According to information released by Statistics Estonia on Monday morning, in April 2018, the exports of goods increased by 16% and imports by 13% on year. The growth in trade in April of this year was broad-based, with increased exports and imports in both mineral products and mechanical appliances.
In April 2018, exports from Estonia amounted to €1.2 billion and imports to Estonia to €1.4 billion at current prices. The trade deficit was €171 million, down from €185 million in April 2017.
In March, the top destination countries of Estonia's exports were Finland (16% of Estonia's total exports), Sweden (12%) and Latvia (10%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland, while electrical equipment and miscellaneous manufactured articles (prefabricated wood buildings, furniture) were the main commodities exported to Sweden, and mineral products (motor spirit, electricity) and transport equipment (motor cars) were the main commodities exported to Latvia. The biggest increase occurred in exports to Finland (up by €34 million), Latvia (up by €33 million) and the USA (up by €19 million). In exports to Finland, the exports of electrical equipment and wood and articles of wood increased. There was also an increase in the exports of mineral products and transport equipment to Latvia and electrical equipment to the U.S. The biggest decrease occurred in exports to Sweden (down by €16 million).
In April, the biggest share in the exports of goods was held by electrical equipment (15% of the total exports of goods), followed by mineral products (13%), and wood and articles of wood (11%). The greatest increase was in the exports of mineral products (up by €50 million), mechanical appliances (up by €25 million) and transport equipment (up by €21 million). The growth in the exports of mineral products was mainly due to increased export quantities (motor spirit up by 51% and electricity up by 31%), compared to the same period last year.
The share of goods of Estonian origin in total exports was 70% in April 2018. The exports of goods of Estonian origin increased by 14% and re-exports by 23%. Increased exports in the commodity sections of mineral products, wood and articles of wood and mechanical appliances contributed to the increase in the exports of goods of Estonian origin. Among the main destination countries, the exports of goods of Estonian origin had the highest share (over 90%) in exports to the Netherlands, Denmark, Sweden and Norway.
The main countries of consignment in April were Finland (14% share of Estonia's total imports), Germany (11%) and Sweden (10%). The main commodities imported were: mineral products and metals and articles of base metal from Finland; mechanical appliances and transport equipment from Germany; and electrical equipment and transport equipment from Sweden. The biggest increase occurred in imports from Finland (up by €42 million), Belarus (up by €33 million, or approximately eightfold) and Sweden (up by €26 million). Mineral products (motor spirit, fuel additives) were imported more from Finland and Belarus, electrical equipment from Sweden. Imports decreased the most from Poland (down by €25 million) and Turkey (down by €21 million), with less transport equipment imported.
The main commodities imported to Estonia were electrical equipment (15% of Estonia's total imports of goods), mineral products (13%), mechanical appliances and transport equipment (both 11%). The greatest increase was in the imports of mineral products (up by €67 million), mechanical appliances (up by €30 million) and electrical equipment (up by €21 million). Increased imports of mineral products were due to higher import quantities (imports of fuel additives increased approximately fourfold, and imports of motor spirit by 31%), compared to the same period of the previous year. In April, the greatest decrease occurred in the imports of transport equipment (down by €48 million).
In April 2018, the foreign trade export volume index increased 16% and the import volume index 12% on year.
Editor: Aili Vahtla