In August the trade balance was positive with main countries of destination

In August 2009, exports of goods from Estonia totalled 7.7 billion kroons and imports to Estonia 9.3 billion kroons. Both exports and imports declined by 31% compared to the same period of the previous year. The trade balance was positive with such main countries of destination as Finland, Russia, Latvia, Sweden and USA. The biggest trade deficit was announced in the trade with Lithuania (0.8 billion kroons) and Germany (0.4 billion kroons).

In August, the main countries of destination of exports from Estonia were Finland (18% of the total exports), Russia (11%), Latvia (11%) and Sweden (10%). Compared to August of the previous year, the decrease was announced to all the main countries of destination. The biggest decrease in exports was announced in exports to Finland (0.7 billion kroons) and Sweden (0.6 billion kroons).

The main countries from where goods were imported to Estonia in August were Finland and Lithuania (both 16% of the total imports). Compared to August of the previous year, imports of goods from Germany declined the most (1.2 billion kroons), also from Finland and Latvia. Imports from Lithuania and Poland increased.

In August, petroleum products (incl. fuels) and machinery and equipment held the biggest share in Estonia’s total exports with the share of about 16% both. They were followed by metals and products thereof and agricultural products and food preparations. Compared to August of the previous year exports declined in all commodity sections, but the dispatches of machinery and equipment and metals and products thereof declined the most (1 billion kroons both).

In imports, among the commodity sections, the biggest share was held by petroleum products (a quarter of Estonia’s total imports), machinery and equipment and agricultural products and food preparations. Compared to August of 2008 the biggest decrease was announced in the section of machinery and equipment (1.2 billion kroons) and metals and products thereof (1 billion kroons). Only the arrivals of petroleum products increased.

Compared to July 2009, exports of goods from Estonia decreased 7% and imports to Estonia 3%. The decline in exports was mainly caused by the decrease in the exports of machinery and equipment and petroleum products.

The decrease in exports and imports is characteristic of all the EU countries in January–July 2009. The average decline rate in EU countries was 20% in exports and 25% in imports compared to the same period of 2008.

The preliminary foreign trade data about August were released by Statistics Estonia on the 12th of October (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.