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In May foreign trade decreased

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Posted on 10 July 2014, 11:00
According to Statistics Estonia, in May 2014, exports of goods decreased by 9% and imports by 4% at current prices compared to May of the previous year. The decrease in exports and imports was mostly influenced by a fall in the trade of electrical equipment and mechanical appliances.

In May, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 138 million euros and it increased by 56 million euros compared to May 2013.

The biggest share in Estonia’s exports was held by electrical equipment (19% of Estonia’s total exports), followed by mineral products (10%), agricultural products and food preparations (10%) and wood and products thereof (10%). A significant decrease occurred in the exports of electrical equipment (down by 46 million euros) and mineral products (down by 15 million euros). At the same time, there was an increase in the exports of agricultural products and food preparations and miscellaneous manufactured articles (both up by 3%).

In May, the main commodities imported were electrical equipment (17% of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (11%). The biggest decrease occurred in the imports of electrical equipment and mechanical appliances (down by 28 and 26 million euros, respectively). At the same time, the imports of mineral products increased by 21 million euros.

The top destination country of Estonia’s exports was Finland (16% of Estonia’s total exports), followed by Sweden (16%) and Russia (11%). Electrical equipment and agricultural products and food preparations were the main commodities exported to Finland; electrical equipment and wood and products thereof were the main commodities exported to Sweden; and mechanical appliances and agricultural products and food preparations were the main commodities exported to Russia. The biggest decrease occurred in exports to Sweden (down by 38 million euros) due to decreased exports of electrical equipment. As for CIS countries, the decline was the biggest in exports to Russia (down by 27 million euros) and to Ukraine (down by 4 million euros). Exports to Russia decreased due to reduced exports of mechanical appliances (incl. shovels, excavators) and miscellaneous manufactured articles (incl. furniture). In case of Ukraine, exports of all products decreased by nearly a half. Exports to Belgium increased the most (up 21 million euros), mainly because of the increased exports of mineral products.

The main countries of consignment were Finland (15% of Estonia’s total imports), Germany (12%) and Sweden (12%). The main commodities imported were mineral products and electrical equipment (from Finland), transport equipment and mechanical appliances (from Germany) and electrical and transport equipment (from Sweden). There was a decrease in imports from the United Kingdom (down by 30 million euros) and Latvia (down by 18 million euros). There were decreased imports of mechanical appliances (incl. shovels, excavators) and miscellaneous manufactured articles (incl. furniture) from the United Kingdom, and decreased imports of mineral products (incl. motor spirits and electric energy) from Latvia. Imports from Russia increased the most (up by 24 million euros), due to bigger imports of mineral products (incl. heavy oil) and metals and products thereof (incl. flat-rolled products).

In May compared to April 2014, exports decreased 2% and imports 3%.

Estonia’s foreign trade, 2013–2014
Month Exports, million euros Imports, million euros Balance, million euros
2013 2014 change, % 2013 2014 change, % 2013 2014
TOTAL 5 291.1 4 890.1 -8 5 767.0 5 546.5 -4 -475.9 -656.3
January 1 128.6 905.8 -20 1 150.7 1 003.7 -13 -22.1 -97.9
February 960.9 920.1 -4 1 078.4 1 033.4 -4 -117.5 -113.3
March 1 006.0 1 023.0 2 1 128.6 1 181.7 5 -122.6 -158.7
April 1 081.2 1 030.1 -5 1 213.6 1 179.0 -3 -132.3 -148.8
May 1 114.4 1 011.1 -9 1 195.8 1 148.7 -4 -81.4 -137.6
Main foreign trade partners of Estonia, May 2014
Country of destination, group of countries Exports, million euros Share, % Change compared to same month of previous year, % Country of consignment, group of countries Imports, million euros Share, % Change compared to same month of previous year, %
TOTAL 1 011.1 100 -9 TOTAL 1 148.7 100 -4
EU-28 728.5 72 -6 EU-28 950.6 83 -5
EA18 435.6 43 0 EA18 552.4 48 -2
CIS 124.7 12 -19 CIS 91.6 8 32
1. Finland 162.5 16 -4 1. Finland 176.1 15 -6
2. Sweden 158.8 16 -19 2. Germany 137.8 12 11
3. Russia 108.1 11 -20 3. Sweden 135.6 12 5
4. Latvia 101.4 10 4 4. Latvia 95.3 8 -16
5. Lithuania 54.0 5 -17 5. Lithuania 90.7 8 -8
6. Norway 49.7 5 4 6. Poland 83.0 7 -3
7. Germany 49.1 5 3 7. Russia 80.4 7 42
8. Belgium 38.7 4 - 8. United Kingdom 40.0 3 -43
9. Netherlands 35.6 4 4 9. Netherlands 37.7 3 -6
10. USA 32.3 3 -25 10. China 37.1 3 -22
Exports and imports by commodity sections, May 2014
Commodity section (chapter) by Combined Nomenclature (CN) Exports Imports Balance, million euros
million euros share, % change compared to same period of previous year, % million euros share, % change compared to same period of previous year, %
TOTAL 1 011.1 100 -9 1 148.7 100 -4 -137.6
Agricultural products and food preparations (I–IV) 104.5 10 3 121.6 11 -7 -17.1
Mineral products (V) 106.0 10 -13 147.8 13 16 -41.8
Raw materials and products of chemical industry (VI) 49.6 5 -19 88.2 8 0 -38.6
Articles of plastics and rubber (VII) 33.5 3 -1 65.9 6 9 -32.3
Wood and products thereof (IX) 97.0 10 2 34.8 3 15 62.2
Paper and articles thereof (X) 29.4 3 9 22.7 2 5 6.7
Textiles and products thereof (XI) 31.0 3 -11 48.4 4 11 -17.4
Metals and products thereof (XV) 72.1 7 -3 91.3 8 8 -19.1
Mechanical appliances (84) 82.4 8 -13 114.3 10 -19 -31.8
Electrical equipment (85) 193.3 19 -19 199.3 17 -12 -6.1
Transport equipment (XVII) 61.2 6 -3 117.1 10 -11 -56
Miscellaneous manufactured articles (XX) 88.1 9 3 25.6 2 -21 62.5
Other 62.9 7 -23 71.6 6 -8 -8.9