Exports of goods grew due to the re-export of fuels

The value of exports of goods was 12.2 billion kroons, which was nominally (not taking into account the price change) 2.3 billion kroons more than in September of the previous year. The growth of exports was mainly caused by the increase in the re-exports of fuels by nearly one billion kroons, as well as by the increase in the exports of metals, machinery and equipment. The growth in exports was also caused by the low comparative indicators last year.

The value of goods imported to Estonia in September was 15.6 billion kroons, which was nominally 1.1 billion kroons more than in September of the previous year. The increase in the imports of fuels by about one billion kroons was the main factor why the value of imports increased.

Estonian foreign trade deficit was more than 3.4 billion kroons in September, which was nearly 1.3 billion kroons less than in September of the previous year.

In the 3rd quarter of 2008 compared to the 3rd quarter of the previous year, both the exports and imports grew 14% and 3%, respectively. If in the 1st and 2nd quarter of 2008 exports grew 4% and 5% compared to the same periods in 2007, then imports decreased by 3% and 5%. The foreign trade deficit was 30.6 billion kroons during the nine months (in 2007 40 billion kroons, respectively).

Estonian foreign trade, January–September, 2007–2008

In September the share of the EU countries was 68% and the share of the CIS countries accounted for 14% of the total exports (in September of the previous year 78% and 13%, respectively). Main countries of destination were Finland, Sweden and Russia. The biggest increase — by 0.8 billion kroons — was announced in the exports of goods to the United States of America where the main export articles were the re-exported fuels. Exports to Russia increased by 0.4 billion kroons or nearly 50%.

In total imports of goods, the share of the EU countries was 81% and that of the CIS countries 11% (in September of the previous year 84% and 8%, respectively). Main countries of consignment were Finland, Germany and Sweden. Imports of goods from Belarus increased significantly, mainly on account of the imports of fuels.

In both exports and imports, the most important commodity section in September was machinery and equipment which accounted for more than a fifth of both flows. Exports of fuels, iron, steel and electronic equipment increased significantly. The increase by one third (or by 0.3 billion kroons) was mentioned also in the exports of agricultural products and food preparations. The imports of vehicles to Estonia decreased.

Main foreign trade partners of Estonia, August 2008

Exports and imports of goods by commodity sections, August 2008