Exports fell for the third month in a row in August, according to government agency Statistics Estonia. Imports also fell.
Year-on-year (y-o-y), exports fell by 3 percent to August 2019, and imports by 7 percent over the same period.
The sector most affecting the decrease was mineral products – shale oil, motor spirit and fuel additives. Electricity exports and imports also affected figures, according to Statistics Estonia.
At current prices, exports came to €1.15 billion and imports to €1.25 billion, according to the agency, with a trade deficit of €99 million. The latter represented a €63 million fall y-o-y.
Electrical equipment accounted for the largest proportion of Estonian exports, at 15 percent. Mineral products came in at 11 percent. As noted, mineral products fell the most and exerted the most influence on the overall decline. These fell by €56 million.
These effects were mitigated by a rise in agricultural products and food preparations (€16 million rise) and base metals and articles of base metal (up by €12 million).
The primary destinations for Estonia's exports were Finland (17 percent of total), Sweden (11 percent) and Latvia (9 percent), according to Statistics Estonia.
The greatest decrease occurred in exports to Latvia (down €26 million) and the Netherlands (down by €12 million), while exports to Canada increased the most. Mineral products were exported less to Latvia and the Netherlands, but more to Canada, Statistics Estonia says.
Goods of Estonian origin accounted for 71 percent of total exports, but their export fell by 3 percent. Re-exports fell by 2 percent y-o-y.
The biggest decrease was experienced in the exports of mineral products, wood and items made from wood, while the biggest increase occurred with agricultural products and food preparations (such as barley and rapeseed), the agency says.
In August 2019, the major import sources were Finland (14 percent of total imports), Lithuania (11 percent) and Germany (10 percent), according to Statistics Estonia.
Imports decreased the most from Russia (down by €50 million) and Belarus (down by €20 million), due to a decrease in the imports of mineral products.
Imports increased most from Finland (up by €9 million) mainly accounted for by mineral products (electricity).
The main commodities imported to Estonia were electrical equipment (14 percent of total imports) and mineral products (both 11 percent).
The biggest decrease came in the imports of mineral products (down by €81 million) and mechanical appliances (down by €13 million).
Imports of paper and articles thereof increased the most (up by €4 million).
More information is available from the Statistics Estonia website here.
Statistics Estonia (Statistikaamet) is a government agency under the aegis of the Ministry of Finance, and provides public institutions, business and research circles, international organizations and individuals with reliable and objective information on the economic, demographic, social and environmental situation and trends in Estonia.
Editor: Andrew Whyte