In June petroleum products contributed to foreign trade

In June 2009, exports of goods from Estonia decreased 13% and imports 30% compared to the same period of the previous year. The trade deficit amounted to 0.4 billion kroons, which was nearly eight times less than in June of the previous year. Mineral products, of which the majority were petroleum products, accounted for 27% of the total exports. In June exports of petroleum products was more than twice bigger than in the same period of the previous year. Trade surplus of 0.2 billion kroons (exports exceeded imports) was announced in the trade in petroleum products as petroleum products exported in June were imported to Estonia in previous months. The decline was announced in exports among all other commodity sections.

In June, petroleum products accounted for about a quarter (24%) of imports. Compared to June of the previous year, imports of petroleum products remained at the same level. The turnover of imports among other commodity sections declined considerably.

In June, the main countries of destination of exports from Estonia were Finland (15% of the total exports), US (12%) and Sweden (10%). Compared to June of the previous year, an increase was announced in exports of goods from Estonia to US, Nigeria and France due to the growth in exports of petroleum products. At the same time exports to nearby partner countries decreased.

The main countries from where goods were imported to Estonia in June were Finland (14% of the total imports), Lithuania (12%) and Russia (10%). Compared to June of the previous year, imports of goods declined from nearly most main partner countries, the most from Germany and Sweden. Imports of goods from Russia and US increased. Petroleum products were imported mainly from Lithuania and Russia.

As in 2008 the indicators of Estonia’s foreign trade were on top level in the first half-year, then in the 1st half-year of 2009 exports decreased 27% and imports 36%. At the same time the trade deficit was about three times smaller than in the first half-year of the previous year.

Compared to May 2009, exports of goods from Estonia increased 17% and imports to Estonia 15%. As the increase in exports and imports was mainly caused by the growth of trade in petroleum products, it cannot to be taken as a sign of all-round recovery in foreign trade.

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

Main foreign trade partners of Estonia, June 2009

Exports and imports by commodity sections, June 2009