June exports, imports down 8 percent on year
According to information released by Statistics Estonia, the exports and imports of goods in June decreased by 8 percent on year. In the first half of 2019, exports increased by 5 and imports by 2 percent on year.
In June 2019, exports from Estonia amounted to €1.2 billion and imports to Estonia to €1.3 billion at current prices. The trade deficit was €124 million euros, down €10 million on year.
In June 2019, the top destination countries of Estonia's exports were Finland (16% of Estonia's total exports), Sweden (12%) and Latvia (9%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; miscellaneous manufactured articles (prefabricated wood buildings) and transport equipment (ships) to Sweden; agricultural products and food preparations (milk, beer) and mineral products (fuel additives, electricity) to Latvia.
The biggest decrease occurred in exports to Singapore (down by €43 million), followed by Latvia (down by €31 million) and Norway (down by €27 million). In exports to Singapore and Latvia, the biggest decrease occurred in the exports of mineral products; and to Norway, in the exports of miscellaneous manufactured articles (prefabricated wood buildings). The biggest increase occurred in exports to Denmark (up by €26 million).
In June, the biggest share in exports of goods was held by electrical equipment (16% of Estonia's total exports), followed by mineral products (12%), and wood and articles of wood (10%). The biggest impact on export decrease came from mineral products (down by €59 million), and wood and articles of wood (down by €20 million). At the same time, exports of transport equipment increased.
The share of goods of Estonian origin in total exports was 72% in June. The exports of goods of Estonian origin decreased by 10% while re-exports stayed at the same level on year. In the exports of goods of Estonian origin, the biggest decrease was in the exports of mineral products (gas oils, shale oil) and wood and articles of wood (pulpwood, sawn timber).
This June, the main countries of consignment were Finland (13% of Estonia's total imports), Sweden (11%), Lithuania and Germany (both 10%). The main commodities imported were mineral products and electrical equipment from Finland; transport equipment and electrical equipment from Sweden; mineral products and agricultural products and food preparations from Lithuania; and transport equipment and mechanical appliances from Germany. Imports decreased the most from Belarus (down by €42 million), the United Kingdom (down by €17 million) and the Netherlands (down by €16 million). The imports of mineral products from Belarus and the U.K. and imports of electrical equipment from the Netherlands decreased the most. Imports increased the most from Sweden (up by €27 million) due to an increase in the imports of electrical equipment.
The main commodities imported to Estonia were transport equipment and mineral products (13% each of Estonia's total imports) and electrical equipment (12%). The biggest decrease was in the imports of mineral products (down by €80 million) and electrical equipment (down by €22 million). At the same time, the biggest increase was in the imports of transport equipment (up by €23 million).
Second quarter trade deficit down
In the second quarter of 2019, exports of goods from Estonia amounted to €3.8 billion and imports to Estonia to €4.1 billion. The trade deficit in the second quarter was €382 million, down from €447 million on year.
In the second quarter of 2019, the growth in exports increased 1 percent while imports remained steady on year. The growth in exports was slowed down the most by the decreased exports of mineral products (down by €47 million). In the second quarter, the biggest increase in exports occurred in transport equipment (up by €39 million), agricultural products and food preparations (up by €25 million). In the comparison by country, exports have increased the most to the Netherlands (up by €67 million), the U.S. (up by €58 million) and Spain (up by €56 million). At the same time, exports have decreased the most to Latvia (down by €47 million) and Singapore (down by €42 million).
In the second quarter of 2019, compared to the same quarter of last year, imports were significantly affected by a decrease in mineral products (down by €151 million), and such a large decline could not be compensated by increased imports of transport equipment (up by €44 million), agricultural products and food preparations (up by €32 million), and raw materials and products of chemical industry (up by €25 million). Imports grew the most from Sweden (up by €84 million) and Russia (up by €37 million) and decreased the most from Belarus (down by €111 million) and the Netherlands (down by €52 million).
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Editor: Aili Vahtla