In May the trade deficit was the smallest of the year

news release no 85

According to Statistics Estonia, in May 2011 compared to the same month of the previous year, exports grew by 53% and imports by 44% at current prices. Due to a faster growth in exports compared to imports, also the foreign trade deficit decreased.

In May 2011, the exports of goods from Estonia amounted to 1.12 billion euros and imports to Estonia to 1.14 billion euros. Exports of goods exceeded the highest turnover so far or the turnover of April this year. The foreign trade deficit accounted for 24 million euros (62 million euros in May 2010).

In Estonia’s exports in May the biggest shares were held by machinery and equipment (25% of Estonia’s total exports), mineral products (incl. motor spirits, fuel oils and electricity) – 24% and wood and products thereof (8%). Compared to May 2010, exports of machinery and equipment and mineral products increased the most, both two times.

In May the biggest shares of Estonia’s imports were held by machinery and equipment (26% of Estonia’s total imports), mineral products (18%), and agricultural products and food preparations (10%). Compared to May 2010, arrivals of machinery and equipment and transport equipment increased the most (both nearly two times). Arrivals of metals and products thereof also increased significantly (53%).

The first place among destination countries of exports was held by Finland (14% of Estonia’s total exports), followed by Sweden (14%) and USA (10%). Compared to May 2010, exports increased the most to Nigeria and Sweden (by 78 and 65 million euros, respectively). Electrical equipment, wood and products thereof and furniture were mainly exported to Finland as well as to Sweden. Fuels were mainly exported to the USA and Nigeria.

The largest amounts of goods were imported from Finland (12% of Estonia’s total imports), followed by Germany and Latvia (11% and 10%, respectively). During the year, arrivals of goods from Latvia and Germany have increased the most (41 and 38 million euros, respectively). From Finland, mainly electrical equipment was imported, from Germany – vehicles and parts thereof, and from Latvia – fuels.

In May compared to April, exports increased by 1%, but imports decreased by 2%.

Estonia’s trade by months, 2008–2011

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

Estonia’s foreign trade, January–May, 2010–2011
Month Exports, million euros Imports, million euros Balance, million euros
2010 2011 change, %   2010 2011 change, % 2010 2011
January 519.5 819.2 58 543.3 896.0 65 -23.8 -76.8
February 628.7 841.9 34 608.3 887.4 46 20.4 -45.5
March 628.6 1 086.3 73 802.3 1 170.1 46 -173.7 -83.9
April 680.7 1 104.0 62 697.9 1 166.1 67 -17.2 -62.1
May 730.0 1 116.0 53 791.8 1 140.4 44 -61.7 -24.4
Main foreign trade partners of Estonia, May 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 1 116.0 100 53 Total 1 140.4 100 44
EU27 677.5 61 42 EU27 868.1 76 39
EA17 320.5 29 43 EA17 393.0 34 30
CIS 120.3 11 64 CIS 131.3 12 26
1. Finland 160.2 14 22 1. Finland 137.0 12 19
2. Sweden 155.2 14 71 2. Germany 126.6 11 43
3. USA 109.8 10 94 3. Latvia 117.8 10 54
4. Nigeria 96.5 9 433 4. Sweden 97.9 9 34
5. Russia 95.6 9 61 5. Russia 94.8 8 19
6. Latvia 68.8 6 13 6. Lithuania 91.3 8 8
7. Germany 50.5 5 28 7. Poland 75.0 7 58
8. Lithuania 46.9 4 20 8. China 47.7 4 140
9. France 41.3 4 199 9. United Kingdom 44.1 4 259
10. Norway 35.4 3 68 10. Norway 39.7 3 609
Exports and imports by commodity sections, May 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

1 116.0 100 53 1 140.4 100 44 -24.4
Agricultural products and food preparations (I–IV) 83.9 8 24 113.8 10 31 -29.9
Mineral products (V) 268.3 24 98 210.8 18 15 57.5
Raw materials and products of chemical industry (VI) 44.9 4 48 80.3 7 33 -35.4
Articles of plastics and rubber (VII) 30.9 3 39 56.5 5 31 -25.6
Wood and products thereof (IX) 92.0 8 33 30.2 3 24 61.8
Paper and articles thereof (X) 27.7 2 18 20.5 2 18 7.2
Textiles and products thereof (XI) 26.2 2 11 44.7 4 23 -18.5
Metals and products thereof (XV) 84.9 8 -1 103.3 9 53 -18.4
Machinery and equipment (XVI) 274.4 25 98 298.9 26 86 -24.5
Transport equipment (XVII) 63.0 6 60 111.1 10 94 -48.1
Miscellaneous manufactured articles (XX) 69.9 6 27 20.9 2 26 49.0
Other 49.9 4 27 49.4 4 29 0.5

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.