In June the growth of exports and imports slowed down
Due to a faster growth in exports compared to imports, also the foreign trade deficit decreased. In June this year, the foreign trade deficit accounted for nearly 60 million euros compared to 93 million euros in June 2010. This year, exports grew the most (73%) in March, and imports grew the most in April (67%) compared to the same month of the previous year.
In exports in June, the biggest shares were held by machinery and equipment (29% of Estonia’s total exports), mineral products (incl. motor spirits, fuel oils and electricity) (14%), and metals and products thereof (10%). Compared to June of the previous year, the exports of machinery and equipment and the exports of mineral products increased the most (91% and 53%, respectively).
In June the biggest shares of imports were held by machinery and equipment (30% of Estonia’s total imports), mineral products (14%), and agricultural products and food preparations (11%). Compared to June 2010, the arrivals of machinery and equipment as well as mineral products increased the most (79% and 20%, respectively). The arrivals of raw materials and products of chemical industry also increased significantly (39%).
The first place among the destination countries of exports was held by Sweden (17% of Estonia’s total exports), followed by Finland (16%) and Russia (10%). Compared to June of the previous year, exports increased the most to Sweden and Russia (by 71 and 29 million euros, respectively). Electrical equipment, wood and products thereof, and furniture were mainly exported to Sweden and Finland. Mechanical and electrical equipment were mainly exported to Russia.
The largest amounts of goods were imported from Finland (14% of Estonia’s total imports), followed by Latvia and Sweden (12%, both). Compared to the same month of the previous year, the arrivals of goods from Latvia and Sweden increased the most (by 37 million euros in case of both). From Finland and Sweden, mainly electrical equipment was imported, from Latvia – fuels, and wood and products thereof.
During the first half of this year, the turnover of exports increased by 54% and that of imports by 49% compared to the same period last year.
In June compared to May, exports decreased by 15% and imports by 12%. Partly, it was also due to the different number of working days.
Estonia’s trade by months, 2008–2011
| Exports, million euros | Imports, million euros | Balance, million euros | ||||||
|---|---|---|---|---|---|---|---|---|
| 2010 | 2011 | change, % | 2010 | 2011 | change, % | 2010 | 2011 | |
| January | 519.5 | 818.9 | 58 | 543.3 | 895.6 | 65 | -23.8 | -76.7 |
| February | 628.7 | 840.6 | 34 | 608.3 | 886.0 | 46 | 20.4 | -45.3 |
| March | 628.6 | 1 086.0 | 73 | 802.3 | 1 167.1 | 45 | -173.7 | -81.1 |
| April | 680.7 | 1 102.9 | 62 | 697.9 | 1 162.1 | 67 | -17.2 | -59.3 |
| May | 730.0 | 1 118.1 | 53 | 791.8 | 1 139.3 | 44 | -61.7 | -21.1 |
| June | 663.4 | 946.6 | 43 | 756.7 | 1 006.4 | 33 | -93.3 | -59.8 |
| 1st half-year | 3 851.0 | 5 913.1 | 54 | 4 200.3 | 6 256.5 | 49 | -349.3 | -343.4 |
| Country of destination, group of countries | Exports, million euros | Share, % | Change compared to same month of previous year, % | Country of consignment, group of countries | Imports, million euros | Share, % | Change compared to same month of previous year, % |
|---|---|---|---|---|---|---|---|
| TOTAL | 946.6 | 100 | 43 | TOTAL | 1 006.4 | 100 | 33 |
| EU 27 | 672.5 | 71 | 44 | EU 27 | 832.9 | 83 | 41 |
| EA17 | 311.0 | 33 | 45 | EA17 | 369.7 | 37 | 26 |
| CIS | 117.9 | 12 | 37 | CIS | 76.5 | 8 | 12 |
| 1. Sweden | 165.5 | 17 | 75 | 1. Finland | 141.0 | 14 | 19 |
| 2. Finland | 152.6 | 16 | 23 | 2. Latvia | 121.0 | 12 | 45 |
| 3. Russia | 97.4 | 10 | 43 | 3. Sweden | 118.0 | 12 | 46 |
| 4. Latvia | 73.5 | 8 | 16 | 4. Germany | 112.4 | 11 | 27 |
| 5. Germany | 46.6 | 5 | 25 | 5. Lithuania | 77.6 | 8 | 46 |
| 6. Lithuania | 44.1 | 5 | 39 | 6. Poland | 64.6 | 6 | 59 |
| 7. Nigeria | 32.4 | 3 | 140 | 7. Russia | 59.7 | 6 | 19 |
| 8. France | 30.5 | 3 | 185 | 8. China | 36.7 | 4 | 56 |
| 9. Norway | 28.4 | 3 | 12 | 9. Netherlands | 35.4 | 4 | 55 |
| 10. USA | 23.6 | 2 | 10 | 10. United Kingdom | 33.6 | 3 | 158 |
| Commodity section by Combined Nomenclature (CN) | Exports | Imports | Balance, million euros | ||||
|---|---|---|---|---|---|---|---|
| million euros | share, % | change compared to same month of previous year, % | million euros | share, % | change compared to same month of previous year, % | ||
| TOTAL | 946.6 | 100 | 43 | 1 006.4 | 100 | 33 | -59.8 |
| Agricultural products and food preparations (I–IV) | 69.7 | 7 | 15 | 108.6 | 11 | 24 | -39.0 |
| Mineral products (V) | 129.0 | 14 | 53 | 141.2 | 14 | 20 | -12.2 |
| Raw materials and products of chemical industry (VI) | 42.1 | 4 | 17 | 81.7 | 8 | 39 | -39.7 |
| Articles of plastics and rubber (VII) | 28.0 | 3 | 15 | 54.7 | 5 | 20 | -26.6 |
| Wood and products thereof (IX) | 85.4 | 9 | 23 | 29.4 | 3 | 40 | 56.1 |
| Paper and articles thereof (X) | 25.6 | 3 | 13 | 19.9 | 2 | 18 | 5.6 |
| Textiles and products thereof (XI) | 27.9 | 3 | 13 | 38.9 | 4 | 10 | -11.0 |
| Metals and products thereof (XV) | 93.5 | 10 | 49 | 91.0 | 9 | 26 | 2.5 |
| Machinery and equipment (XVI) | 271.6 | 29 | 91 | 302.4 | 30 | 79 | -30.8 |
| Transport equipment (XVII) | 45.3 | 5 | 12 | 73.9 | 7 | -2 | -28.7 |
| Miscellaneous manufactured articles (XX) | 70.5 | 7 | 21 | 17.6 | 2 | 0 | 52.9 |
| Other | 58.0 | 6 | 54 | 47.1 | 5 | 18 | 10.9 |