Last year exports of goods grew and imports declined

In 2008 the value of exports of goods from Estonia made up 132.3 billion kroons and imports to Estonia accounted for 170.1 billion kroons. Compared to 2007, the value of exports increased by 6.5 billion kroons and imports decreased by 8.7 billion kroons.

The trade deficit was announced as 37.8 billion kroons, which was by 15.2 billion kroons or 29% smaller compared to the previous year.

Estonia´s foreign trade, January–December, 2007–2008

The share of the EU countries (EU 27) accounted for 70% and the share of the CIS countries for 13% of Estonia’s total exports last year. Compared to the previous year, exports to the EU countries grew 5% and the exports to the CIS countries nearly by a quarter. The main countries of destination were Finland (18% of the total exports), Sweden (14%) and Russia (11%). The biggest increase in exports was to Russia (by 2.7 billion kroons).

In total imports, the share of the EU countries (EU 27) was 80% and the share of the CIS countries 12%. Compared to the previous year, imports from the EU countries decreased 3% and imports from the CIS countries decreased 11%. The main countries of consignment were Finland, Germany and Sweden. During the year, imports from Russia, Finland and Sweden decreased significantly (by 5.1 and 3.6 and 2 billion kroons, respectively). During the same period, imports from Lithuania, Belarus and Latvia increased and that was mainly influenced by imported fuels.

In exports, among the commodity sections the first place was held by the section of machinery and equipment (22% of the total exports), followed by metals and products thereof, and mineral products (incl. fuels). During the year, the biggest increase in exports was announced in the following sections: metals and products thereof (by 3.1 billion kroons), machinery and equipment (by 2.5 billion kroons), and raw materials and products of chemical industry (by 1.4 billion kroons). The biggest decrease was announced in the section of wood and products thereof (by 1.5 billion kroons).

In imports, the first place was also held by machinery and equipment (22% of the total imports), followed by transport equipment, and metal and metal products. The annual decline in total imports was caused by the decrease in the arrivals of transport equipment by 6.7 billion kroons. Some increase in imports was announced in the following sections: mineral products (by 2.1. billion kroons), and raw materials and products of chemical industry (by 1.7 billion kroons).

The biggest foreign trade deficit was mentioned in the section of mineral products (11.5 billion kroons), transport equipment (8.1 billion kroons), and machinery and equipment (7.7 billion kroons). The surplus was mentioned as positive in the commodity groups related to timber (incl. wood, paper and furniture).

In December 2008 the value of exports of goods was 8.7 billion kroons, exports decreased by 0.6 billion kroons or 6% compared to December of the previous year. The value of imports was 11.5 billion kroons, imports decreased by 2.3 billion kroons or 17% compared to December of the previous year. The decline in exports was mainly influenced by the nominal decrease (without taking account of the prices) in the dispatches of wood and products thereof and metals and products thereof compared to December of the previous year. The decline in imports was mainly caused by the decrease in the arrivals of transport equipment, metals, and machinery and equipment.

Main foreign trade partners of Estonia, 2008

Exports and imports by commodity sections, 2008