In September the trade deficit was the smallest of this year

news release no 140

According to Statistics Estonia, in September 2011, exports from Estonia amounted to 1.1 billion euros and imports to Estonia also to 1.1 billion euros at current prices. The trade deficit was 4 million euros, which is the smallest deficit of this year.

In September, exports increased by 30% and imports by 29% compared to the same month of the previous year. This year, the growth of exports and imports has not been as small before on monthly basis. During the nine months (January–September 2011) the turnover of exports of goods from Estonia increased by 47% and of imports to Estonia by 44% compared to the same period of 2010.

The first place among the destination countries of exports was held by Sweden (16% of Estonia’s total exports), followed by Finland (15%) and Russia (13%). Electrical equipment, wood and articles of wood and furniture were mainly exported to Sweden and Finland, and mechanical equipment and organic chemicals to Russia. Compared to September of the previous year, exports increased the most to Russia and to the United States of America (by 58 and 46 million euros, respectively).

The largest amounts of goods were imported from Finland (14% of Estonia’s total imports), followed by Sweden (12%) and Latvia (11%). Electrical equipment was mostly imported from Finland and Sweden, fuels from Latvia. Compared to September of the previous year, the arrivals of goods from Latvia and Lithuania increased the most (by 33 and 29 million euros, respectively).

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 (88 million euros).

In September, the biggest shares in exports were held by machinery and equipment (27% of Estonia’s total exports), mineral products, incl. motor spirits, fuel oils and electricity (14%), and agricultural products and food preparations (10%). The growth of Estonia’s exports was mostly influenced by the dispatches of machinery and equipment, which grew by 43% compared to September 2010. The growth in exports was also influenced by the increase in the dispatches of mineral products, agricultural products and food preparations (growth rate 33% and 49%, respectively).

In September the biggest shares of imports were held by machinery and equipment (29% of Estonia’s total imports), mineral products (14%), and agricultural products and food preparations (9%). Similarly to exports, the growth of total imports was also mostly influenced by the arrivals of machinery and equipment, which increased by 38% compared to September 2010. The growth of imports was also influenced by the increase in the arrivals of mineral products and transport equipment (growth rate 34% and 66%, respectively).

In September compared to August, exports of goods increased by 6% and imports by 1%.

In September, export prices grew by 9% and import prices by 12% compared to the same month of the previous year.

Eesti kaubavahetus kuude kaupa, 2008–2011

Diagram: Eesti kaubavahetus kuude kaupa, 2008–2011

Estonia’s trade, January–September, 2010–2011
Month Exports, million euros Imports, million euros Balance, million euros
2010 2011 change, %   2010 2011 change, % 2010 2011
January 520.0 819.3 58 544.9 897.0 65 -24.9 -77.7
February 628.4 838.3 33 609.8 887.1 45 18.6 -48.8
March 627.6 1 081.0 72 804.0 1 165.7 45 -176.4 -84.7
April 679.8 1 101.4 62 699.2 1 162.1 66 -19.4 -60.7
May 729.8 1 125.1 54 793.9 1 141.1 44 -64.1 -16.0
June 662.6 959.6 45 756.7 1 002.2 32 -94.1 -42.6
July 695.4 935.0 34 732.9 1 005.8 37 -37.5 -70.8
August 712.7 1 034.6 45 767.1 1 087.9 42 -54.4 -53.3
September 844.8 1 094.3 30 851.2 1 098.6 29 -6.4 -4.3
9 months total 6 101.1 8 988.6 47 6 559.7 9 447.5 44 -458.6 -458.9

Main foreign trade partners of Estonia, September 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 1 094.3 100 30 TOTAL 1 098.6 100 29
EU27 722.9 66 22 EU27 918.1 84 29
EA17 311.6 28 26 EA17 392.4 36 15
CIS 159.5 15 59 CIS 77.5 7 22
1. Sweden 178.3 16 22 1. Finland 149.2 14 9
2. Finland 166.2 15 23 2. Sweden 130.5 12 26
3. Russia 138.0 13 71 3. Latvia 120.6 11 37
4. Latvia 86.6 8 3 4. Germany 106.2 10 2
5. USA 54.6 5 - 5. Lithuania 92.6 8 46
6. Lithuania 54.2 5 10 6. Poland 91.3 8 44
7. Germany 53.2 5 21 7. Russia 50.5 5 20
8. Norway 39.2 4 20 8. China 36.5 3 18
9. United Kingdom 36.1 3 133 9. Netherlands 35.3 3 10
10. Netherlands 23.8 2 -3 10. United Kingdom 33.8 3 80

Exports and imports by commodity sections, September 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 1 094.3 100 30 1 098.6 100 29 -4.3
Agricultural products and food preparations (I–IV) 110.1 10 49 103.1 9 12 7.0
Mineral products (V) 151.2 14 33 150.1 14 34 1.1
Raw materials and products of chemical industry (VI) 72.4 7 83 91.6 8 42 -19.2
Articles of plastics and rubber (VII) 32.0 3 16 60.9 6 18 -28.9
Wood and products thereof (IX) 85.2 8 16 26.6 2 17 58.6
Paper and articles thereof (X) 28.6 2 8 21.5 2 4 7.1
Textiles and products thereof (XI) 32.4 3 2 54.6 5 14 -22.2
Metals and products thereof (XV) 88.1 8 0 95.3 9 14 -7.2
Machinery and equipment (XVI) 295.2 27 43 319.4 29 38 -24.2
Transport equipment (XVII) 52.7 5 10 85.8 8 66 -33.1
Miscellaneous manufactured articles (XX) 74.8 7 16 23.6 2 22 51.2
Other 71.6 6 42 66.1 6 23 5.5

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.