Imports of goods rose by 9% YoY, in January, whereas exports fell by 1%, according to new figures from government agency Statistics Estonia.
While overall exports declined, there was an increase in the exports of agricultural products and food preparations, and in particular, cereals, Statistics Estonia said.
Estonia’s exports of goods amounted to EUR 1.14 billion in January and imports to EUR 1.16 billion, at current prices. The trade deficit was EUR 20 million – the smallest deficit in the last seven years.
The top destination countries for exports were Finland, Sweden and Latvia.
The biggest fall occurred in exports to the U.S., which fell by EUR 31 million, Singapore (down by EUR 16 million) and Germany (-EUR 14 million).
The decline in exports came mainly from electrical equipment (-EUR 32 million) and mechanical appliances (-EUR 17 million). Exports increased the most for agricultural products and food preparations (with a rise of EUR 28 million).
In the case of U.S. and Germany, the decline was mostly among electrical equipment, and with Singapore the fall primarily came with mineral products.
In general the most significant exports from Estonia were electrical equipment, mineral products, wood and wooden items.
Exports increased the most to the Netherlands (+EUR 40 million), predominantly of mineral products, and Turkey (+EUR 24 million, which was mostly made up of agricultural products and food preparations).
Goods of Estonian origin accounted for 72% of the total exports of goods. These exports fell by 2%, while re-exports of goods made elsewhere remained at the same level as January 2019. Again, the biggest decline occurred for electrical equipment (especially communications equipment), while exports of agricultural products and food preparations (namely wheat) increased the most.
The main countries of origin for imports were Finland, Latvia and Germany.
Imports decreased the most from Lithuania (-EUR 41 million), Sweden (-EUR 29 million) and Belarus (-EUR 24 million).
Fewer mineral products (fuel) were imported from Lithuania and Belarus, and less electrical equipment (electronic integrated circuits) from Sweden.
The main commodities imported to Estonia were electrical equipment, agricultural products food preparations and mineral products.
The biggest decrease occurred in the imports of mineral products and electrical equipment, Statistics Estonia said. (ERR/Business World Magazine)