In March the decline of foreign trade slowed down

In March exports of goods totalled 8.3 billion kroons and imports 9.9 billion kroons. The trade deficit amounted to 1.6 billion kroons, which decreased over a half compared to March of the previous year. As in January this year there was a decrease of 28% in exports and of 36% of imports, then in March the decrease slowed down. Exports decreased by 22% and imports by 30% compared to March of the previous year.

The decline in foreign trade in value terms has been caused by the decrease in demand in Estonian internal market as well as in the main partner markets. According to Eurostat, in January and February a decline was announced in both exports and imports of all Member States. In comparison of the Member States, the decline of exports was the biggest in Finland, Malta and Sweden and the largest decrease in imports was in Lithuania, Latvia, Estonia and Romania.

The main countries of destination were Finland (18% of Estonia’s total exports), Sweden, Latvia and Russia. The decline in value terms in exports of goods to Finland and Latvia influenced the decrease in total exports the most. The increase in exports was registered only to Canada due to the increase in exports of fuels. By value, in March the main commodities exported to Finland, Sweden and Russia were machinery and equipment and, to Latvia — mineral products (incl. electric energy).

The main countries from where goods were imported to Estonia were Finland (14% of Estonia’s total imports), Russia, Germany and Lithuania. The total imports in value terms was mostly influenced by the decline of imports of goods from Germany, Sweden and Finland. Commodities of electrical machinery and equipment accounted for the biggest share imported from Finland and Germany and commodities of mineral products (incl. fuels and natural gas) — from Lithuania and Russia.

In comparison of trade with main partner countries, the largest surplus (exports exceeded imports) was registered in the trade with Sweden and Finland and the largest deficit — with Lithuania and Germany.

In March, the biggest share in Estonia’s total exports was held by the commodities of machinery and equipment, accounting for nearly a fifth. Compared to March of the previous year, the exports of all commodity sections decreased except mineral products (incl. fuels) in case of which exports slightly increased (4%).The biggest decline was in exports of metals and products thereof as well as in machinery and equipment. Exports of metals and products thereof declined nearly by a half compared to March of the previous year.

In March the biggest share of imports was held by machinery and equipment and by mineral products. The share of total Estonia’s imports accounted for a fifth in both commodity sections. The turnover of imports of all the commodity sections declined except mineral products where an increase of a fifth was recorded compared to March 2008. Arrivals of transport equipment and also machinery and equipment declined the most in value terms.

In the 1st quarter of 2009 exports from Estonia at current prices amounted to 23.5 billion kroons and imports to 27.6 billion kroons. Exports decreased by a quarter and imports by a third compared to the 1st quarter of the previous year. The foreign trade deficit was 4.1 billion kroons and it decreased significantly as imports decreased faster than exports. The deficit decreased by 59% compared to the 1st quarter of the previous year.

Estonia’s foreign trade, January–March, 2008–2009

Main foreign trade partners of Estonia, March 2009

Exports and imports by commodity sections, March 2009

The preliminary foreign trade data about March were released by Statistics Estonia on 11 May (on 40th day after the end of the reference period). This news release provides the revised data and offers a more detailed overview of trade about the month under observation.