Trade Remains Strong Despite Summer Slowdown
A predictable summer slump in foreign trade didn't prevent a record-setting June: exports from Estonia totaled 947 million euros and imports just over 1 billion euros at current prices, increases of 43 percent and 33 percent compared to the same month of last year.
The numbers were down somewhat from May, with exports dropping 15 percent and imports 12 percent, mirroring a seasonal slowing pattern seen in recent years. Figures were also affected by the fact that June had two fewer working days than did May, Statistics Estonia said in a release.
Machinery and equipment made up the largest share of exports for the month at 29 percent, followed by mineral products including fuel and electricity at 14 percent, and metal and metal products at 10 percent. It was machinery and equipment export that also saw the most growth over the last year, up 91 percent since June of 2010.
The same product category accounted for the most imports, 30 percent, up by 79 percent since last year. Mineral products imports made up 14 percent of the total, while agricultural products and food made up 11 percent.
Sweden was Estonia's largest export market in June, accounting for 17 percent of the take, closely followed by Finland at 16 percent. The two countries' biggest imports from Estonia were electrical equipment, wood, wood products and furniture. Russia, which took in 10 percent of Estonia's output, was in third position, mainly receiving mechanical and electrical equipment.
The largest share of goods imported into Estonia came from Finland, which made up 14 percent of the total. Latvia and Sweden were next at 12 percent each. Products coming in from Finland and Sweden were mainly electrical goods, while fuels, wood and wood products were the main imports from Latvia.
Steve Roman