Slight Decline in March Exports, Quarterly Figures Strong
In March, exports of goods from Estonia fell by 1 percent at current prices but imports increased by 2 percent compared to the same month previous year. However, since January, both exports and imports have increased in monthly comparison and Q1 exports were up by 9 percent year on year, Statistics Estonia reported.
In March 2012, exports from Estonia amounted to 1.1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 130 million euros which was slightly up compared to March 2011.
Machinery and equipment accounted for 27 percent of Estonia’s total exports in March, followed by mineral products (including motor fuel, shale oils and electricity) (17 percent) and metals and products thereof (9 percent). The small year-on-year decrease in exports was mainly the result of a decrease in shipments of machinery and equipment, down by 10 and 15 percent, respectively.
Export of metals and products thereof and raw materials and products of chemical industry grew by 18 percent and 23 percent, respectively.
The top destinations for Estonia’s exports were Sweden, with 17 percent of the total, followed by Finland (14 percent) and Russia (10 percent).
The most notable slack compared to March 2011 occurred in shipments to USA and Finland, down by 62 percent and 6 percent, respectively. Exports to Russia increased by 17 percent.
In the first quarter of 2012, exports increased by 9 percent and imports by 12 percent year on year.
According to Estonian Institute of Economic Research, the economic sentiment indicator, which reflects Estonia’s entrepreneurs’ and consumers’ confidence, has also shown a positive trend in Q1. In April, the same indicator slightly deteriorated.
Exports of goods published by Statistics Estonia include exports of goods produced in Estonia and also re-exports after processing or warehousing, but exclude transit.
Erkki Sivonen