In July exports to Russia were the largest

In July 2012, exports of goods from Estonia increased by 12% and imports to Estonia by 14% at current prices compared to July of the previous year. The trade deficit was registered as 95.4 million euros, which was somewhat bigger than in July 2011.

The biggest share of commodities was exported to Russia (14.8% of Estonia’s total exports), Sweden (14.6%) and Finland (14%). Compared to July 2011, the increase in total exports was mostly influenced by the increase in the dispatches to Russia (up by 35%) and Belgium (up 3.5 times, mainly due to the increase in dispatches of shale oils). Exports to Sweden decreased by 6%. Mechanical and electrical equipment and dyes were the main commodities exported to Russia; electrical equipment, fuels, wood and products of wood were the main commodities exported to Sweden; and electrical equipment, furniture and articles of iron and steel were the main commodities exported to Finland.

The main countries of consignment were Finland (15% of Estonia’s total imports), Sweden (11%) and Germany (10%). The increase in total imports was mostly influenced by the increase in the arrivals from Finland and Russia (up by 34% and 87%, respectively). The main commodities imported were fuels and electrical equipment from Finland, electrical equipment and transport equipment from Sweden, and mechanical equipment and transport equipment from Germany.

In Estonia’s exports in July, the biggest share was held by machinery and equipment (30% of Estonia’s total exports), followed by mineral fuels (incl. motor spirits, shale oils and electricity – 17%) and metals and products thereof (10%). The increase in exports compared to July 2011 was mainly influenced by the increase in the dispatches of mineral fuels and machinery and equipment (up by 30% and 6%, respectively). A decrease (10%) was recorded in the dispatches of wood and articles of wood.

In July the biggest share of Estonia’s imports was held by machinery and equipment (30% of Estonia’s total imports), followed by mineral fuels (16%) and agricultural products and food preparations (10%). There was a significant increase in the arrivals of machinery and equipment and mineral fuels (up by 12% and 21%, respectively) compared to July of the previous year.

Compared to June 2012, exports increased by 2% and imports by 1% in July. The slight increase was influenced by the increase in the dispatches of fuels (incl. fuel oils); at the same time, the dispatches of wood and articles of wood decreased.

The economic sentiment indicator, which reflects Estonia’s entrepreneurs’ and consumers’ confidence, deteriorated a little in July, but improved again in August. According to Eurostat, the same indicator has shown a downward trend in Finland and in Germany (which is the biggest economy) since March of this year, continuing also in August.

Estonia’s trade by months, 2010–2012