In May, foreign trade deficit the smallest of last two years

It was last in February 2006 when the Estonian foreign trade deficit was smaller than the indicator of this May, being 2.6 billion kroons at that time. In the interim period the deficit has not been below three billion kroons.

In May the exports of goods at current prices amounted to 11.4 billion kroons. Compared to May of the previous year, the nominal exports of goods decreased by 0.3 billion kroons or 2%. The decline in the exports was mainly caused by the decrease in the dispatches of mineral products, and wood and products thereof. The imports of goods to Estonia amounted to 14.3 billion kroons, this was 1.7 billion kroons or 11% less than in May of the previous year.

Estonian foreign trade January–May, 2007–2008

In May the share of the EU countries was 70% and the share of CIS countries accounted for 11% of the total exports (in May of the previous year 67% and 10%, respectively). Compared to May of the previous year, the exports of goods to the EU countries increased by 0.2 billion kroons (3%), and the exports to CIS countries by 0.1 billion kroons (10%). The main countries of destination were Finland, Sweden and the United Sates of America. The exports of goods to Latvia and Great Britain decreased.

In total imports of goods, the share of the EU countries was 80% and that of the CIS countries 12% (in May of the previous year 72% and 10%, respectively). Imports from the EU countries decreased by 0.7 billion kroons or 6% compared to May of the previous year, at the same time imports from the CIS countries decreased by 0.9 billion kroons or more than one third. Imports of goods from Russia and Finland decreased significantly — 0.8 and 0.7 billion kroons respectively. The biggest increase in imports, i.e. increase by 0.4 billion kroons, was announced from Lithuania.

In both exports and imports, the most important commodity section was machinery and equipment that accounted for over one fifth of both flows. In exports, the biggest decrease was in the dispatches of mineral products (0.6 billion kroons). The exports of metals and products thereof, and the exports of machinery and equipment grew a bit.

In imports of goods, growth was detected only in the section of mineral products. A significant decline was observed in the section of transport equipment (0.8 billion kroons) and in the section of wood and products thereof (0.4 billion kroons). The decline was partly caused by the fact that Russia had increased the custom taxes for exports of timber.

Main foreign trade partners of Estonia, May 2008

Exports and imports of goods by commodity sections, May 2008