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In November the decline in exports and imports of goods slowed down

News
Posted on 11 January 2010, 10:00
According to the preliminary data of Statistics Estonia, in November 2009 exports of goods from Estonia amounted to 9.1 billion kroons at current prices and imports to Estonia made up 10.3 billion kroons. The decline in exports and imports slowed down.

As in the period of January-October 2009 the average monthly decline of exports was 26% and of imports 36%, then in November exports declined only 8% (0.8 billion kroons) and imports 21% (2.7 billion kroons). Deceleration in the decline was also related to the rapid decrease of trade, which began in November 2008 due to economic crisis, and because of which the comparative base in November 2009 was lower than in previous months.

Exports increased by 2% and imports 5% compared to October 2009.

In November, the foreign trade deficit amounted to 1.2 billion kroons, which was 2.6 times less compared to November 2008.

In November the value of goods exported from Estonia to the European Union (EU27) countries was 6.2 billion kroons, accounting for 68% of Estonia’s total exports. Compared to November 2008, exports to the EU27 countries decreased by 12% (by 0.9 billion kroons). Exports from Estonia to non-EU countries or the so-called third countries amounted to 2.9 billion kroons, which is 2% more compared to November 2008.

In November, imports from the European Union (EU27) countries to Estonia totalled 8.7 billion kroons with the share of 85% of Estonia’s total imports. Imports from the EU countries decreased by 10% compared to November 2008. Imports from the third countries amounted to about 1.6 billion kroons, which is twofold less compared to November 2008.

The foreign trade deficit with the European Union countries amounted to 2.5 billion kroons (2.6 billion kroons in November 2008). At the same time, the trade balance with other countries than the EU was positive or exports to these countries exceeded imports by approximately 1.3 billion kroons.

Estonian foreign trade, January 2008 – November 2009
Diagram: Estonian foreign trade, January 2008 – November 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 of the foreign trade for November on the 25th of January.