In January the foreign trade deficit decreased

news release no 35

According to Statistics Estonia, in January 2008 the exports of goods increased and the imports decreased. The trade deficit was the lowest during the last 12 months.

In January 2008 the exports was 10.1 billion kroons and the imports was 13.2 billion kroons. Compared to January of the previous year, the value of exports rose 4% and imports fell 4%. The trade deficit was 3.1 billion kroons. Compared to January 2007, the trade deficit decreased by about a billion kroons and was the smallest during the last 12 months.

In January 2008 the share of the EU countries was 75% and the share of CIS countries accounted for 10% of the total exports. The most important partners in exports were Finland, Sweden and Latvia, accounting for 46% of the total exports. Exports to the EU countries increased 1.1 billion kroons compared to January 2007.

In total imports the share of the EU countries was 79% and that of CIS countries 12%. The most important partners in imports were Finland, Germany and Sweden, accounting for 38% of the total imports. Imports from the EU countries increased 272 million kroons compared to January 2007.

The foreign trade deficit with the EU countries decreased from 3.8 billion kroons to 3 billion kroons compared to January of the previous year. Compared to January 2007, the trade deficit with the CIS countries has dropped from 1.5 billion kroons to 0.6 billion kroons. The biggest trade surplus was mentioned with Norway (247 million kroons) and Sweden (98 million kroons). The biggest trade deficit was announced with Germany (1.0 billion kroons), Russia (484 million kroons) and Lithuania (282 million kroons).

In both exports and imports the most important commodity section was machinery and equipment (the share 20% of exports and 21% of imports). Compared to January 2007, the greatest increase in exports was in the metals and products thereof (62%), transport equipment (20%) and agricultural products and food preparations (19%). The exports of mineral products decreased significantly (42%). The imports increased in the sections of raw materials and products of chemical industry (12%) and agricultural products and food preparations (10%). Among other commodity sections the imports decreased. The biggest decline in imports was in the section of wood and products thereof (18%) and paper and articles thereof (18%).

The surplus in the trade balance was mentioned as positive (active trade balance) in the sections of wood and products thereof (694 million kroons) and miscellaneous manufactured articles (520 million kroons). The biggest foreign trade deficit was mentioned in the section of mineral products (1.2 billion kroons), transport equipment (849 million kroons) and machinery and equipment (778 million kroons).

Estonia’s foreign trade, 2007–2008 (million kroons)

Year Month Exports Imports Balance
2007 January 9 682 13 820 -4 138
  February 9 759 13 198 -3 439
  March 10 434 15 387 -4 953
  April 10 406 15 495 -5 089
  May 11 704 16 026 -4 322
  June 10 747 14 963 -4 216
  July 9 876 13 940 -4 064
  August 10 256 14 464 -4 208
  September 9 800 14 429 -4 629
  October 11 792 15 967 -4 175
  November 11 857 15 654 -3 797
  December 9 241 13 325 -4 084
2008 January 10 053 13 207 -3 154

Main foreign trade partners of Estonia, January 2008

Country of destination, group of countries Exports,
mln kroons
Share, % Country of consignment,
group of countries
Imports,
mln kroons
Share, %
TOTAL 10 053 100 TOTAL 13 207 100
EU 27 7 495 75 EU 27 10 462 79
CIS 1 012 10 CIS 1 642 12
1. Finland 1 888 19 1. Finland 2 017 15
2. Sweden 1 594 16 2. Germany 1 562 12
3. Latvia 1 095 11 3. Sweden 1 496 11
4. Russia 763 8 4. Russia 1 247 9
5. Lithuania 650 7 5. Latvia 1 213 9
6. Germany 524 5 6. Lithuania 932 7
7. Norway 340 3 7. Poland 597 5
8. Denmark 323 3 8. United Kingdom 469 4
9. Netherlands 296 3 9. Netherlands 443 3
10. United Kingdom 281 3 10. China 307 2

Exports and imports by commodity sections, January 2008

Commodity section by Combined Nomenclature (CN) Exports Imports Balance,
mln kroons
mln
kroons
share, % change
compared
to same
month of
previous
year, %
mln
kroons
share, % change
compared
to same
month of
previous
year, %
TOTAL 10 053 100 4 13 207 100 -4 -3 154
Agricultural products and food preparations (I–IV) 839 8 19 1 265 10 10 -426
Mineral products (V) 1 053 10 -42 2 214 17 -10 -1 161
Raw materials and products of chemical industry (VI) 406 4 13 1 015 8 12 -609
Articles of plastics and rubber (VII) 328 3 16 626 5 -1 -298
Wood and products thereof (IX) 1 039 10 11 345 3 -18 694
Paper and articles thereof (X) 339 3 9 271 2 -18 68
Textiles and products thereof (XI) 500 5 2 728 6 6 -228
Metals and products thereof (XV) 1 186 12 62 1 212 9 -11 -26
Machinery and equipment (XVI) 2 011 20 -2 2 789 21 -2 -778
Transport equipment (XVII) 920 9 20 1 769 13 -1 -849
Miscellaneous manufactured articles (XX) 846 8 9 326 2 -2 520
Other 586 6 27 647 5 -28 -61

For further information:

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

More detailed data have been published in the Statistical Database.