Machinery and Equipment Exports up 56% in 2010
Last year, the total export growth was driven by machinery and equipment, the sector reporting an increase of 0.7 billion euros, or 56 percent from 2009.
Machinery and equipment made up 23 percent of the total export volume in 2010, Statistics Estonia reported.
Exports of goods at current prices increased 35 percent and imports 27 percent compared to 2009. In the last months of the year the growth in foreign trade accelerated as dispatches and arrivals of machinery and equipment increased the most.
The total value of exports in 2010 was 8.7 billion euros and imports amounted to 9.2 billion euros. The trade deficit was 0.5 billion euros, down from the 0.8 billion euros the year before.
Mineral products, including gasoline, fuel oils and electricity, made up 16 percent of exports, followed by agricultural and food products at 10 percent.
Among imported goods, machinery and equipment also headed the list (24 percent of total imports), followed by mineral products (17 percent) and agricultural and food products (11 percent). The turnover of imports increased in all commodity sections, led by machinery and equipment (55 percent, 0.8 billion euros).
The main countries of destination were Finland (17 percent of Estonia’s total exports), Sweden (16 percent) and Russia (10 percent). Exports increased the most to Sweden and Finland.
The main countries of consignment were Finland (15 percent of total imports), Germany and Sweden (both 11 percent).
The biggest trade deficit was noted in the trade of raw materials and products of chemical industry (0.3 billion euros). The biggest surplus was in the trade of wood and timber products and miscellaneous industrial goods including furniture (0.5 billion euros both).