In August the growth rate of exports and imports accelerated

news release no 125

According to Statistics Estonia, in August 2011, exports from Estonia amounted to 1.0 billion euros and imports to Estonia to 1.1 billion euros at current prices. If in July the annual growth of exports and imports was by 34% and 38%, respectively, then in August exports grew by 45% and imports by 42%.

The foreign trade deficit was 56 million euros (54 million euros in August 2010). The trade surplus was mentioned in Estonia’s trade with the three biggest export destination countries (Sweden, Finland and Russia) or exports to those countries exceeded imports. The biggest trade surplus was registered in trade with Russia (83 million euros).

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 (14%). Electrical equipment and wood and articles of wood were mainly exported to Sweden, electrical equipment and furniture to Finland, mechanical and electrical equipment to Russia. Compared to August of the previous year, exports increased the most to Sweden and Russia (by 68 and 53 million euros, respectively).

The largest amounts of goods were imported from Finland (13% of Estonia’s total imports), followed by Sweden and Latvia (11% both). Electrical equipment was mostly imported from Finland and Sweden, fuels from Latvia. Compared to August of the previous year, the arrivals of goods from Lithuania and Sweden increased the most (by 56 and 30 million euros, respectively).

In August, the biggest shares in exports were held by machinery and equipment (31% of Estonia’s total exports), mineral products (incl. motor spirits, fuel oils and electricity) (12%), and metals and products thereof (9%). The growth in exports was mostly influenced by the dispatches of machinery and equipment that grew by nearly twice (91%) compared to August 2010. The growth in exports was also influenced by the increase in the dispatches of metals and products thereof and mineral products (32% and 29%, respectively).

In August the biggest shares of imports were held by machinery and equipment (28% of Estonia’s total imports), mineral products (16%), and agricultural products and food preparations (10%). Compared to August 2010, the growth of total imports was also influenced the most by the arrivals of machinery and equipment, which increased by 65%. The growth of imports was also influenced by the increase in the arrivals of raw materials and products of chemical industry and the arrivals of mineral products (61% and 28% respectively).

Compared to July, exports of goods in August increased by 11% and imports by 8%. The monthly growth in exports was mainly influenced by the increase in the dispatches of machinery and equipment. The growth in imports was mainly influenced by the increase in the arrivals of raw materials and products of chemical industry.

In August, export prices grew by 10% and import prices by 12% compared to the same month of the previous year.

Estonia’s trade by months, 2008–2011

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

Estonia’s trade, January–August, 2010–2011
Month Exports, million euros Imports, million euros Balance, million euros
2010 2011 change, %   2010 2011 change, % 2010 2011
January 520.0 818.8 57 544.9 896.3 64 -24.9 -77.5
February 628.4 837.6 33 609.8 886.2 45 18.6 -48.6
March 627.6 1 080.1 72 804.0 1 166.8 45 -176.4 -86.7
April 679.8 1 100.9 62 699.2 1 161.7 66 -19.4 -60.8
May 729.8 1 122.1 54 793.9 1 143.4 44 -64.1 -21.3
June 662.6 959.5 45 756.7 1 002.9 33 -94.1 -43.4
July 695.4 934.3 34 732.9 1 010.0 38 -37.5 -75.7
August 712.7 1 033.9 45 767.1 1 089.5 42 -54.4 -55.6

Main foreign trade partners of Estonia, August 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 1 033.9 100 45 TOTAL 1 089.5 100 42
EU27 697.2 67 44 EU27 892.4 82 42
EA17 302.9 29 47 EA17 380.0 35 29
CIS 163.3 16 57 CIS 78.7 7 9
1. Sweden 180.3 17 61 1. Finland 137.0 13 11
2. Finland 163.9 16 30 2. Sweden 118.1 11 35
3. Russia 140.0 14 60 3. Latvia 117.4 11 32
4. Latvia 94.8 9 29 4. Germany 116.6 11 25
5. Lithuania 51.6 5 35 5. Lithuania 115.8 11 94
6. Germany 42.2 4 19 6. Poland 74.6 7 49
7. USA 40.7 4 67 7. Russia 56.6 5 23
8. Norway 33.7 3 13 8. China 48.6 4 110
9. Netherlands 29.9 3 185 9. Netherlands 43.4 4 92
10. Nigeria 27.6 3 - 10. United Kingdom 25.6 2 38

Exports and imports by commodity sections, August 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 1 033.9 100 45 1 089.5 100 42 -55.6
Agricultural products and food preparations (I–IV) 85.2 8 20 105.2 10 18 -20.0
Mineral products (V) 123.2 12 31 169.2 16 28 -46.0
Raw materials and products of chemical industry (VI) 54.9 5 53 97.5 9 61 -42.6
Articles of plastics and rubber (VII) 33.4 3 33 57.5 5 26 -24.1
Wood and products thereof (IX) 72.1 7 11 26.3 2 20 45.8
Paper and articles thereof (X) 27.8 3 24 20.2 2 16 7.6
Textiles and products thereof (XI) 30.9 3 12 51.2 5 40 -20.3
Metals and products thereof (XV) 95.2 9 51 99.4 9 44 -4.2
Machinery and equipment (XVI) 315.5 31 91 309.3 28 65 6.2
Transport equipment (XVII) 50.8 5 6 66.4 6 54 -15.6
Miscellaneous manufactured articles (XX) 67.7 7 22 19.5 2 20 48.2
Other 77.2 7 92 67.8 6 43 9.4

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.