Imports and exports declined by more than 5 percent in October with the biggest fall coming from non-EU countries, new figures by Statistics Estonia show.
In October 2019, compared to October 2018, the exports of goods decreased by 7 percent and imports by 6 percent. The biggest decline, by nearly a fifth, was recorded in trade with non-EU countries.
The biggest decrease occurred in exports to the USA (down by €83 million) and Singapore (down by €37 million), while exports to Belgium (up by €21 million) and Russia (up by €16 million) increased the most.
There was a decline in electrical equipment being exported to the USA and mineral products to Singapore. At the same time, exports of mineral products increased to Belgium and medical instruments to Russia.
In October, Estonia's exports of goods amounted to €1.27 billion and imports to 1.45 billion euros at current prices. The trade deficit was €184 million, which is €6 million less than in October 2018.
The top destination countries of Estonia's exports were Finland (17 percent of total exports), Sweden (11 percent) and Latvia (9 percent).
The biggest exports from Estonia were electrical equipment, agricultural products and food preparations (both accounting for 12 percent of Estonia's total exports) as well as wood and wood products (11 percent).
The greatest decline in exports came from mineral products (down by €108 million) and electrical equipment (down by €71 million). Exports increased the most for agricultural products and food preparations (up by €49 million).
Goods of Estonian origin accounted for 69 percent of the total exports of goods. Their exports decreased by 10 percent and re-exports increased by 2 percent compared to October 2018. The largest shares of goods of Estonian origin were exported to Finland (20 percent), Sweden (14 percent) and Germany (7 percent).
The decrease in the exports of these products was mainly on account of mineral products (shale oil, processing oil) and electrical equipment (communication equipment). The biggest increase occurred in the exports of agricultural products and food preparations (wheat, barley).
The main countries of consignment were Finland (13 percent of total imports), Lithuania (12 percent) and Germany (10 percent). Imports decreased the most from Russia (down by 45 million euros) and Sweden (down by 17 million euros), with respectively mineral products and electrical equipment decreasing the most. Imports increased the most from France (up by 14 million euros) and Latvia (up by 12 million euros). From France, more transport equipment, and from Latvia, more mineral products were imported.
The main commodities imported to Estonia were mineral products (14 percent of total imports), transport equipment (12 percent) and electrical equipment (11 percent). The biggest decrease occurred in the imports of mineral products (down by €77 million) and electrical equipment (down by €59 million). The imports of transport equipment (up by €26 million) increased the most.
Editor: Helen Wright