June exports up 17%, imports 18% on year
According to information released by Statistics Estonia on Thursday, in June 2018, the exports of goods increased by 17% and imports by 18% on year.
The growth in trade was affected the most by increased trade in mineral products. In the first half of 2018, the exports of goods increased by 10% and imports by 8% on year.
In June 2018, exports from Estonia amounted to €1.3 billion and imports to Estonia to €1.4 billion at current prices. The trade deficit totalled €153 million, up from €114 million in Jun 2017.
This June, the top destination countries for Estonia's exports were Finland (15% of Estonia's total exports of goods), Latvia (11%) and Sweden (10%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland, while mineral products (fuel additives, electricity) and transport equipment (motor cars) were the main commodities exported to Latvia, and electrical equipment and wood and articles of wood the main commodities exported to Sweden.
The biggest increase occurred in exports to the US, which were up by €52 million, Singapore, up by €42 million, and Latvia, up by €41 million. In exports to the US, exports of electrical equipment (data communication equipment) increased the most, while increases were also recorded in the exports of mineral products to Singapore and Latvia. The biggest decrease, meanwhile, occurred in exports to the Netherlands, which were down by €22 million.
Electrical equipment and mineral products (16% of total exported goods each) accounted for the biggest share of exported goods in June, followed by wood and articles of wood (11%). The greatest increase was seen in the exports of mineral products, up by €77 million, and wood and articles of wood as well as electrical equpment, up by €25 million each.
Goods of Estonian origin account for three quarters of exports
The share of goods of Estonian origin in total exports was 74% in June. The export of such goods increased by 20% and re-exports by 7%. Increased exports in the commodity sections of mineral proucts (oil, shale oil, fuel additives) and wood and articles of wood (glue-laminated boards, sawn timber, wooden doors) and miscellaneous manufactured articles (prefabricated wood buildings) contributed to the increase in the exports of goods of Estonian origin.
The main countries of consignment in June were Finland (13% share of Estonia's total imports of goods), Lithuania and Germany (10% each). The main commodities imported were mineral products and electrical equipment from Finland, mineral products and raw materials and products of the chemical industry from Lithuania, and transport equipment and mechanical appliances from Germany. The biggest increase occurred in imports from Russia (up by €57 million), Belarus (up by €47 million) and Lithuania (up by €33 million), where the imports of mineral products (motor spirit, fuel additives) increased the most.
Primary commodities imported to Estonia were mineral products (18% of Estonia's total imports of goods), electrical equipment (14%) and transport equipment (11%). The greatest increase was in the imports of mineral products (up by €153 million), electrical equipment (up by €20 million) and mechanical appliances (up by €17 million).
Second quarter exports, imports up
In the second quarter of 2018, exports of goods from Estonia amounted to €3.7 billion euros and imports to Estonia to €4.2 billion euros. The trade deficit in the second quarter was €536 million, up from €452 million in the same quarter of lat year.
In the second quarter of 2018, the on-year growth in exports was supported by increased exports of mineral products (up by €181 million), wood and articles of wood (up by €57 million), transport equipment (up by €37 million), and miscellaneous manufactured articles (up by €36 million). By country, exports increased the most to the US (up by €108 million), Latvia (up by €101 million), and Finland (up by €69 million).
In the second quarter, the on-year growth in imports was significantly affected by an increase in the imports of mineral products (up by €296 million), electrical equipment (up by €68 million) and mechanical appliances (up by €59 million). By country, imports grew the most from Belarus (up by €125 million), Sweden (up by €111 million), and Russia (up by €92 million).
Editor: Aili Vahtla