In September the decline in trade compared to the previous year continued

In September, exports from Estonia amounted to 1.03 billion euros and imports to Estonia to 1.14 billion euros at current prices. Exports declined by 94 million euros and imports by 21 million euros compared to September 2012. As exports decreased much more than imports, the trade deficit also increased amounting to 109 million euros in September.

The top destination countries of Estonia’s exports were Finland (16% of Estonia’s total exports), followed by Sweden (15%) and Russia (12%). The 8% decrease in total exports compared to September 2012 was mainly influenced by the decrease in the dispatches to USA (down by 63% or 47 million euros) and Sweden (down by 14% or 26 million euros). The fall in exports to USA was mainly influenced by the decline in the dispatches of mineral fuels and electrical equipment. Exports to Sweden decreased mainly due to the decrease in the dispatches of electrical equipment. Exports to Latvia increased by 22%.

In September, the main countries of consignment were Finland (14% of Estonia’s total imports), Germany (10%) and Sweden (10%). The 2% decrease in total imports compared to September 2012 was mainly influenced by the decrease in the arrivals from Netherlands and Finland (down by 47% and 8%, respectively). Arrivals from Netherlands decreased mainly due to the decrease in the arrivals of organic chemicals and arrivals from Finland fell due to decreased arrivals of mineral fuels. At the same time, arrivals of goods from Poland increased by 44% due to the increase in the arrivals of railway rolling stock.

In Estonia’s exports, the biggest share was held by electrical equipment (18% of Estonia’s total exports), followed by agricultural products and food preparations (11%) and mineral fuels (incl. electricity, motor spirits, oil shale) (10%). The decrease in exports compared to September 2012 was mainly influenced by the decrease in the dispatches of mineral fuels (48% decline) and electrical equipment (20% decline). At the same time, the dispatches of wood and textiles and products thereof increased (up by 25% and 32%, respectively).

In September the biggest share of Estonia’s imports was held by electrical equipment (18% of Estonia’s total imports), followed by agricultural products and food preparations (11%) and mineral fuels (11%). In September 2013, the decrease in total imports compared to September 2012 was mainly influenced by the decrease in the arrivals of mineral fuels (down by 34%).

At the same time, arrivals of transport equipment and textiles and products thereof increased significantly (up by 27% and 22%, respectively).

In September compared to August 2013, exports increased by 2% and imports by 4%.

The monthly increase in exports was influenced by the increase in the dispatches of cereals and ships and floating structures.

During the nine months of 2013 compared to the same period of 2012, Estonia’s trade remained at the same level – exports declined by 1% and imports by 0.3%, but export and import prices also fell in the same period (by 1% and 2%, respectively).

According to Eurostat, in September, the economic sentiment indicator, which reflects entrepreneurs’ and consumers’ confidence, increased in Estonia and Germany, but decreased in Finland and Sweden. In October, the same indicator rose in Estonia as well as in the main export destination countries.