Last year the growth of exports and imports slowed down

In 2007 the exports of goods made up to 125.5 billion kroons and imports accounted for 177.1 billion kroons. Compared to the previous year, the value of exports increased 4% and of imports 6% which is the smallest growth during the last four years. The slowdown of the growth was partly caused by the rapid growth rate of exports and imports in 2006 (24% and 30%, respectively).

The trade deficit was announced 51.6 billion kroons, which is 11% larger compared to the previous year. In 2006 the foreign trade deficit increased even 47%.

Estonia’s foreign trade, 2004–2007 (million kroons)

The share of the EU countries (EU 27) accounted for 70% and the share of CIS countries for 11% of the total exports. The exports to the EU countries grew 11% compared to the previous year, the exports to the CIS countries 14%. The main countries of destination were Finland (18% of the total exports), Sweden (13%) and Latvia (11%). The biggest increase in exports was to Latvia and to Togo (by 3.4 and 3.1 billion kroons, respectively). Among the 10 main countries of destination the exports decreased only to the USA (by 2.8 billion kroons).

In total imports the share of the EU countries was 78% and the share of CIS countries 13%. The imports from the EU countries increased 11%, but the imports from CIS countries decreased 13% compared to 2006. The main countries of consignment were Finland (16% of the total imports), Germany (13%) and Russia (10%). During the year the imports from Russia and Finland decreased (by 3.7 and 2.5 billion kroons, respectively). The biggest increase in imports was from Latvia and Sweden (by 3.6 and 2.7 billion kroons, respectively).

Estonia exported goods to 131 countries and imported from 98 countries. The trade balance was positive with 74 countries.

In exports among the commodity sections the first place was held in the section of machinery and equipment (the share 21% of the total exports). They were followed by mineral products, wood and products thereof and metals and products thereof. During the year the biggest increase in exports was announced in the section of agricultural products and food preparations (by 2.5 billion kroons ) and in transport equipment (also by 2.5 billion kroons). The exports of mineral products and of machinery and equipment decreased (by 3.7 and 3.5 billion kroons, respectively).

In imports the first place was also held by machinery and equipment (22% of the total imports), followed by mineral products, transport equipment and metal and metal products. In imports the biggest increase was in transport equipment (by 4.2 billion kroons), agricultural products and food preparations (by 4.1 billion kroons) and metals and products thereof (by 2.2 billion kroons). Similarly to exports, there was a decrease also in imports of machinery and equipment (4.5 and 2.2 billion kroons, respectively).

The biggest foreign trade deficit was mentioned in the section of transport equipment (13.8 billion kroons), machinery and equipment (11.9 billion kroons) and mineral products (9.1 billion kroons). The surplus was mentioned as positive only in the section of wood and products thereof (6 billion kroons) and miscellaneous manufactured articles (5.4 billion kroons).

Main foreign trade partners of Estonia, 2006–2007

Exports and imports by commodity sections, 2006–2007