In May the trade in machinery and equipment declined the most

In May 2009, exports from Estonia totalled 8 billion kroons and imports to Estonia 8.5 billion kroons at current prices. The trade deficit amounted to 0.5 billion kroons. That was six times less than in May of the previous year amounting then to 2.9 billion kroons. Compared to May of the previous year, the trade in machinery and equipment decreased significantly — the relevant exports decreased by 0.9 and imports by 1.6 billion kroons. As a result of a bigger fall in imports compared to that of exports, trade surplus of 0.1 billion kroons was announced in the trade in machinery and equipment.

In May, the biggest share of exports was held by the commodities of machinery and equipment (accounting for 20% in Estonia’s total exports) as well as by mineral products (16%). The biggest decrease was in the sections of both machinery and equipment and in metals and products thereof. The decline in exports was announced among all commodity sections.

In May, the biggest share of imports was also held by machinery and equipment (18% of Estonia’s total imports) and by mineral products (18%). Compared to May of the previous year, the biggest decrease was reported in the imports of machinery and equipment (1.6 billion kroons), transport equipment (1.2 billion kroons) and metals and products thereof (1 billion kroons). The turnover of imports among all the commodity sections declined considerably.

Significant decline in Estonia’s foreign trade has been caused by the decreasing demand in internal and external markets in Estonia as well as in main partner countries. Steep decline in both exports and imports is characteristic of the whole Baltic region. According to Eurostat, during the four months of this year (January–April) a decline of more than a quarter was announced in the trade of Finland, Sweden, Latvia and Lithuania.

In May, the main countries of exports from Estonia were Finland (18% of total exports), Sweden and Latvia. The main commodities exported to Finland and Sweden were electrical machinery, and to Latvia — electric energy. A remarkable decrease in exports of goods from Estonia was announced to all main countries of destination. Exports increased notably only to Nigeria influenced by exported petroleum products.

The main countries from where goods were imported to Estonia in May were Finland (15% of total imports), Russia and Sweden. Commodities of electrical machinery and equipment were mostly imported from Finland, fuels from Russia and transport equipment from Sweden. Compared to May of the previous year, imports of goods from Germany and Finland declined the most.

Compared to April of this year, exports of goods from Estonia increased by 5% and imports to Estonia decreased by 10%. Foreign trade deficit decreased more than threefold compared to April. The increase in exports from Estonia was influenced by the increase in dispatches of mineral products (incl. fuels). The decline in imports was influenced by the decrease in the arrivals of products of the same commodity section.

Estonia’s foreign trade, January–May, 2008–2009

Main foreign trade partners of Estonia, May 2009

Exports and imports by commodity sections, May 2009

The preliminary foreign trade data about May were released by Statistics Estonia on the 10th of July (on the 40th day after the end of the reference period). This news release provides the revised data and offers a more detailed overview of trade about the month under observation.