In June both exports and imports of goods decreased

In the first half-year of 2008 the value of the exports of goods was 65.8 billion kroons or 5% more compared to the same period of the previous year. At the same time the value of imports decreased by 4%, amounting to the value of 85.9 billion kroons. The exports of goods grew by 5% both in the 1st and in the 2nd quarter, imports fell by 3% and 4%, respectively. In the first half-year of 2008 the foreign trade deficit was 24% smaller compared to the same period of 2007.

In June the exports of goods amounted to 10.7 billion kroons. Compared to June of the previous year, the nominal exports of goods decreased 1%. The value of imports of goods to Estonia amounted to 14.3 billion kroons, which was 5% less compared to June of the previous year. The decline was mainly caused by the decrease of imports in the section of transport equipment. The foreign trade deficit was 3.6 billion kroons or 15% less than in June of the previous year.

Estonian foreign trade, January–June, 2007–2008

In June the share of the EU countries was 73% and the share of CIS countries accounted for 13% of the total exports (in June of the previous year 69% and 10%, respectively). Compared to June of the previous year, the exports of goods to the EU countries increased by 0.4 billion kroons (5%), and the exports to CIS countries by 0.3 billion kroons (28%). The main countries of destination were Finland, Sweden and Russia. The biggest decline was announced in exports to Latvia and to the United States of America.

In total imports of goods, the share of the EU countries was 82% and that of the CIS countries 11% (in June of the previous year 77% and 14%, respectively). Imports from the EU countries increased by 0.1 billion kroons (1%) compared to June of the previous year, at the same time imports from the CIS countries decreased by 0.5 billion kroons or by a quarter. Main countries of consignment were Finland, Germany and Lithuania. Imports of goods from Russia decreased significantly — 0.8 billion kroons. The same increase, i.e. by 0.8 billion kroons, was announced in imports from Lithuania.

In both exports and imports, the most important commodity section was machinery and equipment which accounted for over one fifth of both flows. One third of the growth was detected in the exports of metals and products thereof. The exports of mineral fuels decreased by 0.4 billion kroons.

In imports of goods, a growth was detected only in the section of mineral fuels — by 0.3 billion kroons. A significant decline was observed in the section of transport equipment and in the section of wood and products thereof (0.6 and 0.3 billion kroons, respectively).

Main foreign trade partners of Estonia, June 2008

Exports and imports of goods by commodity sections, June 2008