In July machinery and equipment made up nearly a third of Estonia’s trade

news release no 110

According to Statistics Estonia, in July 2011, exports from Estonia amounted to 933 million euros and imports to Estonia to 1 billion euros at current prices. In July 2011, the share of machinery and equipment comprised 32% of Estonia’s total exports and 31% of imports.

Estonia’s exports of goods grew by 34% and imports by 38% in July compared to July of the previous year. Due to a faster growth in imports compared to exports, also the foreign trade deficit increased. In July this year, the foreign trade deficit accounted for 81 million euros compared to 35 million euros in July 2010.

If in July of the previous year, the share of machinery and equipment accounted for nearly a quarter of Estonia’s total exports, then in July this year already one third. The share of machinery and equipment in total trade of Estonia was higher last in October 2005.

In exports in July, the biggest shares were held by machinery and equipment (32% of Estonia’s total exports), mineral products (incl. motor spirits, fuel oils and electricity) (15%), and metals and products thereof (9%). The growth in exports was significantly influenced by the dispatches of machinery and equipment that grew by nearly twice (91%) compared to July of the previous year. Growth in exports was also influenced by the increase in the dispatches of mineral products and agricultural products and food preparations (28% and 24%, respectively). The dispatches of transport equipment slightly decreased (3%).

In July the biggest shares of imports were held by machinery and equipment (31% of Estonia’s total imports), mineral products (15%), and agricultural products and food preparations (10%). Compared to July 2010, the arrivals of machinery and equipment were also influenced the most by the growth of imports, increasing by nearly twice (83%). The growth of imports was also influenced by the increase in the arrivals of mineral products and transport equipment (28% and 49% respectively).

The first place among the destination countries of exports was held by Sweden (18% of Estonia’s total exports), followed by Finland (14%) and Russia (12%). Electrical equipment and wood and articles of wood were mainly exported to Sweden and Finland, mechanical and electrical equipment to Russia. Compared to July of the previous year, exports increased the most to Sweden and USA (by 72 and 31 million euros, respectively).

The largest amounts of goods were imported from Sweden and Finland (both 13% of Estonia’s total imports), followed by Germany (11%). From all those countries, mainly electrical equipment was imported. Compared to July of the previous year, the arrivals of goods from Sweden and Lithuania increased the most (by 54 and 31 million euros, respectively).

Compared to June, exports of goods in July decreased by 2%, but imports slightly increased (1%). Compared to the previous month, in July exports decreased already for the second month in succession. The economic sentiment indicator of the Estonian Institute of Economic Research which reflects enterprisers and consumers confidence is also showing a continuous falling trend in the last months. According to Eurostat, the same indicator is declining also in Estonia’s main partner countries – Finland and Sweden.

Estonia’s trade by months, 2008–2011

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

Estonia’s trade, January–July, 2010–2011
Month Exports, million euros Imports, million euros Balance, million euros
2010 2011 change, %   2010 2011 change, % 2010 2011
January 519.5 818.8 58 543.3 895.5 65 -23.8 -76.7
February 628.7 838.2 33 608.3 886.5 46 20.4 -48.3
March 628.6 1 080.3 72 802.3 1 166.0 45 -173.7 -85.7
April 680.7 1 100.9 62 697.9 1 163.0 67 -17.2 -62.1
May 730.0 1 119.6 53 791.8 1 142.5 44 -61.8 -22.9
June 663.4 951.0 43 756.7 1 003.7 33 -93.3 -52.7
July 698.3 932.8 34 733.1 1 013.6 38 -34.8 -80.8

Main foreign trade partners of Estonia, July 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 932.8 100 34 TOTAL 1 013.6 100 38
EU 27 620.2 66 37 EU 27 845.4 83 42
EA 17 269.7 29 33 EA 17 363.3 36 27
CIS 137.6 15 24 CIS 68.4 7 -9
1. Sweden 164.5 18 78 1. Sweden 131.2 13 69
2. Finland 133.6 14 17 2. Finland 129.9 13 15
3. Russia 115.8 12 31 3. Germany 113.7 11 35
4. Latvia 74.4 8 3 4. Latvia 100.5 10 28
5. USA 52.1 6 141 5. Lithuania 85.9 8 57
6. Lithuania 44.1 5 33 6. Poland 82.9 8 47
7. Germany 41.9 4 14 7. Russia 46.8 5 1
8. Netherlands 26.4 3 149 8. China 39.6 4 91
9. Norway 24.1 3 1 9. United Kingdom 33.6 3 155
10. Italy 21.7 2 214 10. Netherlands 31.1 3 50

Exports and imports by commodity sections, July 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 932.8 100 34 1 013.6 100 38 -80.8
Agricultural products and food preparations (I–IV) 78.0 8 24 100.6 10 20 -22.6
Mineral products (V) 136.0 15 28 156.6 15 28 -20.6
Raw materials and products of chemical industry (VI) 40.8 4 10 77.4 8 34 -36.6
Articles of plastics and rubber (VII) 28.3 3 24 51.6 5 11 -23.3
Wood and products thereof (IX) 70.4 8 20 24.1 2 13 46.3
Paper and articles thereof (X) 23.2 2 -5 17.4 2 0 5.8
Textiles and products thereof (XI) 26.5 3 7 39.0 4 9 -12.5
Metals and products thereof (XV) 86.3 9 20 92.0 9 35 -5.7
Machinery and equipment (XVI) 294.7 32 91 311.7 31 83 -17.0
Transport equipment (XVII) 41.6 4 -3 76.0 7 49 -34.4
Miscellaneous manufactured articles (XX) 51.7 6 -2 15.8 2 1 35.9
Other 55.3 6 41 51.4 5 22 3.7

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.