Estonian exports grow 12% on year in August
Estonia's exports grew 12 percent year on year while imports increased 8 percent in August.
In August of this year, exports from Estonia amounted to one billion euros, while imports totaled 1.1 billion euros. The trade deficit, which was at the lowest level of the year, mounted to 80 million euros, compared to 108 million in August 2015.'
The primary destination countries of Estonia’s exported goods in August were Sweden, which accounted for 17 percent, Finland, which accounted for 16, and Latvia, which accounted for ten percent of all exports. Exports to Mexico, Finland and Germany showed the biggest growth in August, increasing by 33, 19 and 14 million euros, respectively.
Compared to August 2015, more electrical equipment was exported to Mexico, more mechanical appliances, optical appliances, wood and wood articles to Finland, and more electrical equipment and miscellaneous manufactured articles to Germany. The greatest decrease occurred in exports to the Netherlands.
Estonia’s top exports in August included electrical equipment, miscellaneous manufactured articles, wood and articles of wood as well as mineral products. The increase in exports was greatly influenced by the export of electrical equipment, including communication equipment, miscellaneous manufactured articles, including prefabricated wooden buildings, and transport equipment, including cars. A decrease was seen in the export of mechanical appliances.
71 percent of exports goods of Estonian origin
Goods of Estonian origin made up 71 percent of all exports in August. Export growth was influenced the most by the export of these goods, which increased 14 percent, while the re-export of foreign goods grew 7 percent.
Compared to August 2015, growth in the export of goods of Estonian origin was influenced the most by a rise in the exports of electrical equipment, miscellaneous manufactured articles, mineral products, base metals as well as articles of base metal. Among goods of Estonian origin, the biggest decrease occurred in the export of agricultural and food products; by country, their export increased the most to Mexico, Finland and Germany.
The primary countries of consignment in August were Finland, which accounted for 13, Germany for 11 and Lithuania for ten percent of Estonia’s total imports. The biggest rise occurred in imports from Russia, Germany and China. Compared to August 2015, there was a growth in the imports of mineral products from Russia, of transport equipment from Germany as well as of electrical equipment from China. The greatest decrease occurred in imports from Poland.
Estonia’s primary imports in August included electrical equipment, agricultural products and food preparations, mechanical appliances, transport equipment and mineral products. The growth in imports was influenced the most by increased imports of transport equipment, agricultural and food products, textiles and textile articles. The biggest fall occurred in the imports of mineral products.
Export prices in August were at the same level as a year prior, but import prices had dropped by 3 percent. Compared to July, Estonia’s exports increased by 15 percent and imports by 5 percent.