In June exports of goods declined

In June, exports from Estonia amounted to nearly 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit increased due to the decline in exports, amounting to 173 million euros in June.

The top destination countries of Estonia’s exports were Sweden (17% of Estonia’s total exports), followed by Finland (15%) and Russia (11%). Exports decreased to three main partner countries: to Sweden by 14%, to Russia 13% and to Finland 8%, compared to June 2012. Exports to Latvia and Belgium increased (up by 17% and 99%, respectively). Electrical equipment and wood and furniture were the main commodities exported to Sweden and Finland; mechanical equipment, paints and varnishes were the main articles exported to Russia, mineral fuels (incl. fuels, electricity and shale oil) to Belgium and Latvia.

In June, the main countries of consignment were Finland (14% of Estonia’s total imports), Germany (10%) and Sweden (10%). Compared to June of the previous year, arrivals of goods from Russia and Latvia decreased (down by 38% and 20%, respectively). At the same time, arrivals of goods from Poland increased (up by 73%). Fuel was the main commodity imported from Finland, mechanical equipment from Germany and electrical equipment from Sweden and Poland.

In Estonia’s exports in June, the biggest share was held by machinery and equipment (29% of Estonia’s total exports), followed by mineral fuels (10%) and agricultural products and food preparations (9%). The decrease in exports compared to June 2012 was mainly influenced by the decrease in the dispatches of mineral fuels (32% decline) and machinery and equipment (7% decline). At the same time, the dispatches of wood and products thereof increased (up by 10%).

In June the biggest share of Estonia’s imports was held by machinery and equipment (30% of Estonia’s total imports), followed by mineral fuels (14%) and agricultural products and food preparations (11%). The arrivals of transport equipment increased by 28% while arrivals of mineral fuels decreased by 20%.

In June compared to May 2013, exports decreased by 12% and imports by 3%. The monthly decrease in exports was influenced by the decrease in the dispatches of electrical and mechanical equipment. The decline in June may also be influenced by the smaller number of working days compared to May.

In the first half-year, exports increased by 2% and imports by 3% compared to the same period of the previous year. At the same period, both export and import prices fell by 1%.

The economic sentiment indicator, which reflects Estonia’s entrepreneurs’ and consumers’ confidence, has also shown a decrease in June. But, in July, it rose in Estonia, Finland and Sweden.