In May foreign trade deficit was record-breakingly small
According to the preliminary data of Statistics Estonia, in May 2009 exports of goods from Estonia amounted to 8 billion kroons at current prices and imports to Estonia 8.6 billion kroons. Foreign trade deficit was five times less than in May of the previous year being smaller than that last in September 1995.
Compared to May of the previous year, exports from Estonia decreased by 30% or 3.5 billion kroons and imports by 40% or 5.9 billion kroons. Foreign trade deficit decreased to 0.6 billion kroons (2.9 billion kroons in May 2008) and the decline was caused by a faster decline in imports. Compared to April of the current year, exports increased by 5% but imports decreased by 8%. Trade deficit was registered as two thirds of that in April. Foreign trade deficit started to decrease significantly from January this year.
In May the value of goods exported from Estonia to the EU countries (EU 27) was 5.6 billion kroons with the share of 70% of Estonian total exports. Compared to May of the previous year, exports decreased by about a third. Exports from Estonia to non-EU countries or the so-called third countries amounted to 2.5 billion kroons decreasing by more than a quarter compared to May 2008.
Imports from the European Union (EU 27) countries to Estonia totalled 6.8 billion kroons with the share of 79% of Estonian total imports. Imports from the EU countries decreased by 4.7 billion kroons or 41% compared to May of the previous year. Imports from other countries than the EU accounted for 1.8 billion kroons decreasing by 39% compared to May of the previous year.
The foreign trade deficit with the EU countries accounted for 1.2 billion kroons (3.4 billion kroons in May 2008). At the same time, Estonia’s trade balance with other countries than the EU was positive or exports to those countries exceeded imports approximately by 0.7 billion kroons.
Estonian foreign trade, January 1995 – May 2009
Statistics Estonia releases the first estimates about foreign trade on the 40th day after the end of the reference period which are then revised on the 54th day. Statistics Estonia will release a more detailed overview about foreign trade for May on the 24th of July.