Estonia's exports grow 2% on year in October
The export of goods from Estonia increased two percent and import into Estonia three percent in October 2016 compared to the same month last year, Statistics Estonia reported on Friday.
Month on month, exports fell by seven percent and imports remained at the same level, the statistics office said.
Compared to October 2015, the export of goods of Estonian origin increased three percent while re-export, i.e. the exportation of goods imported from a foreign country, remained at the same level.
In October, exports from Estonia amounted to one billion euros and imports totaled 1.2 billion euros at current prices; export prices rose three percent and import prices one percent. The trade deficit was 151 million euros, compared with 129 million euros in October 2015.
The top countries of destination for Estonian exports in October were Sweden and Finland, both of which accounted for 16 percent of total exports, followed by Latvia with 9 percent. The biggest increase occurred in exports to Mexico and Germany, which grew by 15 million euros each primarily due to increased exports of electrical equipment. Exports to Sweden and Latvia, on the other hand, decreased the most.
The biggest categories of goods in Estonia's exports in October were electrical equipment, wood and articles of wood, and agricultural and food products. The increase in exports was influenced by the exports of optical, measuring, checking and medical instruments, electrical equipment including communication equipment, and mineral products including motor fuel and shale oil. There was a decrease in the exports of agricultural and food products as well as transport equipment.
Goods of Estonian origin made up 72 percent of total exports in October. The exports of goods of Estonian origin were influenced the most by a rise in the exports of mineral products and electrical equipment. Among goods of Estonian origin, the biggest decrease occurred in the exports of agricultural products and food preparations due to decreased exports of cereals and fish, whereas the export of dried peas increased. The biggest share of goods of Estonian origin was exported to Sweden, Finland and Germany. The biggest increase in the exports of goods of Estonian origin was in exports to Mexico, Togo and Romania.
The primary countries of consignment in October were Finland, which accounted for 12 percent of total imports, Germany, which accounted for 11 percent and the Netherlands, which accounted for ten percent of total imports. The biggest increase occurred in imports from the Netherlands, which doubled. Compared to October 2015, more electrical equipment and transport equipment was imported from the Netherlands. The greatest decrease occurred in imports from Finland.
The main commodities imported into Estonia in October were electrical equipment, transport equipment as well as agricultural and food products. The growth in imports was influenced the most by the imports of transport equipment, while the biggest fall occurred in the imports of mineral products.