Statistics Estonia reported on Tuesday that in May this year exports of goods increased by 7%, and imports by 11% compared to May 2017. The growth in trade in May was broad-based, with increased exports and imports in mineral products as well.
In May 2018 exports from Estonia amounted to €1.2 billion and imports to €1.4 billion at current prices. The trade deficit was €215 million (compared to €153 million in May last year).
The top destination countries of Estonia's exports were Finland (16%), Sweden (11%), and Latvia (10%). Electrical equipment and base metals as well as articles of base metal were the main commodities exported to Finland. Electrical equipment and wood as well as articles of wood were the main commodities exported to Sweden, while mineral products (fuel additives, electricity) and transport equipment (motor cars) were the main commodities exported to Latvia.
The biggest increase occurred in exports to the United States (up by €38 million), Latvia (up by €26 million), and Finland (up by €18 million). In exports to the U.S., the share of electrical equipment increased. Another increase was reported in the exports of mineral products and transport equipment to Latvia, and electrical equipment and wood as well as articles of wood to Finland. The biggest decrease occurred in exports to Sweden (down by €19 million).
In May electrical equipment made up the largest share in Estonian exports (16% of the total), followed by mineral products (14%) and wood as well as articles of wood (12%). The greatest increase was noted in the exports of mineral products (up by €49 million) and wood as well as articles of wood (up by €14 million).
The share of goods of Estonian origin in total exports was 71% in May 2018. The exports of goods of Estonian origin increased by 7%, and re-exports by 9%. Increased exports in the commodity sections of mineral products (shale oil, fuel additives) and wood as well as articles of wood (sawn timber, wooden doors, glue-laminated boards) contributed to the increase in the exports of goods of Estonian origin.
Imports up 11%, trade deficit at €215 million
The main countries of consignment in May were Finland (13% of Estonia's total imports), Sweden (12%) and Germany (10%). The main commodities imported were mineral products and electrical equipment from Finland, transport equipment and mechanical appliances from Germany, and electrical equipment and transport equipment from Sweden.
The biggest increase occurred in imports from Sweden (up by €70 million), Belarus (up by €46 million, i.e. approximately 11 times the previous volume) and Russia (up by €24 million). More electrical equipment and transport equipment was imported from Sweden, mineral products (motor spirit, fuel additives) from Belarus and Russia. Imports decreased the most from China and Spain (both down by €13 million). Less electrical equipment and fewer mechanical appliances were imported from China, and less mineral products from Spain.
The main commodities imported to Estonia were mineral products and electrical equipment (both account for 15% of Estonia's total imports of goods), transport equipment (12%) and mechanical appliances (10%). The greatest increase was in the imports of mineral products (up by €77 million), transport equipment (up by €26 million) and electrical equipment (up by €23 million).
Editor: Dario Cavegn
Source: Statistics Estonia