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In February both exports and imports of goods grew

News
Posted on 23 April 2010, 11:00
According to Statistics Estonia, in February exports of goods from Estonia at current prices grew by 24% and imports to Estonia by 9% compared to February of the previous year. The growth in trade was caused mainly by the growth of exports and imports in mineral products.

In February exports of goods from Estonia totalled 9.7 billion kroons and imports to Estonia 9.5 billion kroons. Compared to February 2009, exports increased by 1.9 billion kroons and imports by 0.8 billion kroons. Imports grew last in September 2008. The trade surplus amounted to nearly 0.2 billion kroons (in February of the previous year the trade deficit amounted to 0.9 billion kroons).

In February, the biggest share in Estonia’s total exports was held by the mineral products (30% of Estonia’s total exports) and by machinery and equipment (16%). Compared to February of the previous year, exports of mineral products (incl. motor spirits and fuel oils) grew the most or by 2.4-fold. Exports of wood and products thereof grew by about a quarter and exports of products of miscellaneous manufactured articles (incl. furniture) by 19%.

In February the biggest share of imports was also held by mineral products (23% of Estonia’s total imports) and machinery and equipment (19%). Compared to February 2009, imports of mineral products grew 44% (or 0.7 billion kroons) and of machinery and equipment 9% (0.2 billion kroons).

In February in Estonia’s exports the main countries of destination were Finland (16% of Estonia’s total exports), Sweden (13%) and USA (9%). The increase in exports was registered to all main countries of destination except Germany. Exports to USA and France increased the most.

The main countries from where goods were imported to Estonia were Finland (15% of Estonia’s total imports), Russia (14%), Latvia and Germany (both 11%). Compared to February of the previous year, imports increased from most main partner countries. Imports from Russia, Latvia and Finland increased the most.

Exports of goods grew by a fifth and imports by 12% compared to January 2010.

According to Eurostat, in January 2010 exports of goods EU-27 countries grew by 8% on average, imports to the EU countries remained at the same level as in January 2009.

Estonia’s foreign trade, January–February, 2009–2010
Month Exports,
million kroons		 Imports,
million kroons		 Balance,
million kroons
2009 2010 Change,
%  		 2009 2010 Change,
%		 2009 2010
January 7 269 8 058 11 8 830 8 487 -4 -1 561 -429
February 7 817 9 676 24 8 755 9 538 9 -938 138

 

Main foreign trade partners of Estonia, February 2010
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 9 676 100 24 TOTAL 9 538 100 9
EU-27 6 226 64 17 EU-27 7 377 77 8
CIS 974 10 10 CIS 1 477 15 33
1. Finland 1 586 16 9 1. Finland 1 425 15 24
2. Sweden 1 230 13 16 2. Russia 1 304 14 43
3. USA 867 9 918 3. Latvia 1 071 11 39
4. Russia 783 8 14 4. Germany 1 041 11 18
5. Latvia 708 7 15 5. Lithuania 840 9 5
6. France 524 5 263 6. Sweden 783 8 -1
7. Nigeria 445 5 56 7. Poland 520 5 24
8. Germany 438 5 -7 8. Netherlands 303 3 1
9. Denmark 413 4 38 9. Belgium 252 3 42
10. Lithuania 375 4 12 10. Italy 205 2 -2

 

Exports and imports by commodity sections, February 2010
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 t
o same month
of previous year,
%
TOTAL 9 676 100 24 9 538 100 9 138
Agricultural products and food preparations (I–IV) 831 9 10 1 074 11 1 -243
Mineral products (V) 2 907 30 138 2 191 23 44 717
Raw materials and products of chemical industry (VI) 365 4 -9 856 9 3 -491
Articles of plastics and rubber (VII) 252 3 18 514 5 29 -262
Wood and products thereof (IX) 850 9 24 277 3 66 573
Paper and articles thereof (X) 303 3 18 248 3 -2 55
Textiles and products thereof (XI) 330 3 -4 544 6 9 -213
Metals and products thereof (XV) 623 6 -20 761 8 8 -138
Machinery and equipment (XVI) 1 596 16 -8 1 860 19 9 -264
Transport equipment (XVII) 448 5 14 504 5 10 -56
Miscellaneous manufactured articles (XX) 717 7 19 198 2 -13 519
Other 454 5 8 511 5 -44 -57

The preliminary foreign trade data about February were released by Statistics Estonia on 9th of April (on 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.