In February the trade deficit increased

In February the exports of goods from Estonia amounted to 843 million euros (13.2 billion kroons) and imports to Estonia to 885 million euros (13.8 billion kroons) at current prices. As exports grew more than imports each month in the second half of 2010, then in the first two months of 2011, the growth rate of imports has exceeded that of exports. That is one of the signs of recovery of the internal demand, at the same time increasing the trade deficit. If in February 2010, the trade surplus was 20 million euros, then in February this year the trade deficit was 42 million euros. The biggest trade deficit was registered in trade with Germany and Lithuania (59 and 33 million euros, respectively). Trade surplus was registered in trade with important partner countries such as Sweden and Finland (45 and 16 million euros, respectively).

In exports the share of the European Union (EU 27) was 67% and the share of euro area (EA 17) 30% of the total exports of Estonia. The first place in destination countries of Estonia’s exports was held by Sweden (18% of Estonia’s total exports), followed by Finland (15%) and Russia (10%). Compared to February 2010, exports increased the most to Sweden (1.9 times), to Russia (71%) and to China. Electrical equipment was mainly exported to Sweden and Finland, mechanical equipment to Russia and mineral products to China.

In February, imports from the European Union accounted for 76% and from euro area for 35% of the total imports of Estonia. The biggest share of goods were imported from Finland and Sweden (both 12% of Estonia’s total imports), followed by Germany and Russia (both 11%). During the year, arrivals from Sweden have increased by two times and from Germany 46%. Electrical equipment was mainly imported from Sweden and Finland, iron and steel from Germany and mineral fuels (incl. petrol) from Russia.

In Estonia’s exports the biggest share was held by machinery and equipment (29% of Estonia’s total exports), mineral products (incl. petrol, fuel oils and electricity) (17%) and agricultural products and food preparations (8%). Exports of machinery and equipment were 2.3 times bigger compared to February 2010. Exports of metals and products thereof as well as of wood and products thereof also increased significantly (65% and 26%, respectively).

In February the biggest share of Estonia’s imports was held by machinery and equipment (25% of Estonia’s total imports), mineral products (19%) and metals and products thereof (10%). Arrivals of machinery and equipment increased by 1.8 times compared to February 2010. Imports of metals and products thereof and transport equipment also increased significantly.

In February compared to January, exports increased by 3%, but imports decreased by 2%.