Exports fell for the third month in a row in August, according to government agency Statistics Estonia. Imports also fell.
Exports dropped by 3% YoY, and imports by 7%.
The sector most affecting the decrease was mineral products – shale oil, motor spirit and fuel additives. Electricity exports and imports also affected figures, according to Statistics Estonia.
At current prices, exports came to EUR 1.15 billion and imports to EUR 1.25 billion, according to the agency, with a trade deficit of EUR 99 million. The latter represented a EUR 63-million fall YoY.
Electrical equipment accounted for the largest proportion of Estonian exports, at 15%. Mineral products came in at 11%. As noted, mineral products fell the most and exerted the most influence on the overall decline. These fell by EUR 56 million.
These effects were mitigated by a rise in agricultural products and food preparations (+EUR 16 million) and base metals and articles of base metal (+EUR 12 million).
The primary destinations for Estonia’s exports were Finland (17% of total), Sweden (11%) and Latvia (9%), according to Statistics Estonia.
The greatest decrease occurred in exports to Latvia (by EUR 26 million) and the Netherlands (by EUR 12 million), while exports to Canada increased the most. Mineral products were exported less to Latvia and the Netherlands, but more to Canada, Statistics Estonia says.
Goods of Estonian origin accounted for 71% of total exports, but their export fell by 3%. Re-exports fell by 2%.
The biggest decrease was experienced in the exports of mineral products, wood and items made from wood, while the biggest increase occurred with agricultural products and food preparations (such as barley and rapeseed), the agency says.
In August the major import sources were Finland (14% of total imports), Lithuania (11%) and Germany (10%), according to Statistics Estonia.
Imports decreased the most from Russia (by EUR 50 million) and Belarus (by EUR 20 million), due to a decrease in the imports of mineral products.
Imports increased the most from Finland (by EUR 9 million) mainly accounting for by mineral products (electricity).
The main commodities imported to Estonia were electrical equipment (14% of total imports) and mineral products (11%).
The biggest decrease came in the imports of mineral products (by EUR 81 million) and mechanical appliances (by EUR 13 million).
Imports of paper and articles thereof increased the most (by EUR 4 million). (ERR/Business World Magazine)