According to Statistics Estonia, in September 2018 exports and imports of goods increased by 11% each compared to September of the previous year. An increase in the trade of mineral products such fuel additives and motor spirits contributed the most.
Exports from Estonia amounted to €1.2 billion, and imports to €1.3 billion at current prices. The trade deficit was €76 million compared to €70 million in September 2017.
The top destination countries were Finland at 15% and Sweden, the United States and Latvia at 10% each. Electrical equipment as well as base metals and articles of base metals were the main commodities exported to Finland, while electrical equipment and wood as well as articles of wood dominated exports to Sweden.
Mineral products and electrical equipment were the main commodities exported to the United States, while mineral products (electricity, fuel additives) and agricultural products and food preparations (raw milk, beer) were the main commodities exported to Latvia.
The biggest increase was seen in exports to the United States (up by €104 million), Singapore (up by €33 million) and Nigeria (up by €23 million).
Looking at exports to the US in detail, electrical equipment (data communication equipment) saw the greatest increase. Exports of mineral products to Singapore and Nigeria saw an increase in the share of mineral products. The biggest decrease occurred in exports to Germany (down by €32 million) and Sweden (down by €27 million).
Mineral products made up the biggest share of exports (18% of the total), followed by electrical equipment (16%) and wood and articles of wood (10%). The greatest increase was seen in the export of mineral products (up by €132 million) and wood and articles of wood (up by €12 million). The biggest decrease occurred in exports of transport equipment (down by €28 million).
The share of goods of Estonian origin in the total reached 70%. Exports of goods of Estonian origin increased by 10%, and re-exports by 12% compared to September 2017.
In the exports of goods of Estonian origin, the greatest increase was seen in the exports of mineral products (oil, shale oil), electrical equipment (data communication equipment), and wood and articles of wood (wood pellets, birch pulpwood). The share of goods of Estonian origin accounted for 56% of the exports of mineral products.
The main countries of consignment in September 2018 were Finland (14%), Russia (11%), and Lithuania and Sweden (10% each). From Finland, mineral products and base metals and articles of base metal were imported the most. Mineral products were imported the most from Russia and Lithuania, and electrical equipment and transport equipment from Sweden. The biggest increase occurred in imports from Russia (up by €72 million), Sweden (up by €27 million) and Finland (up by €24 million). From Russia and Finland, the imports of mineral products (fuel additives, motor spirit) increased most, while in imports from Sweden electrical equipment increased the most.
The main commodities imported to Estonia were mineral products (16%), electrical equipment (14%) and mechanical appliances (10%). The greatest increase was in the imports of mineral products (up by €110 million) and mechanical appliances (up by €17 million). The imports of transport equipment (down by €14 million) decreased the most.
In September 2018, the foreign trade export volume index increased by 4% and the import volume index by 1% compared to September 2017.
In the third quarter of 2018, exports of goods from Estonia amounted to €3.6 billion and imports to €4 billion. Exports of goods increased by 14% and imports by 13% in the third quarter compared to the same period of the previous year.
The third quarter trade deficit reached €371 million (compared to €354 million in the same quarter of 2017). Goods were exported to 161 countries and imported from 110 countries. In the first nine months of the current year (January–September), exports of goods increased by 11% and imports by 9% compared to the same period of the previous year.
Editor: Dario Cavegn