May exports up 8 percent, imports 3 percent on year
According to information released by Statistics Estonia on Tuesday morning, the export of goods increased by 8 percent and imports by 3 percent on year in May. The growth in exports of Estonian goods was significantly influenced by the increased sales of prefabricated wood buildings.
In May, exports from Estonia amounted to €1.3 billion and imports to Estonia €1.4 billion at current prices. The trade deficit totaled €105 million, down €62 million on year.
The top destination countries of Estonia's exports in May were Finland (16 percent of Estonia's total exports), Sweden (11 percent) and Latvia (9 percent). The biggest increase occurred in exports to Spain (up by €34 million), the Netherlands (up by €28 million) and Norway (up by €24 million). In exports to Spain and the Netherlands, the biggest increase occurred in the exports of mineral products (heavy oil, shale oil); and to Norway, in the exports of miscellaneous manufactured articles (prefabricated wood buildings). The biggest decrease occurred in exports to Belgium (down by €17 million), where less mineral products were exported.
The biggest share in exports of goods was held by electrical equipment (15 percent of Estonia's total exports), followed by mineral products (14 percent), wood and articles of wood, miscellaneous manufactured articles, and mechanical appliances (10 percent each). The biggest impact on export growth came from miscellaneous manufactured articles (up by €28 million), mechanical appliances (up by €23 million), and base metals and articles of base metal (up by €22 million).
The share of goods of Estonian origin in total exports was 74 percent in May. The exports of goods of Estonian origin grew by 9 percent and re-exports by 7 percent on year. In the exports of goods of Estonian origin, the biggest growth was in the exports of miscellaneous manufactured articles.
The primary countries of consignment in May were Finland (13 percent of Estonia's total imports), Germany (11 percent), Sweden and Lithuania (10 percent each). Imports increased the most from Sweden and Lithuania (up by €15 million each) and from Russia (up by €11 million). From Sweden, imports of electrical equipment, from Lithuania, imports of mineral products, and from Russia, imports of raw materials and products of chemical industry increased the most. Imports decreased the most, meanwhile, from Belarus (down by €44 million) due to a decrease in the imports of mineral products (motor spirit, heavy oil).
The main commodities imported to Estonia were electrical equipment (13 percent of Estonia's total imports), transport equipment and mineral products (12 percent each), and mechanical appliances (11 percent). The biggest increase was recorded in the imports of mechanical appliances, and raw materials and products of chemical industry (up by €21 million each), while the biggest decrease in the imports of mineral products (down by €51 million).
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Editor: Aili Vahtla