October 2018 trade reaches record levels ({{commentsTotal}})

October 2018 trade.
October 2018 trade. Source: Statistics Estonia

According to information released by Statistics Estonia on Monday, exports and imports in Estonia increased by 17% and 20%, respectively, on year, and for the first time, exports exceeded €1.3 billion and imports €1.5 billion.

The growth in trade was affected the most by an increase in trade in mineral products, including solvent, fuel additives, motor spirits and shale oil.

In October 2018, exports from Estonia amounted to €1.36 billion and imports to Estonia €1.56 billion at current prices. The trade deficit was €199 million, up €62 million on year.

This October, the top destination countries of Estonia's exports were Finland (16% of Estonia's total goods exports), the US (11%), and Sweden (10%). Electrical equipment and base metals and articles of base metals were the primary commodities exported to Finland, while electrical equipment and mineral products were the primary commodities exported to the US, and wood and articles of wood as well as miscellaneous manufactured articles were the main commodities exported to Sweden.

The biggest increase occurred in exports to the US (up by €110 million), Denmark (€22 million), and Latvia (€21 million). In exports to the US, the exports of data communication equipment increased the most, while increases were also recorded in the exports of shale oil to Denmark and electricity to Latvia. The biggest decrease occurred in exports to Germany (down by €35 million).

This October, the biggest share in the exports of goods was held by electrical equipment and mineral products (both 17% of the total exports of goods), followed by wood and articles of wood (11%). The greatest increase was recorded in the exports of mineral products (up by €140 million), electrical equipment (€39 million), and wood and articles of wood (€16 million). The biggest decrease, meanwhile, occurred in the exports of transport equipment (down by €24 million), and agricultural products and food preparations (€16 million).

The share of goods of Estonian origin in total exports of goods in October, meanwhile, was 72%. The export of goods of Estonian increased by 19% and re-exports 12% on year. The greatest increase recorded in the export of goods of Estonian origin was in the exports of mineral products (solvent, 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 59% of the exports of mineral products.

Biggest importers largely neighbours

The primary countries of consignment in October were Finland (12% of Estonia's total goods imports), Lithuania (11%), Germany (10%), and Russia (10%). Mineral products and electrical equipment were Estonia's primary imports from Finland that month, while the primary imports from Lithuania and Russia were mineral products and raw materials as well as products of the chemical industry. Electrical and transport equipment, meanwhile, were the primary imports from Germany.

The biggest increase occurred in imports from Russia (up by €71 million), Lithuania (€44 million), and Finland (€30 million). The imports of mineral products (fuel additives, motor spirits) increased the most among imports from Russia, Lithuania, and Finland.

The main commodities imported to Estonia in October were mineral products (18% of Estonia's total goods imports), electrical equipment (14%), and mechanical appliances, transport equipment, agricultural products and food preparations, and base metals and articles of base metals (9% each). The greatest increase was recorded in the imports of mineral products (up €153 million), and electrical equipment and mechanical appliances (€21 million).

In October 2018, the foreign trade export volume increased by 3% and the import volume index by 2% on year.

 

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Editor: Aili Vahtla



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