August exports up eight, imports 12 percent on year ({{commentsTotal}})

Wood and products of wood make up a significant share of Estonia's exports.
Wood and products of wood make up a significant share of Estonia's exports. Source: (Postimees/Scanpix)

According to information released by Statistics Estonia on Tuesday, the export of goods increased by eight and imports by 12 percent on year in August, with the increased exports and imports of mineral products and mechanical appliances contributing to trade growth.

In August 2017, exports from Estonia amounted to €1.1 billion and imports to €1.2 billion at current prices, with a trade deficit of €115 million, up from €70 million in August 2016.

The biggest share in exports was held by electrical equipment, including communication equipment, electrical transformers, control boards and cabinets, followed by mineral products, incluing shale oil, motor spirits and electricity, as well as miscellaneous manufactured articles, includingprefabricated wooden buildings and furniture. The greatest increase was registered in the exports of mineral products, up by €62 million, mechanical appliances, up by €19 million, and base metals and articles of base metal, up by €17 million. At the same time, the exports of electrical equipment continued to decrease, down by 47 million euros.

The share of goods of Estonian origin in total exports was 73 percent in August, representing an 11-percent increase; re-exports increased by two percent. The increase in the exports of goods of Estonian origin was affected the most by an increase in the exports of mineral products (shale oil), base metals and articles of base metal (metal waste) and wood and articles of wood (wood pellets, coniferous saw-timber).

 

The top destination countries of Estonia's exports were Finland, accounting for 17 percent of Estonia's total exports, Sweden, accounting for 13 percent, and Latvia, accounting for ten percent of exports. Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; electrical equipment and miscellaneous manufactured articles, including prefabricated wood buildings, pillows, and blankets, were the main commodities exported to Sweden; mineral products such as electricity and agricultural products and food preparations including raw milk were the main commodities exported to Latvia.

The biggest increase occurred in exports to the Netherlands, up approximately 2.5 times to €30 million, Russia, up by €18 million, and Finland, up by €17 million. In exports to the Netherlands, the exports of shale oil, to Russia, the exports of shovel loaders and excavators, and to Finland, the exports of heavy oils and flat-rolled products increased the most. The biggest decrease occurred in exports to Sweden.

The main commodities imported to Estonia were electrical equipment, including communication equipment parts and mobile phones, agricultural products and food preparations, including wine, food preparations, spirits, mechanical appliances, including data-processing machines, shovel loaders, and excavators, mineral products, including fuel oils and gas oils, and transport equipment includingmotor cars and their parts. The biggest increase was recorded in the imports of mineral products, mechanical appliances and transport equipment, and the biggest fall occurred in the imports of electrical equipment.

The primary countries of consignment in August were Finland (12 percent of Estonia's total imports), Germany (11 percent), Sweden and Lithuania (ten percent each). The main commodities imported were electrical equipment and base metals and articles of base metal from Finland; mechanical appliances and transport equipment from Germany; mineral products and transport equipment from Sweden; mineral products, agricultural products and food preparations from Lithuania. The biggest increase occurred in imports from Sweden, Germany and Finland. Imports from Hungary decreased the most.

This august, the foreign trade export volume index increased by four percent and the import volume index by ten percent compared to the same period last year.

Editor: Aili Vahtla



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