In July exports and imports of goods decreased

In July the value of exports of goods decreased by 13% and imports by 5% compared to June this year. Compared to July of 2008, exports from Estonia decreased by 26% and imports by 38%. The decline was partly caused by the high comparative base indicators in the previous year.

Foreign trade deficit amounted to 1.2 billion kroons, over three times less than in the same month of the previous year. Foreign trade deficit started to decrease significantly since January this year.

In July the value of goods exported from Estonia to the EU countries (EU 27) was 5.6 billion kroons with the share of 69% of Estonian total exports. Compared to July of the previous year, exports decreased over a quarter. Exports from Estonia to non-EU countries or the so-called third countries amounted to nearly 2.6 billion kroons decreasing by about a quarter compared to July 2008.

Imports from the European Union (EU 27) countries to Estonia totalled 7.7 billion kroons with the share of 82% of Estonian total imports. Imports from the EU countries decreased by 4.5 billion kroons or 37% compared to July of the previous year. Imports from other countries than the EU amounted to about 1.7 billion kroons decreasing by 42% compared to July of the previous year.

The foreign trade deficit with the EU countries accounted for 2.1 billion kroons (4.5 billion kroons in July 2008). At the same time, Estonia’s trade balance with other countries than the EU was positive or exports to those countries exceeded imports approximately by 0.9 billion kroons.

Estonian foreign trade, January 2008 – July 2009

Statistics Estonia releases the first estimates about foreign trade on the 40th day after the end of the reference period which are then revised on the 54th day. Statistics Estonia will release a more detailed overview about foreign trade for July on the 23rd of September.