In February, foreign trade was affected the most by a decrease in the exports and imports of electrical equipment

In February, exports from Estonia amounted to 0.9 billion euros and imports to Estonia to 1 billion euros at current prices. The trade deficit was 120 million euros.

The biggest share in Estonia’s exports was held by electrical equipment (a fifth of Estonia’s total exports), followed by mineral products (12%) and agricultural products and food preparations (10%). A significant decrease occurred in the exports of electrical equipment (down by 14% or 30 million euros) and mineral products (down by 13% or 16 million euros). At the same time, the exports of miscellaneous manufactured articles (incl. furniture and prefabricated buildings) increased.

In February, the main commodities imported were electrical equipment (16% of Estonia’s total imports), mineral products (14%) and agricultural products and food preparations (11%). The biggest decrease occurred in the imports of electrical equipment (down by 11% or 21 million euros), a substantial decrease was also reported in the imports of transport equipment (down by 10% or 10 million euros). At the same time, the imports of articles of plastics and rubber increased.

The top destination country of Estonia’s exports was Sweden (18% of Estonia’s total exports), followed by Finland (15%) and Latvia (11%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and agricultural products and food preparations to Finland, and mineral products (incl. electricity) and agricultural products and food preparations to Latvia. The most significant fall occurred in exports to Sweden and Lithuania (both down by 12 million euros). Exports to Sweden were affected by a decrease in the exports of electrical equipment; exports to Lithuania fell mainly due to a decrease in the exports of mineral products. The exports decreased also to the CIS countries (by 11 million euros). With regard to CIS countries, there was a decrease in the exports of articles of plastics and rubber and mineral products (incl. lubricating oils). However, exports to Norway and to Denmark increased. As for Norway, the exports of mineral products (incl. aromatic hydrocarbon mixtures) increased the most, and for Denmark – the exports of mineral products (incl. oil shale).

The main countries of consignment were Finland (15% of Estonia’s total imports), Germany (13%), and Sweden (10%). Mineral products (incl. motor spirits) and electrical equipment were the main commodities imported from Finland; mechanical appliances and transport equipment from Germany; and electrical and transport equipment from Sweden. A decrease occurred in the imports from Latvia (down by 17 million euros), from China (down by 13 million euros) and from CIS countries (down by 21 million euros). There was a decrease in the imports of mineral products (incl. electricity) and agricultural products and food preparations from Latvia and in the imports of electrical equipment from China. As for CIS countries, imports declined mainly in terms of railway wagons and iron and steel. At the same time, imports from Germany increased by 18 million euros, mainly because of the increased imports of mineral products (incl. heavy oils).

In February compared to January 2014, exports increased by 1% and imports by 3%.

The increase in exports was mostly caused by a growth in the exports of mineral products and mechanical appliances. Mechanical appliances and raw materials and products of chemical industry contributed the most to the growth of imports.

Compared to February 2013, export and import prices decreased by 2.3% and 2.6%, respectively.