In July exports grew by one tenth

Compared to July of the previous year, the nominal exports of goods increased 1.2 billion kroons and this was mainly due to the increase in the exports of fertilizers and electrical equipment.

The value of goods imported to Estonia in July was 15.1 billion kroons, it was 9% more than in July of the previous year. Increase in the imports of fuels by 1.1 billion kroons was the factor which gave rise to a significant increase in imports.

The foreign trade deficit was 4 billion kroons or nearly the same as in July of the previous year. At the same time, as the growth rate of exports has exceeded the growth rate of imports in every month of this year, the trend has brought along improvement in the foreign trade deficit.

Estonian foreign trade, January–July, 2007–2008

In July the share of the EU countries was 69% and the share of the CIS countries accounted for 16% of the total exports (in July of the previous year 68% and 11%, respectively). Compared to July of the previous year, exports of goods to the EU countries increased by 0.9 billion kroons (13%), and exports to the CIS countries by 0.6 billion kroons (59%). The main countries of destination were Finland, Russia and Sweden. The biggest increase — by 0.6 billion kroons — was announced in the exports of goods to Russia. Exports to Finland and to the United States of America increased, too.

In total imports of goods, the share of the EU countries was 81% and that of the CIS countries 11% (in July of the previous year 78% and 12%, respectively). Imports from the EU countries increased by 1.4 billion kroons or 13% compared to July of the previous year. At the same time, imports from the CIS countries decreased a little. Main countries of consignment were Finland, Germany and Lithuania. Imports of goods from Russia decreased significantly — by half a billion kroons. But imports of goods from Lithuania increased by 0.7 billion kroons. Besides, a twofold increase in the imports from Belorussia (from 0.3 billion kroons to 0.6 billion kroons) was also of great importance.

In both exports and imports, the most important commodity section in July was machinery and equipment which accounted for one fifth of both flows. Exports of chemical products increased nearly twofold — from half a billion kroons to one billion kroons. Exports of machinery and equipment and metals and products thereof grew by one third (by 0.6 and 0.3 billion kroons, respectively). Exports of mineral fuels decreased by 0.3 billion kroons, this denotes a decrease in re-exports.

In the imports of goods, an essential growth was observed in the commodity section of fuels (by 1.1 billion kroons). At the same time, the imports of transport equipment decreased 0.4 billion kroons.

Main foreign trade partners of Estonia, July 2008

Exports and imports of goods by commodity sections, July 2008