While exports of goods fell by 1% YoY in July, a fall in re-exports was the main factor in the decline, and exports of goods of Estonian origin actually grew, state agency Statistics Estonia said. Imports fell by 6% over the same period, the agency said.
The trade deficit fell by EUR 77 million, to EUR 124 million over the same period.
Exports totaled EUR 1.2 billion and imports – EUR 1.3 billion at current prices in July.
Evelin Puura, leading analyst at Statistics Estonia, said the exports of goods of Estonian origin showed signs of recovery YoY, however, with fuels and chemicals the main driver.
“Growth in the exports of goods of Estonian origin was driven mainly by the exports of disinfection products and processed fuels. The decline in imports was mostly the result of a continued fall in the imports of iron and steel as well as passenger cars and fuel,” she said.
The biggest exports from Estonia were electrical equipment, mineral products and agricultural products and food preparations.
Exports of goods of Estonian origin were 70% (+6%); while re-exports fell by 13% YoY. Main increase occurred in the exports of disinfection products and processed fuels of Estonian origin. Top destination country for Estonian exports in July was Finland, followed by Latvia and Sweden. The greatest fall occurred in exports to Denmark (down by EUR 27 million, mainly fall in oil shale exports) and the U.S. (by EUR 18 million, primarily a decline in electrical equipment).
Exports increased the most to the U.K. and Australia (by EUR 33 million each, processed fuel oil and disinfectants grew to U.K. and motor spirit to Australia). The largest fall (EUR 12 million) was in exports of agricultural products and food preparations. Exports of mechanical appliances fell by EUR 10 million. Re-exports saw the largest fall in mechanical machinery, base metals and articles of base metal.
Main commodities imported to Estonia were electrical equipment, mineral products, agricultural products and food preparations and transport equipment. Main countries of origin were Finland, Germany and Latvia. Imports fell the most from Sweden (by EUR 26 million, especially transport and electrical equipment), Russia and Finland (by EUR 20 million from each, raw materials and chemical products primarily in the case of Russia and electrical equipment in the case of Finland).
Imports of goods increased the most from China (by EUR 13 million), with more electrical and protective equipment imported. (ERR/Business World Magazine)