Exports of Estonian-origin goods grew 9 percent in February
In February of this year, the exports of goods increased by six percent and imports by one percent on year, with the export of goods of Estonian origin growing nine percent.
Exports from Estonia amounted to €1 billion and imports to €1.1 billion at current prices in February. The trade deficit was €97 million, down from €140 million in February 2016, according to a Monday morning Statistics Estonia press release.
The top destination countries of Estonia's exports in February were Finland (accounting for 16 percent of Estonia's total exports), Sweden (14 percent) and Latvia (eight percent). The biggest increase occurred in exports to the Netherlands (up by €27 million, or twofold), Russia (up by €17 million) and China (up by €12 million). These increases were due mainly to increased exports of mineral products to the Netherlands, mechanical appliances to Russia and electrical equipment to China. Exports to Sweden, meanwhile, decreased the most.
The biggest share in exports was held by electrical equipment, followed by wood and articles of wood as well as mineral products. The increase in exports was affected by exports of mineral products (up by €32 million), mechanical appliances (up by €27 million) and raw materials and products of the chemical industry (up by €14 million). There was a decrease in the exports of electrical equpment.
The share of goods of Estonian origin in total exports was 75 percent. This increase in the exports of goods of Estonian origin was affected the most by an increase in the exports of mineral products, including shale oil, mechanical appliances, including machine tools for woodworking and packing machinery, as well as wood and articles of wood, including softwood saw-timber, wood pellets and wood chips. Goods of Estonian origin were exported the most to Sweden, Finland and the Netherlands. The biggest increase in the export of goods of Estonian origin was in exports to the Netherlands (up by €28 million), while the biggest decrease was recorded in exports to Sweden (down by €43 million).
Imports
Estonia's primary countries of consignment in February were Finland (13 percent of Estonia's total imports), Germany (11 percent), Sweden (9 percent) and Lithuania (9 percent). The biggest increase occurred in imports from Russia (up by €22 million) and Denmark (up by €10 million), while imports from Hungary decreased the most (down by €26 million).
In February, the primary commodities to be imported to Estonia were electrical equipment, mineral products, mechanical appliances, agricultural products and food preparations, transport equipment and raw materials as well as products of the chemical industry. The greatest increase was seen in the imports of mineral products, including motor spirits, while the greatest decrease occurred in the imports of electrical equipment.
In February 2017, the foreign trade export volume index decreased by 14 percent and the import volume index increased by three percent compared to the same period last year.
Editor: Aili Vahtla