In November 2008 both exports and imports of goods decreased significantly

The value of exports of goods was 9.6 billion kroons, compared to November 2007 exports decreased by 2.2 billion kroons or 19%. Such a decline in exports was mainly caused by the nominal (not taking into account the change of prices) decrease in the exports of mineral products (incl. fuels) and transport equipment.

The value of imports of goods was 12.7 billion kroons, compared to November 2007 imports decreased by 3.2 billion kroons. The 20%-decline in imports was caused by the decrease of demand in internal market in all commodity sections besides raw materials and products of chemical industry.

Estonian foreign trade deficit was 3.1 billion kroons in November, and it decreased by 1 billion croons compared to November 2007.

Estonian foreign trade, January–November, 2007–2008

In November 2008 the share of the EU countries was 70% and the share of the CIS countries accounted for 16% of the total exports (in November of the previous year 71% and 13%, respectively). Main countries of destination were Finland, Sweden and Russia. The exports to the EU countries decreased significantly — by 1.6 billion kroons. Exports of goods to the CIS countries increased by 3%.

In total imports of goods, the share of the EU countries was 74% and that of the CIS countries 16% (in November of the previous year 80% and 12%, respectively). Imports from EU countries decreased by 3.3 billion kroons. Main countries of consignment were Finland, Russia and Germany. Imports of goods from Germany, Sweden and Finland decreased significantly. As imports from Russia slightly decreased, then imports from Belarus increased by 41%.

In both exports and imports, the most important commodity section in November was machinery and equipment, which accounted for about a quarter of both flows. Compared to November 2007, the decrease in exports was mainly caused by the decline in exports of mineral products (incl. fuels), of transport equipment and of wood and products thereof. The decrease was also mentioned in exports in the section of metals and products thereof.

The significant decline in imports of goods was caused by the decrease in imports of transport equipment and machinery and equipment (by 1.3 and 0.6 billion croons, respectively), which was also influenced by the decrease of demand in the internal market. Only imports and exports of raw materials and products of chemical industry increased compared to the previous year, in remaining commodity chapters the values of both flows decreased.

Main foreign trade partners of Estonia, November 2008

Exports and imports of goods by commodity sections, November 2008