In January imports grew faster than exports

news release no 36

According to Statistics Estonia, in January 2011 compared to the same month of the previous year, exports of goods grew by 57% and imports by 66% at current prices. The growth in imports was mainly influenced by the arrivals of machinery and equipment as well as transport equipment. Among partner countries Sweden ranked the first in both exports and imports.

In January 2011 exports from Estonia amounted to 816 million euros (12.8 billion kroons) and imports to Estonia to 901 million euros (14.1 billion kroons) at current prices. The trade deficit was registered as 85 million euros (1.3 billion kroons), which is nearly four times bigger than in January 2010.

In Estonia’s exports the biggest share was held by machinery and equipment (28% of Estonia’s total exports), mineral products (incl. petrol, fuel oils and electricity) (17%) and agricultural products and food preparations (9%). Exports of machinery and equipment were 2.5 times bigger compared to January 2010. Exports of agricultural products and food preparations and metals and products thereof also increased significantly (65% and 53%, respectively).

In January the biggest share of Estonia’s imports was held by machinery and equipment (24% of Estonia’s total imports), mineral products (21%) and transport equipment (11%). Arrivals of machinery and equipment increased by two times compared to January 2010. Imports of transport equipment also increased significantly.

In exports the share of the European Union (EU 27) was 71% and the share of euro area (EA 17) 32% of the total exports of Estonia. The first place in destination countries of Estonia’s exports was held by Sweden (a fifth of Estonia’s total exports), followed by Finland (15%) and Russia (8%). Compared to January 2010, exports to Sweden increased the most (two times), exports to Finland by 33% and to the US by six times. Machinery and equipment was mainly exported to Sweden and Finland, and agricultural products and food preparations to Russia.

In January, imports from the European Union accounted for 70% and from euro area for 30% of the total imports of Estonia. Sweden became the main country of consignment of goods (11% of Estonia’s total imports), followed by Finland (11%) and Latvia (10%). In January 2010, Sweden ranked only the sixth among the countries of consignment and compared to the same month of the previous year, arrivals from Sweden have increased by two times. Machinery and equipment were mainly imported from Finland and Sweden, mineral products from Latvia and transport equipment from Canada (aircraft).

In January 2011 compared to December 2010, exports decreased by 12% and imports by 3%. The decrease in the trade turnover is caused by the seasonality (the period of Christmas sales in December and the vacation period at the end of the year).

Estonia’s foreign trade, 2010–2011 (million euros)
Year Month Exports Imports Balance
2011 January 816 901 -85
2010 January 520 543 -23
  February 629 608 21
  March 629 802 -173
  April 681 698 -17
  May 730 792 -62
  June 663 757 -94
  July 698 733 -35
  August 713 767 -54
  September 846 849 -3
  October 847 854 -7
  November 868 906 -38
  December 930 932 -2

Main foreign trade partners of Estonia, January 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 816 100 57 TOTAL 901 100 66
EU 27 578 71 59 EU 27 633 70 50
Euro area 264 32 38 Euro area 268 30 38
CIS 82 10 91 CIS 116 13 55
1. Sweden 162 20 128 1. Sweden 98 11 109
2. Finland 120 15 33 2. Finland 95 11 14
3. Russia 63 8 80 3. Latvia 88 10 42
4. Latvia 54 7 23 4. Germany 83 9 54
5. France 49 6 48 5. Russia 81 9 23
6. Germany 39 5 22 6. Lithuania 75 8 27
7. Nigeria 38 5 52 7. Poland 58 6 87
8. USA 37 5 517 8. Canada 42 5 -
9. Lithuania 34 4 42 9. China 41 5 193
10. Norway 27 3 50 10. Netherlands 30 3 114

Exports and imports by commodity sections, January 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 816 100 57 901 100 66 -85
Agricultural products and food preparations (I–IV) 71 9 65 80 9 36 -9
Mineral products (V) 142 17 12 190 21 33 -48
Raw materials and products of chemical industry (VI) 30 4 43 56 6 12 -26
Articles of plastics and rubber (VII) 22 3 29 42 5 56 -20
Wood and products thereof (IX) 69 9 30 21 2 62 48
Paper and articles thereof (X) 26 3 53 18 2 20 8
Textiles and products thereof (XI) 28 3 47 42 5 45 -14
Metals and products thereof (XV) 61 7 53 78 9 95 -17
Machinery and equipment (XVI) 227 28 152 218 24 110 9
Transport equipment (XVII) 39 5 56 100 11 317 -61
Miscellaneous manufactured articles (XX) 56 7 33 15 2 25 41
Other 45 6 80 41 5 52 4

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.

The data on foreign trade have also been published in kroons in the Statistical Database.