According to information released by Statistics Estonia on Tuesday, February exports increased by 15 and imports by 13 percent on year, with exports to third countries seeing significant growth.
This February, exports from Estonia amounted to €1.1 billion, and imports to Estonia €1.2 billion, with a trade deficit of €93 million. Last February's trade deficit, in comparison, was €100 million.
In February, the top destination countries of Estonia’s exports were Finland (16 percent of Estonia’s total exports), Sweden (11 percent) and Latvia (eight percent). Electrical equipment and base metals and articles of base metal were the primary commodities exported to Finland; electrical equipment and wood and articles of wood (wood in the rough, doors and windows of coniferous wood) were the main commodities exported to Sweden; and transport equipment (motor vehicles), agricultural products and food preparations (spirits, beer, wheat) were the main commodities exported to Latvia.
The biggest increase occurred in exports to Singapore (up by €28 million), Germany (up by €23 million) and the U.K. (up by €21 million). In exports to Singapore and the U.K., the exports of mineral products increased. There was also an increase in the exports of electrical equipment to Germany. The biggest decrease occurred in exports to the Netherlands (down by €20 million), where fewer mineral products were dispatched.
In February, the biggest share in the exports of goods was held by mineral products (16 percent of the total exports of goods), followed by electrical equipment (15 percent) and wood and articles of wood (11 percent). The last time the exports of mineral products surpassed the exports of electrical equipment was in 2011. The greatest increase was in the exports of mineral products (up by 70 million euros), metals and articles of base metal (up by 24 million euros) and mechanical appliances and electrical equipment (both up by 12 million euros). At the same time, the exports of miscellaneous manufactured articles decreased (down by 9 million euros).
The share of goods of Estonian origin in total exports was 74 percent in February 2018. The exports of goods of Estonian origin grew by 14 percent and re-exports by 18 percent. The exports of goods of Estonian origin grew the most in the commodity sections of mineral products (shale oil, fuel additives), metals and articles of base metal (metal waste, metal structures) and agricultural products and food preparations (barley, rapeseed). The exports of miscellaneous manufactured articles decreased (prefabricated wood buildings, lighting fixtures).
The main countries of consignment in February were Finland (13 percent of Estonia’s total imports), Germany (11 percent) and Sweden (ten percent). Electrical equipment and metals and articles of base metal were the primary commodities imported from Finland; transport equipment and electrical equipment from Germany and Sweden. The biggest increase occurred in imports from Belarus (up by €30 million euros, or approximately sixfold), Finland (up by €25 million) and Latvia (up by €21 million). Mineral products were imported more from Belarus (motor spirit, fuel additives), electrical equipment from Finland and metals and articles of base metal from Latvia.
The primary commodities imported to Estonia included electrical equipment (14 percent of the total imports of goods), mineral products (13 percent) and mechanical appliances (12 percent). The greatest increase was registered in the imports of mechanical appliances and mineral products (up by €32 million each) and transport equipment (up by €21 million).
This February, the foreign trade export volume index increased by two percent and the import volume index by 10 percent compared to February 2017.
Editor: Aili Vahtla