Exports Down 10% Since Last Year
July figures released by Statistics Estonia today show that the nation's exports fell for the second month in a row, dropping to 944 million euros, a new 1.5-year low.
The result marks a 104-million-euro decrease, and a 10 percent decline, compared with the same month of 2012.
Statistics Estonia attributed part of the decrease to a drop in exports to Russia, which were down by 16 percent, or 24 million euros, mainly due to fewer dispatches of mechanical appliances. It noted, however, that exports of milk and dairy products to Russia had increased significantly.
Lower mineral fuel exports to the UK were also to blame for the drop. They helped push UK-bound exports down by 45 percent, or 17 million euros.
Exports to Sweden and Latvia, Estonia's largest and fourth largest export markets, increased by 5 percent and 21 percent, respectively.
Imports in July were also down in both the monthly and yearly comparison, albeit by a far smaller margin. The overall import figure was 1.14 billion euros, 1 percent lower compared with the same month of last year.
The relatively small drop in imports compared with that of exports pushed the nation's trade deficit to 198 million euros, the highest level seen since December.
After Sweden, which accounted for 17 percent of Estonian exports in July, the largest export destinations were Finland (15 percent) and Russia (14 percent).
Finland was the largest country of origin for Estonia's imports, taking a 13 percent share of the total, followed by Germany and Sweden at 11 percent each.