In June imports grew faster than exports

In June exports of goods from Estonia amounted to 10.2 billion kroons (651 million euros) and imports to Estonia to 12 billion kroons (764 million euros) at current prices. Compared to June 2009, exports increased by 0.6 billion kroons (41 million euros) and imports by 2.2 billion kroons (138 million euros) compared to June 2009. The trade deficit amounted to 1.8 billion kroons (113 million euros), which was seven times more than in June of the previous year.

In June, the biggest share in Estonia’s exports was held by the commodities of machinery and equipment (21% of Estonia’s total exports), mineral products (13%) and wood and products thereof (11%). Compared to June of the previous year, the biggest increase was reported in the exports of machinery and equipment and wood and products thereof. At the same time exports of mineral products (incl. fuels) decreased significantly. Machinery and equipment and wood and products thereof were mainly exported to Sweden and Finland, mineral products to Latvia and USA.

In June the biggest share in Estonia’s imports was also held by machinery and equipment (22% of Estonia’s total imports), mineral products (16%) and agricultural products and food preparations (11%). The biggest increase i.e. 0.9 billion kroons (56 million euros) was announced in the arrivals of machinery and equipment. Imports of transport equipment and metals and products thereof also increased significantly. Machinery and equipment were mainly imported from Sweden and Finland. The increase of imports of transport equipment was influenced by a ferryboat imported from Norway.

The main countries of destination for Estonia were Finland (19% of Estonia’s total exports), Sweden (14%) and Russia (11%). Compared to June of the previous year, exports to Sweden, Finland and Russia also increased the most. A significant decrease in exports was announced in the dispatches of mineral products to USA.

The main countries from where goods were imported to Estonia were Finland (16% of Estonia’s total imports), Germany, Latvia and Sweden (11% from each). The biggest increase was announced in the imports from Sweden.

In the 1st half-year of 2010 exports of Estonia increased by 22% and imports 20%. According to the data of the Central Statistical Bureau of Latvia, in the same period exports of Latvia increased by 23% and imports only by 8%. According to the data of Statistics Lithuania, both exports and imports increased by 24% during the six months of 2010.

The preliminary foreign trade data about June were released by Statistics Estonia on 9 August (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. The trade data in euros have been published in the Statistical Database.