In March, trade growth continued
According to Statistics Estonia, in March 2017, the exports of goods increased by 15% and imports by 12% compared to March 2016. In the first quarter of this year, exports increased by 12% and imports 17%, compared the same period of 2016.
In March 2017, exports from Estonia amounted to 1.2 billion euros and imports to Estonia to 1.3 billion euros at current prices. The trade deficit was 138 million euros (in March 2016, it was 153 million euros).
The top destination countries of Estonia’s exports in March were Finland (16% of Estonia’s total exports), Sweden (14%) and Latvia (8%). The biggest increase occurred in exports to the Netherlands (up by 30 million euros), Finland (up by 28 million euros) and the USA (up by 16 million euros). These rises are mainly due to increased exports of mineral products to the Netherlands and the USA and of electricity and electrical equipment to Finland. Exports to Sweden decreased the most.
The biggest share in exports was held by electrical equipment, followed by wood and articles of wood and mineral products. The highest growth took place in the exports of mineral products (up by 62 million euros), wood and articles of wood (up by 26 million euros), base metals and articles of base metal (up by 20 million euros), and agricultural products and food preparations (up by 17 million euros). There was a decrease in the exports of electrical equipment (down by 21 million euros).
The share of goods of Estonian origin in total exports was 74%. In March 2017 compared to March 2016, the exports of goods of Estonian origin grew 17%, while re-exports increased 11%. The rise in the exports of goods of Estonian origin was affected the most by an increase in the exports of minerals products (incl. shale oil, electricity), wood and articles of wood (incl. softwood saw-timber, wood pellets), and base metals and articles of base metal (incl. metal structures, metal waste).
The main countries of consignment in March 2017 were Finland (14% of Estonia’s total imports), Germany (12%), Sweden (9%) and Latvia (9%). The biggest increase occurred in imports from Sweden (up by 29 million euros), Russia (up by 25 million euros) and Germany (up by 22 million euros), while imports from Hungary decreased the most.
In March, the main commodities imported to Estonia were electrical equipment, mechanical appliances and transport equipment. The biggest increase was in the imports of raw materials and products of chemical industry (incl. nitrogenous fertilisers) and the biggest fall occurred in the imports of electrical equipment.
In March 2017, the foreign trade export volume index decreased by 5% and the import volume index increased by 13% compared to the same period of the previous year.
In the 1st quarter of 2017, exports from Estonia amounted to 3.1 billion euros and imports to Estonia to 3.8 billion euros. The trade deficit in the 1st quarter was 647 million euros (in the 1st quarter of 2016, it was 448 million euros).
In the 1st quarter of 2017, the big growth in exports compared to the same period of the previous year was supported by increased exports of mineral products (up by 136 million euros), wood and articles of wood (up by 57 million euros), and base metals and articles of base metal (up by 57 million euros), which also compensated for the big decline in the exports of electrical equipment (down by 68 million euros). In the comparison by countries, exports have increased the most to the Netherlands, Finland, Germany and China. At the same time, exports to Sweden have decreased the most.
