Exports increase by 15, imports by 14 percent in May
As Statistics Estonia reports, in May 2017 the exports of goods increased by 15 percent, and imports by 14 percent compared to May 2016. This growth was influenced the most by a significant increase in the exports and imports of mineral products.
In May 2017, exports amounted to €1.2 billion, and imports to €1.3 billion at current prices. The trade deficit was €153 million (in May 2016, it was €147 million).
The top destination countries of Estonia’s exports in May were Finland (16 percent of the total), Sweden (14 percent) and Latvia (9 percent). The biggest increase occurred in exports to Russia (up €28 million), Canada (up €23 million), Saudi Arabia (up €20 million) and Germany (up €20 million).
Exports to Russia and Canada grew mainly due to re-exports, but to Saudi Arabia and Germany due to increased exports of goods of Estonian origin. Estonia exported more mechanical appliances to Russia (incl. excavators, wood, and ore processing machines), mineral products to Canada, mineral products (incl. shale oil) and agricultural products (incl. feed barley) to Saudi Arabia, electrical equipment (incl. communication equipment) to Germany.
The biggest decrease occurred in exports to Sweden (down €39 million), due to a decrease in the export of electrical equipment.
Electrical equipment made up the largest part of exports, followed by wood and articles of wood, and mineral products. The greatest increase occurred in the exports of mineral products (up €53 million), agricultural products and food preparations (up €28 million), mechanical appliances (up €28 million), and wood and articles of wood (up €24 million). At the same time, the exports of electrical equipment decreased (down €43 million).
The share of goods of Estonian origin in total exports was 72 percent in May. These exports increased by 12 percent, and re-exports by 25 percent. An increase in the exports of mineral products (incl. shale oil, electricity), wood and articles of wood (incl. coniferous saw-timber, wood pellets), agricultural products and food preparations (incl. cereals) and miscellaneous manufactured articles (incl. furniture and log houses) were the product sectors that boosted May numbers the most.
The main countries of consignment were Finland (12 percent of Estonia’s total imports), Germany (11 percent), Lithuania (9 percent) and Sweden (9 percent). The biggest increase occurred in imports from Russia (up €41 million) and Sweden (up €17 million). Mostly mineral products were imported from Russia and transport equipment and mineral products (incl. bitumen) from Sweden. Imports from Hungary decreased the most, with less electrical equipment imported.
The main commodities imported to Estonia were electrical equipment, mineral products, transport equipment, agricultural products and food preparations, and mechanical appliances. The biggest increase occurred in the imports of mineral products and base metals and articles of base metals, and the biggest decrease occurred in the imports of electrical equipment.
In May 2017, the foreign trade export volume index increased by 1 percent, and the import volume index by 11 percent compared to the same period of the previous year.
Editor: Dario Cavegn
Source: Statistics Estonia