In September exports were record high

In September 2012, exports of goods from Estonia increased by 3% at current prices and imports to Estonia by 6% compared to September of the previous year. The trade deficit was registered as 33 million euros, which was over four times bigger than in September of the previous year. Compared to August 2012, exports remained at the same level, but imports decreased by 6%.

The biggest share of commodities was exported to Sweden (16% of Estonia’s total exports), followed by Finland (14%) and Russia (13%). Compared to September 2011, the increase in total exports was mostly influenced by the increase in the dispatches to the USA (up by 39%) and Russia (up by 13%). Exports to Finland decreased by 6%. Electrical equipment and fuels were the main commodities exported to Sweden; electrical equipment and furniture to Finland and mechanical equipment and organic chemicals to Russia.

The main countries of consignment were Finland (15% of Estonia’s total imports), Germany and Lithuania (10% from both). The increase in total imports was mostly influenced by the increase in the arrivals from the Netherlands and Finland (up by 81% and 18%, respectively). At the same time, imports from Sweden decreased by 12%. Fuels and electrical equipment were the main commodities imported from Finland, transport equipment and electrical equipment from Germany and mainly fuels from Lithuania.

In September, in Estonia’s exports the biggest share was held by machinery and equipment (28% of Estonia’s total exports), followed by mineral fuels (incl. motor spirits, shale oils and electricity – 17%) and agricultural products and food preparations (10%). The increase in exports compared to September 2011 was mainly influenced by the increase in the dispatches of mineral fuels and machinery and equipment (up by 29% and 10%, respectively). At the same time, exports of metals and products thereof decreased by a quarter.

In September the biggest share of Estonia’s imports was held by machinery and equipment (28% of Estonia’s total imports), followed by mineral fuels (16%) and agricultural products and food preparations (11%). There was a significant increase in the arrivals of mineral fuels and agricultural products and food preparations (up by 23% and 21%, respectively) compared to September of the previous year. Arrivals of metals and products thereof decreased by 15%.

During the nine months of 2012, exports grew by 4% and imports by 8% compared to the same period of 2011. The faster growth in imports compared to exports also increased the trade deficit (from 518 million euros to 852 million euros). During the same period, export prices increased by 2% and import prices by 4%.

The economic sentiment indicator, which reflects Estonia’s entrepreneurs’ and consumers’ confidence, deteriorated in September as well as in October. According to Eurostat, in October the same indicator deteriorated also in Finland, Sweden and Germany.