Estonian exports, imports jump 5%
Both Estonian exports and imports of goods increased by 5 percent from September to October, and also increased 5 percent when compared to October 2013.
Last month, exports from Estonia amounted to 1.2 billion euros and imports 1.3 billion. Until now, the biggest exports turnover had been registered in November 2012, but this October exports turnover exceeded it by 2.5 million euros, Statistics Estonia reported today.
The increase in exports and imports, measure at current prices, was mostly influenced by the trade of electrical equipment (23 percent of total exports) and mineral products (12 percent). Exports in those categories grew by 47 percent. Agricultural products accounted for 11 percent.
In October, the main commodities imported were electrical equipment (21 percent of Estonia’s total imports), mineral products (13 percent) and agricultural products and food preparations (10 percent).
Compared to October 2013, the biggest increase occurred in the imports of electrical equipment (up by 66 million euros), mineral products (up by 47 million euros), raw materials and products of the chemical industry (up by 20 million euros). At the same time, the imports of transport equipment decreased the most (down by 38 million euros).
The top destination country of Estonia’s exports in October was Sweden (18 percent of Estonia’s total exports), followed by Finland (14 percent) and Latvia (10 percent).
Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and metals and products thereof were the main commodities exported to Finland; mineral products and agricultural products and food preparations were the main commodities exported to Latvia. The biggest increase occurred in exports to Sweden (up by 32 million euros), the Netherlands (up by 20 million euros) and the USA (up by 18 million euros).
The main importing countries in October were Finland (15 percent of Estonia’s total), Sweden (11 percent) and Germany (10 percent). The main commodities imported were mineral products and electrical equipment from Finland, electrical equipment and transport equipment from Sweden, and mechanical appliances and transport equipment from Germany.
The trade deficit was 144 million euros, and it increased by 6 million euros compared to October 2013.