In January exports and imports of goods declined sharply

In January exports of goods was 2.9 billion kroons smaller than in January of the previous year. The decline in exports was mainly caused by the decrease in exports to the European Union countries. The decline in exports was also partly caused by the high comparative indicators last year. Exports was last on such a low level in the 1st quarter of 2005.

In January imports of goods was 5 billion kroons smaller than in January 2008. The decline in the imports was mainly caused by the decrease of imports from the EU countries. The decrease was also partly caused by the high comparative indicators last year.

Estonian foreign trade deficit was 1.6 billion kroons in January, which was 2.1 billion kroons less than in January of the previous year. The foreign trade deficit was so small last in January 2005.

In January the share of the European Union (EU 27) countries was 74% and the share of the CIS countries accounted for 10% of the total exports (in January of the previous year 75% and 10%, respectively). The main countries of destination for goods were Finland, Sweden and Latvia. Exports to EU countries decreased by 2.3 billion kroons and to CIS countries by 0.3 billion kroons compared to January of the previous year. Exports to Latvia, Finland and Sweden decreased the most.

In total imports of goods, the share of the EU 27 countries was 73% and that of the CIS countries 16% (in January of the previous year 80% and 12%, respectively). The main countries of consignment were Finland, Russia and Germany. Imports from the EU countries decreased by 4.7 billion kroons compared to January of the previous year. Imports from Sweden, Finland and Germany declined the most.

The trade deficit between the EU countries decreased from 3.5 billion kroons to 1.1 billion kroons compared to January of the previous year.

In both exports and imports, the most important commodity section in January was machinery and equipment, which accounted for nearly a quarter of both flows. In January there was a decrease of both exports and imports among all of the commodity chapters. Exports of transport equipment, metals and products thereof and wood and products thereof decreased significantly. The decrease in imports was mainly caused by the decrease in arrivals of transport equipment, machinery and equipment and mineral products (incl. fuels).

Estonia’s foreign trade, 2008–2009 (million kroons)

Main foreign trade partners of Estonia, January 2009

Exports and imports of goods by commodity sections, January 2009