Exports fell by 6 percent and imports by 4 percent on year to August, state agency Statistics Estonia reports. The fall was mostly in trade with European Union member states.
In August, Estonia's exports of goods amounted to €1.1 billion and imports to €1.2 billion at current prices. The trade deficit was €113 million; it increased by €15 million compared to August 2019.
Evelin Puura, leading analyst at Statistics Estonia, said Estonia's exports depend to a great extent on the economic situation in neighboring countries Finland, Sweden and Latvia. "In August, the share of these three main partner countries accounted for a third of the exports of goods; the share of European Union countries was 67 percent. Dispatches to EU countries declined year on year by €62 million," she said.
The top destination country for Estonian exports in August was Finland, followed by Sweden and Latvia. The biggest decreases occurred in exports to Finland (by €19 million) and Denmark (by €17 million).
Compared with the previous year, less electrical equipment was exported to Finland and less shale oil to Denmark. Exports increased the most to China (by €17 million) and the U.K. (by €11 million). Compared with last year, more electrical equipment was exported to China and more ethyl alcohol-based disinfection products and wood pellets were exported to the U.K.
The biggest exports from Estonia were electrical equipment, wood and articles of wood, agricultural products and food preparations, and miscellaneous manufactured articles. Compared to August 2019, the exports of mineral products declined by €33 million. The biggest increase (by €9 million) occurred for exports of wood and articles of wood.
Of the total exports of goods, the goods of Estonian origin accounted for 71 percent. Their exports decreased by 5 percent and re-exports by 8 percent, compared with last August. The largest decrease occurred in the exports of shale oil of Estonian origin and the biggest increases in the exports of wood pellets, strips of coniferous wood, veneer, thermometers and parts of measuring instruments.
The main countries of consignment were Finland, Germany and Lithuania. Imports decreased the most from Lithuania (by €17 million) and Finland (by €16 million). From Lithuania, the imports of motor fuel decreased the most; from Finland, the imports of scrap metal. The imports of goods increased the most from China (by €17 million), with more electrical equipment imported.
The main commodities imported to Estonia were electrical equipment, agricultural products and food preparations, and mechanical appliances. The biggest decrease occurred in the imports of passenger cars and motor fuels.
Editor: Roberta Vaino