Imports and exports declined by more than 5% in October with the biggest fall coming from non-EU countries, new figures by Statistics Estonia showed.
In October, compared to October 2018, the exports of goods decreased by 7% and imports by 6%. The biggest decline, by nearly a fifth, was recorded in trade with non-EU countries.
The biggest decrease occurred in exports to the USA (down by EUR 83 million) and Singapore (down by EUR 37 million), while exports to Belgium (up by EUR 21 million) and Russia (up by EUR 16 million) increased the most.
There was a decline in electrical equipment being exported to the USA and mineral products to Singapore. At the same time, exports of mineral products increased to Belgium and medical instruments to Russia.
In October Estonia’s exports of goods amounted to EUR 1.27 billion and imports to 1.45 billion euros at current prices. The trade deficit was EUR 184 million, down by EUR 6 million.
The top destination countries of Estonia’s exports were Finland (17% of total exports), Sweden (11%) and Latvia (9%).
The biggest exports from Estonia were electrical equipment, agricultural products and food preparations (both accounting for 12% of Estonia’s total exports) as well as wood and wood products (11%).
The greatest decline in exports came from mineral products (down by EUR 108 million) and electrical equipment (down by EUR 71 million). Exports increased the most for agricultural products and food preparations (up by EUR 49 million).
Goods of Estonian origin accounted for 69% of the total exports of goods. Their exports decreased by 10%, but re-exports increased by 2%. The largest shares of goods of Estonian origin were exported to Finland (20%), Sweden (14%) and Germany (7%).
The decrease in the exports of these products was mainly on account of mineral products (shale oil, processing oil) and electrical equipment (communication equipment). The biggest increase occurred in the exports of agricultural products and food preparations (wheat, barley).
The main countries of consignment were Finland (13% of total imports), Lithuania (12%) and Germany (10%). Imports decreased the most from Russia (by 45 million euros) and Sweden (by 17 million euros), with respectively mineral products and electrical equipment decreasing the most. Imports increased the most from France (by 14 million euros) and Latvia (by 12 million euros). From France, more transport equipment, and from Latvia, more mineral products were imported.
The main commodities imported to Estonia were mineral products (14% of total imports), transport equipment (12%) and electrical equipment (11%). The biggest decrease occurred in the imports of mineral products (by EUR 77 million) and electrical equipment (by EUR 59 million). The imports of transport equipment (by EUR 26 million) increased the most. (ERR/Business World Magazine)