In January exports of goods increased by 9 percent and imports decreased by 8 percent compared to the same month last year. The growth in exports was broad-based, with most commodity sections showing an increase.
In January 2018 exports from Estonia amounted to €1 billion, and imports to Estonia to €1.2 billion. The trade deficit amounted to €211 million (in January 2017, it was €410 million). The reason for the decrease in imports are non-recurring transactions with transport equipment in January 2017. Without considering these transactions, imports increased by 11 percent in January 2018.
In January, the top destination countries of Estonia’s exports were Finland (17 percent of Estonia’s total exports), Sweden (12 percent) and Latvia (10 percent). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; electrical equipment and miscellaneous manufactured articles (prefabricated wood buildings, pillows, blankets) were the main commodities exported to Sweden; mineral products (electricity, fuel additives), agricultural products and food preparations (milk, beer) and transport equipment (motor cars) were the main commodities exported to Latvia. The biggest increase occurred in exports to Finland (up by €27 million), Canada (up by €15 million) and Latvia (up by €14 million). In exports to Finland, the exports of electrical equipment and base metals and articles of base metal increased. There was also an increase in the exports of mineral products to Canada and in the exports of transport equipment to Latvia. The biggest decrease occurred in exports to Sweden (down by €17 million), where less electrical equipment was dispatched.
The biggest share in exports was held by electrical equipment, followed by mineral products, and wood and articles of wood. The greatest increase was in the exports of transport equipment (up by €20 million), mechanical appliances (up by €17 million) and mineral products (up by €16 million). The exports of raw materials and products of chemical industry decreased (down by €6 million).
The share of goods of Estonian origin in total exports was 74 percent in January.The exports of goods of Estonian origin grew by 11 percent and re-exports by 4 percent. The exports of goods of Estonian origin grew the most in the commodity sections of mineral products (fuel additives, shale oil), mechanical appliances (parts of machines) and miscellaneous manufactured articles (prefabricated wood buildings, furniture). Among the main destination countries, the exports of goods of Estonian origin had the highest share (above 90 percent) in exports to the Netherlands, Sweden and Denmark.
The main countries of consignment in January were Finland (13 percent of Estonia’s total imports), Germany (10 percent), Sweden (9 percent) and Latvia (9 percent). Electrical equipment and mineral products (motor spirit, electricity) were the main commodities imported from Finland; transport equipment and electrical equipment from Germany and Sweden; agricultural products and food preparations, and mineral products (motor fuels, natural gas) from Latvia. The biggest decrease occurred in imports from Finland (down by €203 million), Lithuania (down by €37 million) and Poland (down by €23 million). From Finland and Poland, the imports of transport equipment decreased, and from Lithuania, the imports of mineral products decreased. Imports increased the most from Belarus (up by €38 million, i.e. approximately 500 percent), Latvia (up by €26 million) and Sweden (up by €24 million). Mineral products were imported more from Belarus and Latvia, and transport equipment from Sweden.
The main commodities imported to Estonia were electrical equipment, mineral products and transport equipment. The biggest decrease was in the imports of transport equipment. There was an increase in the imports of mechanical appliances (up by €28 million), base metals and articles of base metal (up by €24 million) and electrical equipment (up by €18 million).
In January 2018, the foreign trade export volume index decreased by 3 percent and the import volume index by 1 percent compared to January 2017.
Editor: Dario Cavegn
Source: Statistics Estonia