Record high trade in Estonia in the previous year

In 2011, in exports, the first place was held by machinery and equipment (27% of Estonia’s total exports), followed by mineral products incl. motor spirits, fuel oils and electricity (17%) and metals and products thereof (9%). The turnover of all commodity sections increased compared to 2010. The growth in Estonia’s exports was mostly influenced by the dispatches of machinery and equipment (growth rate 67% or 1.3 billion euros). There was an increase also in dispatches of mineral products (by 51% or 0.7 billion euros).

In 2011, in imports, the first place was also held by machinery and equipment (27% of the total imports), followed by mineral products (18%) and agricultural products and food preparations (10%). The turnover of imports increased also among all commodity sections. As of exports, imports were also influenced the most by machinery and equipment with the increase of 1.3 billion euros or by 58% compared to 2010. The arrivals of mineral products also increased significantly (by 41% or 0.7 billion euros).

In 2011, the main countries of destination were Sweden (16% of Estonia’s total exports), Finland (15%) and Russia (11%). Exports increased to all main countries of destination, the most to Sweden and Russia (by 0.5 billion euros both). Electrical equipment, wood and articles of wood and furniture were mainly exported to Sweden and Finland, and mechanical and electrical equipment and beverages and spirits to Russia.

The main countries of consignment were Finland (13% of Estonia’s total imports), Latvia and Sweden (11% both). In 2011 compared to 2010, imports was mostly influenced by the increase in arrivals from Latvia and Sweden (by 0.3 billion euros both). Electrical equipment and fuels were mostly imported from Finland and Latvia, electrical equipment and vehicles from Sweden.

In 2011, Estonia’s trade deficit amounted to 0.6 billion euros (0.5 billion euros in 2010). But, trade surplus was registered in Estonia’s trade with the three main export destination countries (Sweden, Finland and Russia), as exports to those countries exceeded imports. The biggest surplus was registered in trade with Sweden (0.5 billion euros).

In December 2011, the value of exports of goods was 948 million euros and of imports 990 million euros. Exports increased by 2% and imports 6% compared to December 2010. Compared to November 2011, exports decreased by 12% and imports by 10%. The monthly decline in exports was mainly caused by the decrease in dispatches of metals and products thereof, the decline in imports by the decrease of arrivals of raw materials and products of chemical industry as well as metals and products thereof.

Export prices rose by 10% and import prices by 11% in 2011 compared to 2010.

Estonia’s trade, 2004–2011