Estonia's exports fall 6% on year in July
Estonia's exports fell six percent and imports four percent year over year in July mostly due to a decline in trade with EU countries.
In July of this year, exports from Estonia amounted to 900 million euros and imports to Estonia to 1.1 billion euros at current prices, reported Statistics Estonia. There was a significant fall in trade with EU member states: compared to July 2015, exports dropped by 8 percent and imports by 7 percent. The trade deficit was 165 million euros.
The main destination countries of Estonia's exports in July were Finland and Sweden, both of which accounted for 16 percent of total exports, followed by Latvia with 10 percent. A decline was registered in exports to all neighboring countries, with exports to Sweden and Latvia falling the most.
Compared to July 2015, there was a decrease in the export of electrical equipment and prefabricated wooden buildings to Sweden and in the export of motor fuels and transport equipment to Latvia. Exports to Nigeria and Mexico grew the most.
Estonia's top exports in July were electrical equipment, mineral products, wood and articles of wood, agricultural products and food preparations as well as mechanical appliances. The drop in exports was greatly influenced by a fall in the export of mineral products including motor fuels and raw materials and products of the chemical industry, which decreased by 22 million and 10 million euros, respectively.
The main countries of consignment were Finland, which accounted for 13 percent of total imports, followed by Germany with 12 percent and Lithuania with 10 percent. The biggest drop occurred in imports from Finland and Latvia. Compared to July 2015, there was a fall in the import of optical appliances from Finland as well as of electrical equipment from Latvia. The greatest increase was seen in imports from China.
The main articles imported in July were electrical equipment, agricultural and food products, mechanical appliances, transport equipment and mineral products. The fall in imports was influenced the most by a decrease in the import of mineral products, which fell by 25 million euros.
Compared to June of this year, July exports fell by 10 percent and imports by 7 percent.
The share of goods of Estonian origin in total exports was 69 percent in July, representing the lowest level this year.