In June the growth of exports and imports slowed down

news release no 95

According to Statistics Estonia, in June 2011, exports from Estonia amounted to 947 million euros and imports to Estonia to 1 billion euros at current prices. Exports increased by 43% and imports by 33% compared to June of the previous year.

Due to a faster growth in exports compared to imports, also the foreign trade deficit decreased. In June this year, the foreign trade deficit accounted for nearly 60 million euros compared to 93 million euros in June 2010. This year, exports grew the most (73%) in March, and imports grew the most in April (67%) compared to the same month of the previous year.

In exports in June, the biggest shares were held by machinery and equipment (29% of Estonia’s total exports), mineral products (incl. motor spirits, fuel oils and electricity) (14%), and metals and products thereof (10%). Compared to June of the previous year, the exports of machinery and equipment and the exports of mineral products increased the most (91% and 53%, respectively).

In June the biggest shares of imports were held by machinery and equipment (30% of Estonia’s total imports), mineral products (14%), and agricultural products and food preparations (11%). Compared to June 2010, the arrivals of machinery and equipment as well as mineral products increased the most (79% and 20%, respectively). The arrivals of raw materials and products of chemical industry also increased significantly (39%).

The first place among the destination countries of exports was held by Sweden (17% of Estonia’s total exports), followed by Finland (16%) and Russia (10%). Compared to June of the previous year, exports increased the most to Sweden and Russia (by 71 and 29 million euros, respectively). Electrical equipment, wood and products thereof, and furniture were mainly exported to Sweden and Finland. Mechanical and electrical equipment were mainly exported to Russia.

The largest amounts of goods were imported from Finland (14% of Estonia’s total imports), followed by Latvia and Sweden (12%, both). Compared to the same month of the previous year, the arrivals of goods from Latvia and Sweden increased the most (by 37 million euros in case of both). From Finland and Sweden, mainly electrical equipment was imported, from Latvia – fuels, and wood and products thereof.

During the first half of this year, the turnover of exports increased by 54% and that of imports by 49% compared to the same period last year.

In June compared to May, exports decreased by 15% and imports by 12%. Partly, it was also due to the different number of working days.

Estonia’s trade by months, 2008–2011

Diagram: Estonia’s trade by months, 2008–2011

Estonia’s trade, January–June, 2010–2011
  Exports, million euros Imports, million euros Balance, million euros
2010 2011 change, % 2010 2011 change, % 2010 2011
January 519.5 818.9 58 543.3 895.6 65 -23.8 -76.7
February 628.7 840.6 34 608.3 886.0 46 20.4 -45.3
March 628.6 1 086.0 73 802.3 1 167.1 45 -173.7 -81.1
April 680.7 1 102.9 62 697.9 1 162.1 67 -17.2 -59.3
May 730.0 1 118.1 53 791.8 1 139.3 44 -61.7 -21.1
June 663.4 946.6 43 756.7 1 006.4 33 -93.3 -59.8
1st half-year 3 851.0 5 913.1 54 4 200.3 6 256.5 49 -349.3 -343.4

Main foreign trade partners of Estonia, June 2011
Country of destination,
group of countries
Exports,
million euros
Share,
%
Change compared to
same month of
previous year, %
Country of
consignment, group
of countries
Imports,
million euros
Share,
%
Change compared to
same month of
previous year, %
TOTAL 946.6 100 43 TOTAL 1 006.4 100 33
EU 27 672.5 71 44 EU 27 832.9 83 41
EA17 311.0 33 45 EA17 369.7 37 26
CIS 117.9 12 37 CIS 76.5 8 12
1. Sweden 165.5 17 75 1. Finland 141.0 14 19
2. Finland 152.6 16 23 2. Latvia 121.0 12 45
3. Russia 97.4 10 43 3. Sweden 118.0 12 46
4. Latvia 73.5 8 16 4. Germany 112.4 11 27
5. Germany 46.6 5 25 5. Lithuania 77.6 8 46
6. Lithuania 44.1 5 39 6. Poland 64.6 6 59
7. Nigeria 32.4 3 140 7. Russia 59.7 6 19
8. France 30.5 3 185 8. China 36.7 4 56
9. Norway 28.4 3 12 9. Netherlands 35.4 4 55
10. USA 23.6 2 10 10. United Kingdom 33.6 3 158

Exports and imports by commodity sections, June 2011
Commodity section by Combined Nomenclature (CN) Exports Imports Balance,
million euros
million
euros
share,
%
change compared to
same month
of previous year, %
million euros share,
%
change compared to
same month of
previous year, %
TOTAL 946.6 100 43 1 006.4 100 33 -59.8
Agricultural products and food preparations (I–IV) 69.7 7 15 108.6 11 24 -39.0
Mineral products (V) 129.0 14 53 141.2 14 20 -12.2
Raw materials and products of chemical industry (VI) 42.1 4 17 81.7 8 39 -39.7
Articles of plastics and rubber (VII) 28.0 3 15 54.7 5 20 -26.6
Wood and products thereof (IX) 85.4 9 23 29.4 3 40 56.1
Paper and articles thereof (X) 25.6 3 13 19.9 2 18 5.6
Textiles and products thereof (XI) 27.9 3 13 38.9 4 10 -11.0
Metals and products thereof (XV) 93.5 10 49 91.0 9 26 2.5
Machinery and equipment (XVI) 271.6 29 91 302.4 30 79 -30.8
Transport equipment (XVII) 45.3 5 12 73.9 7 -2 -28.7
Miscellaneous manufactured articles (XX) 70.5 7 21 17.6 2 0 52.9
Other 58.0 6 54 47.1 5 18 10.9

For further information:

Riina Kerner
Analyst
Foreign Trade Statistics Service
Statistics Estonia
Tel +372 625 9377

http://www.stat.ee/sdb-update?db_update_id=8923ore detailed data have been published in the Statistical Database.