In January exports grew on account of mineral products

In January 2010, exports of goods from Estonia amounted to 8.1 billion kroons and imports to Estonia 8.6 billion kroons. Trade deficit accounted for 0.5 billion kroons in January, which was threefold less than in January of the previous year (1.6 billion kroons).

In exports among commodity sections the biggest share was held by mineral products (25% of Estonia’s total exports), followed by machinery and equipment (17%). Compared to January of the previous year exports of mineral products grew 2.5 times (by 1.2 billion kroons). Exports of wood and products thereof grew by 25%.

In imports among commodity sections the biggest share was also held by mineral products (26% of Estonia’s total imports), followed by machinery and equipment (19%). Compared to January of the previous year imports of machinery and equipment fell by 21% (or 0.4 billion kroons) and imports of transport equipment by 41% (or 0.3 billion kroons).

In Estonia’s exports the main countries of destination were Finland (18% of Estonia’s total exports), Sweden (14%) and Latvia (8%). The increase of exports to France, Nigeria and Costa Rica was mainly caused by the increase of dispatches of mineral products (motor spirits and fuel oils).

The main countries from where goods were imported to Estonia were Finland (16% of Estonia’s total imports), Russia (12%) and Latvia (11%). Compared to January of the previous year imports declined to some extent from Germany and Netherlands, but from the most of the main partner countries imports to Estonia increased.

Compared to December 2009, exports of goods declined by 6% and imports by 16%. In January compared to December, the decrease in foreign trade was caused mainly by the seasonality and is characteristic of the previous years as well.

According to Eurostat, in January 2010 the average increase of exports of the EU countries grew by 3% compared to January 2009.