Estonia’s trade was record high in March
According to Statistics Estonia, in March 2011 exports grew by 71% and imports by 45% compared to the same month of the previous year. For the first time, the total turnover of monthly trade exceeded two billion euros.
In March the exports of goods from Estonia amounted to 1.1 billion euros (16.8 billion kroons) and imports to Estonia to 1.2 billion euros (18.2 billion kroons) at current prices. The monthly turnover of both exports and imports has never been as high in previous years.
Due to a faster growth in exports than in imports, the foreign trade deficit also decreased. In March 2010, the trade deficit was 174 million euros, but in March this year the trade deficit was 89 million euros.
The first place among destination countries of exports was held by Sweden (17% of Estonia’s total exports), followed by Finland (15%) and the United States of America (11%). Compared to March 2010, exports increased the most to the USA and Sweden. Electrical equipment and wood and products thereof were mainly exported to Sweden, electrical equipment and furniture to Finland and mineral fuels and electrical equipment to the USA.
The largest amounts of goods were imported from Russia, Finland and Sweden (each of them holding 11% of Estonia’s total imports). During the year, arrivals of goods from Lithuania and Russia have increased the most. From Russia, mainly mineral products (incl. petrol and fuel oils) were imported, from Finland and Sweden – electrical equipment.
In Estonia’s exports the biggest shares were held by machinery and equipment (30% of Estonia’s total exports), mineral products (20%) and metals and products thereof (8%) in March. Exports of machinery and equipment were 2.5 times bigger compared to March of the previous year. Exports of mineral products also increased significantly (2.7 times).
In March the biggest shares of Estonia’s imports were also held by machinery and equipment (27% of Estonia’s total imports), mineral products (22%) and metals and products thereof (9%). Arrivals of machinery and equipment increased 2.2 times compared to March 2010. Imports of mineral products also increased significantly.
In the first quarter this year, exports grew by 54% and imports 51% compared to the same period of 2010. In March compared to February, exports increased by 28% and imports 32%.
Estonia’s trade by months, 2007–2011
| Month | Exports, million euros | Imports, million euros | Balance, million euros | |||||
|---|---|---|---|---|---|---|---|---|
| 2010 | 2011 | change, % | 2010 | 2011 | change, % | 2010 | 2011 | |
| January | 519.5 | 821.2 | 58 | 543.3 | 899.7 | 66 | -23.8 | -78.5 |
| February | 628.7 | 840.0 | 34 | 608.3 | 882.1 | 45 | 20.4 | -42.1 |
| March | 628.6 | 1 074.0 | 71 | 802.3 | 1 162.6 | 45 | -173.7 | -88.6 |
| 1st quarter total | 1 776.8 | 2 735.2 | 54 | 1 953.9 | 2 944.4 | 51 | -177.1 | -209.2 |
| Country of destination, group of countries | Exports, million euros | Share, % | Change compared to same month of previous year, % | Country of consignment, group of countries | Imports, million euros | Share, % | Change compared to same month of previous year, % |
|---|---|---|---|---|---|---|---|
| Total | 1 074.4 | 100 | 71 | Total | 1 162.6 | 100 | 45 |
| EU27 | 680.7 | 63 | 43 | EU27 | 879.9 | 76 | 44 |
| EA17 | 306.4 | 29 | 32 | EA17 | 372.4 | 32 | 27 |
| CIS | 122.6 | 11 | 67 | CIS | 155.3 | 13 | 52 |
| 1. Sweden | 179.2 | 17 | 88 | 1. Russia | 132.0 | 11 | 71 |
| 2. Finland | 162.4 | 15 | 36 | 2. Finland | 131.9 | 11 | 14 |
| 3. USA | 122.7 | 11 | - | 3. Sweden | 130.0 | 11 | 35 |
| 4. Russia | 96.1 | 9 | 67 | 4. Germany | 121.2 | 10 | 50 |
| 5. Nigeria | 73.4 | 7 | - | 5. Latvia | 116.6 | 10 | 33 |
| 6. Latvia | 67.5 | 6 | 11 | 6. Lithuania | 107.6 | 9 | 116 |
| 7. Germany | 45.1 | 4 | 31 | 7. Poland | 84.4 | 7 | 97 |
| 8. Lithuania | 44.9 | 4 | 39 | 8. China | 56.2 | 5 | 173 |
| 9. Norway | 27.9 | 3 | 54 | 9. Netherlands | 35.6 | 3 | 19 |
| 10.Netherlands | 26.6 | 2 | 31 | 10. United Kingdom | 28.0 | 2 | 71 |
| Commodity section by Combined Nomenclature (CN) | Exports | Imports | Balance, million euros | ||||
|---|---|---|---|---|---|---|---|
| million euros | share, % | change compared to same month of previous year, % | million euros | share, % | change compared to same month of previous year, % | ||
| TOTAL | 1 074.0 | 100 | 71 | 1 162.6 | 100 | 45 | -88.6 |
| Agricultural products and food preparations (I–IV) | 71.3 | 7 | 10 | 101.6 | 9 | 15 | -30.3 |
| Mineral products (V) | 216.5 | 20 | 167 | 256.6 | 22 | 72 | -40.1 |
| Raw materials and products of chemical industry (VI) | 38.5 | 3 | 27 | 86.1 | 7 | 30 | -47.6 |
| Articles of plastics and rubber (VII) | 29.9 | 3 | 35 | 57.2 | 5 | 44 | -27.3 |
| Wood and products thereof (IX) | 81.2 | 7 | 26 | 26.8 | 2 | 9 | 54.4 |
| Paper and articles thereof (X) | 26.9 | 2 | 20 | 20.4 | 2 | 7 | 6.5 |
| Textiles and products thereof (XI) | 31.0 | 3 | 11 | 49.2 | 4 | 9 | -18.2 |
| Metals and products thereof (XV) | 83.4 | 8 | 46 | 100.0 | 9 | 56 | -16.6 |
| Machinery and equipment (XVI) | 319.1 | 30 | 149 | 313.1 | 27 | 117 | 6 |
| Transport equipment (XVII) | 53.0 | 5 | 37 | 80.9 | 7 | 16 | -27.9 |
| Miscellaneous manufactured articles (XX) | 72.6 | 7 | 36 | 19.7 | 2 | 10 | 52.9 |
| Other | 50.6 | 5 | 32 | 51.0 | 4 | -30 | -0.4 |