Exports grow to €1bn in March
In March 2016, Estonia's exports of goods decreased by 3% and imports by 1% compared to March 2015, while in the first quarter exports decreased by 2% and imports increased by 1%.
The top destination country of Estonia's exports in March was Sweden, accounting for 20% of total exports, followed by Finland and Latvia with 16% and 9% respectively. There was a decrease in the exports to the Netherlands and Norway on the whole as well as in exports of petroleum products to the Netherlands and mechanical appliances to Norway.
The biggest increase in exports occurred in exports to Turkey and Lithuania. There was an increase in iron and steel, electrical equipment, and live bovine animals exported to Turkey, and transport equipment and electrical equipment exported to Lithuania.
Electrical equipment had the biggest share in Estonia's exports in March, followed by wood and wood products, and miscellaneous manufactured articles.
The decrease in exports of goods in March was significantly influenced by mineral products, electrical equipment, and agricultural products and food preparations. There was an increase in the export of mechanical appliances and miscellaneous manufactured articles.
The share of goods of Estonian origin in exports was 70%. Exports of goods of Estonian origin decreased by 3%, or €23m compared to March 2015. The share of goods of Estonian origin was greatest in the commodity sections of wood and wood products and miscellaneous manufactured articles, at 97% and 90% respectively, and smallest in mineral products, at 24%.
Exports of goods of Estonian origin were influenced the most by a decrease in exports of mineral products and electrical equipment.
The main countries of consignment in March were Finland and Germany, with 15% and 12% of Estonia's total imports respectively, followed by Latvia, Sweden, Lithuania and Poland with 8% each.
The biggest decrease occurred in imports from Russia and Lithuania, where there was a decrease in mineral products. At the same time, the greatest increase occurred in imports from Finland and Germany. The imports of electrical equipment from Finland and transport equipment from Germany both increased.
In March, the main commodities imported were electrical equipment, mechanical appliances, and transport equipment. The decrease in imports was significantly influenced by the smaller imports of mineral products. At the same time, the imports of mechanical appliances and transport equipment grew.
In the first quarter of this year, exports amounted to €2.8bn, imports to €3.2bn. The trade deficit in the first quarter was €453m, while in the first quarter of 2015 it had been €346m.