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In February, the trade in machinery and equipment and in transport equipment had the biggest decrease

News
Posted on 23 April 2009, 11:00
According to Statistics Estonia, in February exports of goods from Estonia at current prices totalled 7.9 billion kroons and imports to Estonia 8.9 billion kroons. Compared to February of the previous year, exports declined by 26% and imports by 35%. The decrease was caused by a significant decline in the trade concerning machinery and equipment and transport equipment.

In February, machinery and equipment held the first place in the exports and imports of goods accounting for nearly a fifth of both flows. Compared to February of the last year, the exports of machinery and equipment decreased by 0.6 billion kroons or by one fourth, and imports by 1.2 billion kroons or 41%. The exports of transport equipment decreased by 0.5 billion kroons or 54% and imports by 1.3 billion kroons or 74%. By value, a decrease was detected in all commodity sections, excluding mineral products in case of which both exports and imports increased a little.

Foreign trade deficit was the smallest of last months or 1.1 billion kroons. In the trade with main partner countries, the largest surpluses were registered in the trade with Finland and Sweden and the largest deficits — with Germany and Lithuania.

The main countries of destination were Finland (18% of Estonia’s total exports), Sweden, Russia and Latvia. At the same time, exports to these countries decreased the most in February. Increase in exports was registered only to Canada and Nigeria due to the increase in exports of fuels. By value, the main commodities exported in February to Finland, Sweden and Russia were machinery and equipment and, to Latvia — mineral products (incl. electric energy and fuels).

The main countries of consignment were Finland (13% of Estonia’s total imports), Russia, Germany and Latvia. The largest declines in imports were recorded from Germany and Finland, this was mainly caused by the decline in the imports of transport equipment and machinery and equipment. Mostly mineral products (incl. fuels and natural gas) were imported from Latvia and Russia.

The decline in foreign trade has been caused by the decrease in demand in the internal markets as well as in the main partner markets. According to Eurostat, a decline was announced in January in both exports and imports of all Member States.

Preliminary foreign trade data about February were released by Statistics Estonia on 9 April (on 40th day after the end of reference period). This news release provides the revised data and offers a more detailed overview of trade about the month under observation.

Main foreign trade partners of Estonia, February 2009

Country of destination,
group of
countries		 Exports,
million
kroons		 Share,
%		 Change compared to
same month of
previous year,
% 		Country of consignment,
group of
countries		 Imports,
million
kroons
 Share,
%		 Change compared to
same month of
previous year,
%
Total 7 864 100 -26 Total 8 948 100 -35
1. Finland 1 419 18 -23 1. Finland 1 143 13 -42
2. Sweden 1 070 14 -32 2. Russia 922 10 -15
3. Russia 691 9 -32 3. Germany 897 10 -51
4. Latvia 677 9 -42 4. Latvia 886 10 -27
5. Canada 495 6 54 5. Sweden 828 9 -47
6. Germany 464 6 -19 6. Lithuania 791 9 -16
7. Lithuania 352 5 -45 7. France 525 6 99
8. Denmark 299 4 -24 8. Poland 399 5 -42
9. Nigeria 285 4 - 9. Netherlands 304 3 -30
10. Norway 210 3 -49 10. China 219 2 -12

Exports and imports by commodity sections, February 2009

Commodity section by Combined Nomenclature (CN) Exports Imports Balance,
million
kroons
million kroons share,
%		 change compared
to same month of
previous year,
%		 million kroons share,
%		 change compared
to same month of
previous year,
%
TOTAL 7 864 100 -26 8 948 100 -35 -1 084
Agricultural products and food preparations (I–IV) 761 10 -17 1 031 11 -27 -270
Mineral products (V) 1 192 15 6 1 709 19 14 -517
Raw materials and products of chemical industry (VI) 397 5 -14 830 9 -24 -433
Articles of plastics and rubber (VII) 219 3 -34 407 5 -39 -188
Wood and products thereof (IX) 688 9 -36 168 2 -61 520
Paper and articles thereof (X) 261 3 -22 234 3 -18 27
Textiles and products thereof (XI) 348 4 -38 491 5 -39 -143
Metals and products thereof (XV) 773 10 -33 716 8 -54 57
Machinery and equipment (XVI) 1 778 23 -25 1 759 20 -41 19
Transport equipment (XVII) 416 5 -54 471 5 -74 -55
Miscellaneous manufactured articles (XX) 610 8 -27 226 3 -30 384
Other 421 5 -31 906 10 9 -485