Exports increase 6% on year in November 2016
In November 2016, the export of goods from Estonia increased by six percent and imports to the country by seven percent compared to Novembr 2015.
According to a Statistics Estonia press release, the rise in exports was influenced the most by an increase in the exportation of wood and articles of wood as well as mechanical appliances and the rise in imports by an increase in the importation of base metals and articles of base metal.
In November 2016, exports from Estonia amounted to 1.1 billion euros and imports to the country to 1.2 billion euros at current prices. The trade deficit was 113 million euros, a significant increase over the November 2015 deficit of 94 million euros.
The top destination countries of Estonia's exports in November of last year were Sweden and Finland, accounting for 17 percent of Estonia's total exports each, and Latvia, which accounted for eight. The biggest increase occurred in exports to Finland and Germany, up by 22 million and 16 million euros, respectively, mainly due to increased exports of electricity to Finland and communication equipment to Germany. Exports to Latvia and the Netherlands, meanwhile, decreased the most.
The biggest share in exports was held by electrical equipment, followed by agricultural products and food preparations and wood and articles of wood. The increase in exports was influenced by the exports of wood and articles of wood as well as of mechanical appliances. There was a decrease in the exports of electrical equipment and paper and articles thereof.
The share of goods of Estonian origin in total exports was 72 percent in November 2016. Compared to November 2015, the exports of goods of Estonian origin grew seven percent in November of last year, while re-exports, i.e. the exportation of goods imported from a foreign country, increased two percent. The rise in the exports of goods of Estonian origin were influenced the most by an increase in the exports of wood and articles of wood, including planed coniferous wood and windows, mechanical appliances, including machinery, machinery parts, lifts and hoists, and mineral products, including shale oil and electricity. Among goods of Estonian origin, the exports of paper and articles thereof dropped the most, due to decreased exports of products of the printing industry and wood pulp.
The biggest share of goods of Estonian origin was exported to Sweden, Finland and Germany, while the biggest increase in the export of such goods, by 13 million euros, was seen in the exports to Germany.
The main countries of consignment in November 2016 were Finland (12 percent of Estonia's total imports), Germany (11 percent) and Lithuania (ten percent). The biggest increase occurred in imports from Lithuania and France, while imports from Finland decreased the most.
The main commodities imported to Estonia in November were electrical equipment, agricultural products and food preparations as well as mechanical appliances. The growth in imports was influenced the most by an increase in the imports of base metals and articles thereof as well as raw materials and products of chemical industry. The biggest fall occurred in the imports of electrical equipment.
In November 2016, export prices increased by three percent and import prices by one percent.