In August the growth rate of exports and imports accelerated

The foreign trade deficit was 56 million euros (54 million euros in August 2010). The trade surplus was mentioned in Estonia’s trade with the three biggest export destination countries (Sweden, Finland and Russia) or exports to those countries exceeded imports. The biggest trade surplus was registered in trade with Russia (83 million euros).

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 (14%). Electrical equipment and wood and articles of wood were mainly exported to Sweden, electrical equipment and furniture to Finland, mechanical and electrical equipment to Russia. Compared to August of the previous year, exports increased the most to Sweden and Russia (by 68 and 53 million euros, respectively).

The largest amounts of goods were imported from Finland (13% of Estonia’s total imports), followed by Sweden and Latvia (11% both). Electrical equipment was mostly imported from Finland and Sweden, fuels from Latvia. Compared to August of the previous year, the arrivals of goods from Lithuania and Sweden increased the most (by 56 and 30 million euros, respectively).

In August, the biggest shares in exports were held by machinery and equipment (31% of Estonia’s total exports), mineral products (incl. motor spirits, fuel oils and electricity) (12%), and metals and products thereof (9%). The growth in exports was mostly influenced by the dispatches of machinery and equipment that grew by nearly twice (91%) compared to August 2010. The growth in exports was also influenced by the increase in the dispatches of metals and products thereof and mineral products (32% and 29%, respectively).

In August the biggest shares of imports were held by machinery and equipment (28% of Estonia’s total imports), mineral products (16%), and agricultural products and food preparations (10%). Compared to August 2010, the growth of total imports was also influenced the most by the arrivals of machinery and equipment, which increased by 65%. The growth of imports was also influenced by the increase in the arrivals of raw materials and products of chemical industry and the arrivals of mineral products (61% and 28% respectively).

Compared to July, exports of goods in August increased by 11% and imports by 8%. The monthly growth in exports was mainly influenced by the increase in the dispatches of machinery and equipment. The growth in imports was mainly influenced by the increase in the arrivals of raw materials and products of chemical industry.

In August, export prices grew by 10% and import prices by 12% compared to the same month of the previous year.

Estonia’s trade by months, 2008–2011