In August exports and imports decreased by nearly a third

Compared to August of the previous year, the value of exports of goods decreased by 30% or 3.4 billion kroons, and that of imports by 31% or 4.1 billion kroons. The decline was partly caused by high comparative base indicators of the previous year.

In August, the foreign trade deficit amounted to 1.5 billion kroons, which is nearly a third smaller compared to the same month of the previous year. The foreign trade deficit has started to decrease significantly since January this year.

In August the value of goods exported from Estonia to the European Union (EU 27) countries was 5.2 billion kroons accounting for two thirds of Estonia’s total exports. Compared to August of the previous year, exports to the EU 27 countries decreased by 2.4 billion kroons or 31%. Exports from Estonia to non-EU countries or the so-called third countries amounted to nearly 2.6 billion kroons, which is 28% less compared to August 2008.

In August, imports from the European Union (EU 27) countries to Estonia totalled 7.2 billion kroons with the share of 77% of Estonia’s total imports. Imports from the EU countries decreased by 3.4 billion kroons or by nearly a third compared to August of the previous year. Imports from other countries than the EU amounted to about 2.1 billion kroons, which is 26% less compared to August of the previous year.

The foreign trade deficit with the European Union countries accounted for 2 billion kroons (3 billion kroons in August 2008). At the same time, the trade balance with other countries than the EU was slightly on the positive side or exports to these countries exceeded imports by approximately 0.5 billion kroons.

Compared to July 2009, exports of goods decreased by 5% and imports by 3%.

Estonian foreign trade, January 2008 – August 2009

Statistics Estonia releases the first estimates about foreign trade on the 40th day after the end of the reference period which are then revised on the 54th day. Statistics Estonia will release a more detailed overview of the foreign trade for August on the 26th of October.