In August the foreign trade deficit decreased significantly

Compared to August of the previous year, the value of exports of goods in current prices was 11.1 billion croons, which was 8% or nominally 0.8 billion kroons more than in August of the previous year. The growth of exports was mainly due to the increase in the exports of iron and steel by more than half a billion kroons.

The value of goods imported to Estonia in August was 13.8 billion kroons, which was 6% or nominally 0.8 billion kroons less than in August of the previous year. The decrease in the imports of vehicles by 1 billion kroons was the main factor why the value of imports decreased.

Estonian foreign trade, January–August, 2007–2008

In August the share of the EU countries was 67% and the share of the CIS countries accounted for 15% of the total exports (in August of the previous year 75% and 12%, respectively). Compared to August of the previous year, exports of goods to the EU countries decreased by 0.2 billion kroons but exports to the CIS countries increased by 0.4 billion kroons.The main countries of destination were Finland, Sweden and Russia. The biggest increase — by half a billion kroons — was announced in the exports of goods to Turkey where the main export articles were iron and steel. Exports to Russia and to the United States of America increased, too.

In total imports of goods, the share of the EU countries was 79% and that of the CIS countries 13% (in August of the previous year 82% and 7%, respectively). Compared to August of the previous year imports from the EU countries decreased by one billion kroons but imports from CIS countries increased by 0.8 billion kroons. Main countries of consignment were Germany, Finland and Latvia. Imports of goods from Belarus increased significantly, by half a billion kroons, mainly on account of the imports of fuels. Imports of goods from Latvia also increased by half a billion kroons. Besides, the imports of goods decreased from our neighbour countries Finland, Sweden and Lithuania.

In both exports and imports, the most important commodity section in August was machinery and equipment which accounted for a fifth of both flows. Exports of metals increased significantly, by half a billion kroons, mainly influenced by exports of iron and steel. Exports of mineral fuels grew by 0.4 billion kroons.

In imports of goods, an essential growth was observed in the commodity section of fuels (by 0.9 billion kroons). At the same time, the imports of vehicles decreased by one billion kroons.

Exports exceeded imports or the foreign trade balance was positive amongst the commodity groups related to wood and timber, as well as in the trade of metals and products thereof.

Main foreign trade partners of Estonia, August 2008

Exports and imports of goods by commodity sections, August 2008