According to information released by Statistics Estonia on Thursday, exports grew four percent and imports six percent on year during the third quarter, but trade slowed compared to the first two quarters of 2017.
In the third quarter of 2017, exports of goods from Estonia amounted to €3.1 billion and imports to Estonia to €3.5 billion at current prices. The trade deficit was €390 million, up from €302 million in the third quarter of last year.
In the third quarter of 2017, growth was fastest in the exports of base metals and articles of base metal (up by €54 million), wood and articles of wood (up by €41 million) and mineral products (up by €35 million). At the same time, there was considerable decline in the exports of electrical equipment (down by €90 million). Growth in imports was significantly affected by an increase in the imports of base metals and articles of base metal (up by €57 million), mechanical appliances (up by €51 million) and transport equipment (up by €45 million). Imports of electrical equipment decreased (down by €48 million). In the first nine months of 2017, the exports of goods increased by eight and imports by nine percent on year.
In September 2017, the exports of goods decreased by one and imports increased by one percent on year. This September, exports from Estonia amounted to €1.1 billion and imports to Estonia to €1.2 billion. The trade deficit was €99.5 million, up from €76.8 million last September.
The top destination countries of Estonia's exports were Finland (17 percent of Estonia's total exports), Sweden (14 percent) and Latvia (nine percent). The biggest decrease occurred in exports to the Netherlands (down by €30 million), with less mineral products exported. The biggest increase, meanwhile, occurred in exports to Germany (up by €13 million) and Finland (up by €12 million). In exports to Germany, the exports of electrical equipment increased, while in exports to Finland, the exports of base metals and articles of base metal as well as mechanical appliances increased.
The biggest share in exports was held by electrical equipment, followed by wood and articles of wood, and miscellaneous manufactured articles. The greatest decrease was in the exports of electrical equipment (down by €35 million) and mineral products (down by €19 million). At the same time, the exports of base metals and articles of base metal and of wood and articles of wood increased.
The share of goods of Estonian origin in total exports was 73 percent in September. The exports of goods of Estonian origin increased one percent and re-exports decreased seven percent.
The main countries of consignment in September 2017 were Finland (13 percent of Estonia's total imports), Germany (11 percent) and Lithuania (ten percent). The biggest increase occurred in imports from Russia (up by €18 million) and Latvia (up by €10 million). Imports from the U.S. and Hungary, meanwhile, decreased the most.
The main commodities imported to Estonia were electrical equipment, transport equipment, agricultural products and food preparations, mechanical appliances, and base metals and articles of base metal. The biggest increase was in the imports of base metals and articles of base metal, and mechanical appliances, and the biggest decrease occurred in the imports of electrical equipment.
Editor: Aili Vahtla