In the 1st quarter, the growth in imports was affected the most by an increase in the imports of transport equipment (up by 291 million euros), mineral products (up by 92 million euros) and raw materials and products of chemical industry (up by 51 million euros). The imports of electrical equipment decreased significantly (down by 58 million euros). By countries, imports in the first quarter of 2017 compared to the 1st quarter of 2016 grew the most from Finland, Russia and Lithuania. Imports from Hungary decreased the most.| Month | Exports, million euros | Imports, million euros | Balance, million euros | |||||
|---|---|---|---|---|---|---|---|---|
| 2016 | 2017 | change, % | 2016 | 2017 | change, % | 2016 | 2017 | |
| 1st quarter | 2,776 | 3,113 | 12 | 3,224 | 3,760 | 17 | -448 | -647 |
| January | 824 | 946 | 15 | 979 | 1,355 | 38 | -155 | -410 |
| February | 919 | 978 | 6 | 1,058 | 1,078 | 2 | -140 | -100 |
| March | 1,033 | 1,189 | 15 | 1,186 | 1,327 | 12 | -153 | -138 |
| 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 | 1,189 | 100 | 15 | TOTAL | 1,327 | 100 | 12 |
| EU-28 | 851 | 72 | 11 | EU-28 | 1,081 | 81 | 9 |
| Euro area 19 | 575 | 48 | 22 | Euro area 19 | 766 | 58 | 9 |
| Non-EU | 338 | 28 | 26 | Non-EU | 246 | 19 | 26 |
| 1. Finland | 188 | 16 | 17 | 1. Finland | 179 | 14 | -2 |
| 2. Sweden | 161 | 14 | -20 | 2. Germany | 162 | 12 | 16 |
| 3. Latvia | 98 | 8 | 3 | 3. Sweden | 125 | 9 | 30 |
| 4. Russia | 78 | 7 | 2 | 4. Latvia | 115 | 9 | 16 |
| 5. Germany | 75 | 6 | 24 | 5. Lithuania | 107 | 8 | 16 |
| 6. Lithuania | 73 | 6 | 13 | 6. Poland | 97 | 7 | 4 |
| 7. Netherlands | 54 | 5 | - | 7. Russia | 84 | 6 | 43 |
| 8. Norway | 51 | 4 | 40 | 8. Netherlands | 75 | 6 | 10 |
| 9. USA | 45 | 4 | 55 | 9. China | 59 | 4 | 9 |
| 10. Denmark | 41 | 3 | 16 | 10. Italy | 33 | 3 | 0 |
| Commodity section (chapter) by Combined Nomenclature (CN) | Exports | Imports | Balance, million euros | ||||
|---|---|---|---|---|---|---|---|
| million euros | share, % | change compared to same period of previous year, % | million euros | share,% | change compared to same period of previous year, % | ||
| TOTAL | 1,189 | 100 | 15 | 1,327 | 100 | 12 | -138 |
| Agricultural products and food preparations (I–IV) | 107 | 9 | 18 | 129 | 10 | 13 | -22 |
| Mineral products (V) | 122 | 10 | - | 107 | 8 | 22 | 15 |
| Raw materials and products of chemical industry (VI) | 68 | 6 | 28 | 135 | 10 | 25 | -67 |
| Articles of plastics and rubber (VII) | 37 | 3 | 3 | 75 | 6 | 15 | -38 |
| Wood and articles of wood (IX) | 134 | 11 | 24 | 47 | 4 | 29 | 87 |
| Paper and articles thereof (X) | 30 | 3 | 2 | 25 | 2 | 12 | 4 |
| Textiles and textile articles (XI) | 39 | 3 | 17 | 61 | 5 | 6 | -22 |
| Base metals and articles of base metal (XV) | 89 | 8 | 29 | 109 | 8 | 19 | -20 |
| Mechanical appliances (84) | 97 | 8 | 1 | 152 | 11 | 0 | -55 |
| Electrical equipment (85) | 203 | 17 | -10 | 201 | 15 | -4 | 2 |
| Transport equipment (XVII) | 80 | 7 | 18 | 146 | 11 | 14 | -66 |
| Optical, measuring, precision instruments (XVIII) | 36 | 3 | 12 | 32 | 2 | 14 | 3 |
| Miscellaneous manufactured articles (XX) | 108 | 9 | 11 | 38 | 3 | 18 | 71 |
| Other | 39 | 3 | 9 | 69 | 5 | 33 | -30 |
The statistics are based on the questionnaires “Intrastat” and “Exports (sale of fish and crustaceans in foreign waters and ports)”, the due dates of which were, respectively, 14 and 15 April 2017, and on the customs declaration data of the Estonian Tax and Customs Board, which were sent to Statistics Estonia on 20 April 2017. Statistics Estonia published the monthly summary of foreign trade in 12 working days. In the case of the statistical activity “Foreign trade”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.