In March exports of goods were slightly smaller than in the previous year

Some decrease in exports compared to March of the previous year was also influenced by the very high comparison basis last year. On monthly basis, or compared to February 2012, exports increased by 9% and imports by 8%.

In March 2012, exports from Estonia amounted to 1.1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 130 million euros and it slightly increased compared to March 2011.

In Estonia’s exports in March, the biggest share was held by machinery and equipment (27% of Estonia’s total exports), followed by mineral products (incl. petrol, shale oils and electricity) (17%) and metals and products thereof (9%). The small decrease in exports compared to March 2011 was mainly influenced by the decrease in the dispatches of machinery and equipment (down by 10% and 15%, respectively). The increase was mentioned in the dispatches of metals and products thereof and the raw materials and products of chemical industry (the growth rate 18% and 23%, respectively).

In March the biggest share of Estonia’s imports was held by machinery and equipment (27% of Estonia’s total imports), followed by mineral products (19%) and agricultural products and food preparations (9%). A small increase in total imports was mostly influenced by an increase in the arrivals of transport equipment and the raw materials and products of chemical industry (the growth rate 31% and 18%, respectively). The arrivals of mineral products declined significantly (down 11%).

The top destination countries of Estonia’s exports were Sweden (17% of Estonia’s total exports), followed by Finland (14%) and Russia (10%). Compared to March 2011, the decrease in total exports was mostly influenced by the decrease in the dispatches to USA and Finland (down by 62% and 6%, respectively). Exports to Russia increased by 17%. Electrical equipment and fuels were the main commodities exported to Sweden, electrical equipment and miscellaneous products (incl. furniture) to Finland, mechanical and electrical equipment and dying products to Russia.

The main countries of consignment were Finland (15% of Estonia’s total imports) Germany (10%), and Sweden (9%). Compared to March 2011, arrivals of goods from Finland and Belarus increased the most (by 38% and 4.4 times, respectively). Arrivals of goods from Russia decreased by 30%, mainly influenced by the decrease in the arrivals of fuels. Fuels were the main commodities imported from Finland, mechanical equipment from Germany and electrical equipment from Sweden.

In the 1st quarter of 2012, exports increased by 9% and imports by 12% compared to the same period of the previous year. The increase in exports was mainly influenced by the increase in the dispatches of metals and products thereof (growth rate 26%); the increase in imports by the commodities registered under the chapter of industrial plant as well as raw materials and products of chemical industry.

According to Estonian Institute of Economic Research, the economic sentiment indicator, which reflects Estonia’s entrepreneurs’ and consumers’ confidence, has also shown a positive trend in the first months of the year. In April, the same indicator slightly deteriorated.

Exports of goods published by Statistics Estonia include exports of goods produced in Estonia and also the re-exportation of goods after processing or warehousing, but exclude transit.