According to information released by Statistics Estonia, the exports and imports of goods in June decreased by 8% YoY. In the first half of 2019 exports increased by 5% and imports by 2%.
In June exports from Estonia amounted to EUR 1.2 billion and imports to Estonia to EUR 1.3 billion at current prices. The trade deficit was EUR 124 million euros, down by EUR 10 million.
The top destination countries of Estonia’s exports were Finland (16% of Estonia’s total exports), Sweden (12%) and Latvia (9%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; miscellaneous manufactured articles (prefabricated wood buildings) and transport equipment (ships) to Sweden; agricultural products and food preparations (milk, beer) and mineral products (fuel additives, electricity) to Latvia.
The biggest decrease occurred in exports to Singapore (by EUR 43 million), followed by Latvia (by EUR 31 million) and Norway (by EUR 27 million). In exports to Singapore and Latvia, the biggest decrease occurred in the exports of mineral products; and to Norway, in the exports of miscellaneous manufactured articles (prefabricated wood buildings). The biggest increase occurred in exports to Denmark (by EUR 26 million).
The biggest share in exports of goods was held by electrical equipment (16% of Estonia’s total exports), followed by mineral products (12%), and wood and articles of wood (10%). The biggest impact on export decrease came from mineral products (by EUR 59 million), and wood and articles of wood (by EUR 20 million). At the same time, exports of transport equipment increased.
The share of goods of Estonian origin in total exports was 72% in June. The exports of goods of Estonian origin decreased by 10%, while re-exports stayed at the same level. In the exports of goods of Estonian origin, the biggest decrease was in the exports of mineral products (gas oils, shale oil) and wood and articles of wood (pulpwood, sawn timber).
This June the main countries of consignment were Finland (13% of Estonia’s total imports), Sweden (11%), Lithuania and Germany (both 10%). The main commodities imported were mineral products and electrical equipment from Finland; transport equipment and electrical equipment from Sweden; mineral products and agricultural products and food preparations from Lithuania; and transport equipment and mechanical appliances from Germany. Imports decreased the most from Belarus (by EUR 42 million), the United Kingdom (by EUR 17 million) and the Netherlands (by EUR 16 million). The imports of mineral products from Belarus and the U.K. and imports of electrical equipment from the Netherlands decreased the most. Imports increased the most from Sweden (by EUR 27 million) due to an increase in the imports of electrical equipment.
The main commodities imported to Estonia were transport equipment and mineral products (13% each of Estonia’s total imports) and electrical equipment (12%). The biggest decrease was in the imports of mineral products (down by EUR 80 million) and electrical equipment (by EUR 22 million). At the same time, the biggest increase was in the imports of transport equipment (by EUR 23 million).
In the second quarter exports of goods from Estonia amounted to EUR 3.8 billion and imports to Estonia to EUR 4.1 billion. The trade deficit in the second quarter was EUR 382 million, down from EUR 447 million.
The exports increased by 1%, while imports remained steady. The growth in exports was slowed down the most by the decreased exports of mineral products (by EUR 47 million). In the second quarter the biggest increase in exports occurred in transport equipment (by EUR 39 million), agricultural products and food preparations (by EUR 25 million). In the comparison by country, exports have increased the most to the Netherlands (by EUR 67 million), the U.S. (by EUR 58 million) and Spain (by EUR 56 million). At the same time, exports have decreased the most to Latvia (by EUR 47 million) and Singapore (by EUR 42 million).
In the second quarter of 2019, compared to the same quarter of last year, imports were significantly affected by a decrease in mineral products (by EUR 151 million), and such a large decline could not be compensated by increased imports of transport equipment (by EUR 44 million), agricultural products and food preparations (by EUR 32 million), and raw materials and products of chemical industry (by EUR 25 million). Imports grew the most from Sweden (by EUR 84 million) and Russia (by EUR 37 million) and decreased the most from Belarus (by EUR 111 million) and the Netherlands (by EUR 52 million). (ERR/Business World Magazine)