In February the foreign trade deficit decreased

In February 2008 the exports in current prices was 10.4 billion kroons and the imports was 13.2 billion kroons. Compared to February of the previous year, the value of exports rose 7% and imports remained on the same level. The trade deficit was 2.8 billion kroons. The trade deficit was smaller last in February 2006 — 2.6 billions kroons. Compared to February 2007, the trade deficit decreased by about 0.7 billion kroons.

In February 2008 the share of the EU countries was 73% and the share of CIS countries accounted for 12% of the total exports. The most important partners in exports were Finland, Sweden and Latvia. Exports of goods increased to all main countries of destination.

In total imports the share of the EU countries was 80% and that of CIS countries 12%. The most important partners in imports were Finland, Germany and Sweden. Imports from the EU countries increased nearly 0.6 billion kroons compared to February 2007. The biggest decrease was announced in the imports from Russia (0.9 billion kroons)

The foreign trade deficit with the EU countries decreased 0.5 billion kroons compared to February of the previous year. The foreign trade deficit with CIS countries decreased 0.9 billion kroons.

In both exports and imports the most important commodity section was machinery and equipment (the share 23% of exports and 21% of imports). Compared to February 2007, the nominal increase in exports was biggest in exports of raw materials and the products of chemical industry (31%), of agricultural products and food preparations (25%) and of machinery and equipment. The exports of mineral products decreased significantly — 0.7 billion kroons or 44%. The imports increased in the sections of raw materials and products of chemical industry and of machinery and equipment. The biggest decline in imports was in the section of mineral products and of wood and products thereof.

The surplus in the trade balance was mentioned as positive (active trade balance) in all commodity sections related to wood — wood and products thereof, miscellaneous manufactured articles (including furniture) and paper and articles thereof. The biggest foreign trade deficit was mentioned in the section of transport equipment, of raw materials and products of chemical industry and of mineral products.

Estonia’s foreign trade, January–February, 2007–2008 (million kroons)

Main foreign trade partners of Estonia, February 2008

Exports and imports by commodity sections, February 2008