In March imports of goods decreased

In March 2008 the exports of goods in nominal value were 10.6 billion kroons and the imports were 13.9 billion kroons. Compared to March of the previous year, the value of exports rose by 2% and imports fell by 10%. The trade deficit was 3.3 billion kroons. Compared to March 2007, the trade deficit decreased by about 1.7 billion kroons — mainly caused by the fall of imports.

In the first quarter the exports of goods grew by 5% and imports fell by 4% compared to the first quarter of the previous year. The foreign trade deficit was 9.6 billion kroons (during the same period in 2007 the trade deficit was 12.6 billion kroons).

In March 2008 the share of the EU countries was 73% and the share of CIS countries accounted for 12% of the total exports (in the previous year 70% and 12%, respectively). Compared to the previous year, exports of goods to EU countries increased 7%, but to CIS countries decreased 4%. The main countries of destination were Finland, Sweden and Latvia.

In total imports the share of the EU countries was 81% and that of CIS countries 11% (in the previous year 76% and 16%, respectively). Imports from the EU countries decreased 3% and from CIS countries even 38% compared to March 2007. The biggest decrease was in the imports from Russia and Finland (by 1 and 0.3 billion kroons, respectively). The most important partners in imports were Finland, Germany and Sweden.

In both exports and imports the most important commodity section was machinery and equipment (the share in both flows was 22%). In exports the increase was biggest in the exports of metals and the products of thereof and of machinery and equipment (by 0.3 and 0.2 billion kroons, respectively). The exports of mineral products, textiles and products thereof and wood and products thereof decreased. The imports decreased in most of the main commodity sections. The biggest decline in imports was in the section of mineral products (by 0.6 billion kroons), of transport equipment (0.4 billion kroons) and of wood and products thereof (0.3 billion kroons). The growth in imports was only in the section of raw materials and products of chemical industry and of agricultural products and food preparations.

Estonia’s foreign trade, January–March, 2007–2008

Main foreign trade partners of Estonia, March 2008

Exports and imports by commodity sections, March 2008

^a Foreign trade statistics are based on customs declarations (Extrastat) and statistical surveys (Intrastat). Missing data caused by non-response are replaced with estimations. Estimated figures are revised upon receiving additional information. The data of foreign trade statistics are presented in current prices.