR 69 million).
In the second quarter the growth in imports was significantly affected by an increase in the imports of mineral products (up by EUR 296 million), electrical equipment (up by EUR 68 million) and mechanical appliances (up by EUR 59 million). By country, imports grew the most from Belarus (up by EUR 125 million), Sweden (up by EUR 111 million), and Russia (up by EUR 92 million). (ERR/Business World Magazine)
