In August trade declined compared to the previous year

In August, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. Exports declined by 120 million euros and imports by 134 million euros compared to August 2012. Hence the trade deficit decreased, amounting to 97 million euros in August.

The top destination countries of Estonia’s exports were Sweden (17% of Estonia’s total exports), followed by Finland (16%) and Russia (12%). The 11% decrease in total exports compared to August 2012 was mainly influenced by the decrease in the dispatches to Russia (down by 32% or 57 million euros) and USA (down by 47% or 21 million euros). The fall in exports to Russia was mainly influenced by the decline in the dispatches of mechanical appliances and organic chemicals. Exports to the USA decreased mainly due to the decrease in the dispatches of mineral fuels and electrical equipment. Exports to the United Kingdom and Germany increased (by 39% and 5%, respectively).

In August, the main countries of consignment were Finland (14% of Estonia’s total imports), Sweden (11%) and Germany (11%). The decrease in total imports compared to August 2012 was mainly influenced by the decrease in the arrivals from Netherlands and Russia (down by 49% and 40%, respectively). Arrivals from Netherlands decreased mainly due to the decrease in the arrivals of mechanical and electrical appliances and organic chemicals. Arrivals from Russia decreased mainly due to the decrease in the arrivals of mineral fuels and organic chemicals. At the same time, arrivals of goods from Poland increased by 24% and from the United Kingdom by 34%.

In Estonia’s exports, the biggest share was held by machinery and equipment (30% of Estonia’s total exports), followed by agricultural products and food preparations (10%) and mineral fuels (incl. electricity, motor spirits, oil shale) (9%). The decrease in exports compared to August 2012 was mainly influenced by the decrease in the dispatches of mineral fuels (37% decline) and machinery and equipment (6% decline). At the same time, the dispatches of textiles and wood and products thereof increased (up by 17% and 5%, respectively).

In August the biggest share of Estonia’s imports was held by machinery and equipment (28% of Estonia’s total imports), followed by mineral fuels (13%) and agricultural products and food preparations (12%). Compared to August 2012, the arrivals of machinery and equipment and mineral fuels decreased (down by 19% and 16%, respectively). Arrivals of agricultural products and food preparations increased slightly (up by 6%), influenced mainly by the increase in the arrivals of soya-bean oil and sugar.

In August compared to July 2013, exports increased by 7% , but imports declined by 3%. The monthly increase in exports was influenced by the increase in the dispatches of metals and products thereof and miscellaneous products (incl. furniture and prefabricated wooden houses). Imports were mainly influenced by the decrease in the arrivals of transport equipment.

In August, the economic sentiment indicator, which reflects entrepreneurs’ and consumers’ confidence, increased in Estonia, Sweden and Germany, but decreased in Finland. In September, the same indicator rose in Estonia and Germany, but fell in Finland and Sweden.