In October Estonia’s trade with Russia increased significantly

news release no 158

According to Statistics Estonia, in October 2011 compared to the same month of the previous year, exports of goods grew by 23% and imports by 26% at current prices. The trade with Russia influenced the increase of exports as well as imports the most.

In October, exports of goods from Estonia amounted to 1.04 billion euros and imports to Estonia to 1.07 billion euros. In October the annual growth of exports and imports slowed down, one of the reason for which is the gradually improving comparison basis. Faster growth of imports compared to exports increased also the trade deficit. While the trade deficit in October 2010 was 9 million euros, then in October this year it was 35 million euros.

The first place among the destination countries of exports was held by Finland (15% of Estonia’s total exports), followed by Russia (14%) and Sweden (13%). Compared to October of the previous year, exports increased the most to Russia (by 53 million euros or 1.6 times) and decreased by 16% to Sweden. Electrical equipment, wood and articles of wood and furniture were mainly exported to Sweden and Finland, and mechanical equipment and beverages and spirits to Russia.

The largest amounts of goods were imported from Finland (14% of Estonia’s total imports), followed by Latvia and Germany (from both 10%). Imports from Russia also influenced Estonia’s total imports the most. Compared to October of the previous year, the arrivals of goods from Russia increased by more than two times or by 50 million euros. Electrical equipment was mostly imported from Finland, mechanical equipment from Germany and fuels from Latvia and Russia.

The trade surplus was mentioned in Estonia’s trade with the three biggest export destination countries (Finland, Russia and Sweden) or exports to those countries exceeded imports. The biggest trade surplus was registered in trade with Russia (48 million euros).

In October, the biggest shares in exports were held by machinery and equipment (24% of Estonia’s total exports), mineral products, incl. motor spirits, fuel oils and electricity (15%), and agricultural products and food preparations (11%). The growth of Estonia’s total exports was mostly influenced by the dispatches of mineral products, which grew by 49% compared to October 2010. The growth in exports was also positively influenced by the increase in the dispatches of machinery and equipment (the growth rate 18%). At the same time, dispatches of transport equipment decreased by 21%.

In October the biggest shares of imports were held by machinery and equipment (26% of Estonia’s total imports), mineral products (17%), and agricultural products and food preparations (11%). Similarly to exports, the growth of total imports was also mostly influenced by the arrivals of mineral products, which increased by nearly two times compared to October 2010. The arrivals of machinery and equipment increased by 16%.

In October compared to September, exports of goods decreased by 5% and imports by 2%. The economic sentiment indicator of the Estonian Institute of Economic Research which reflects enterprisers and consumers confidence showed also a small decline in October compared to September (2.9 points). The same indicator slightly improved in November.

Estonia’s trade by months, 2008–2011

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

Estonia’s trade, January–October, 2010–2011
Month Exports, million euros Imports, million euros Balance, million euros
2010 2011 change, %   2010 2011 change, % 2010 2011
January 520.0 818.5 57 544.9 897.0 65 -24.9 -78.5
February 628.4 837.0 33 609.8 888.0 46 18.6 -51.0
March 627.6 1 080.6 72 804.0 1 168.5 45 -176.4 -87.9
April 679.8 1 100.6 62 699.2 1 162.1 66 -19.4 -61.5
May 729.8 1 125.1 54 793.9 1 144.7 44 -64.1 -19.6
June 662.6 957.0 44 756.7 1 001.4 32 -94.1 -44.4
July 695.4 935.9 35 732.9 1 004.9 37 -37.5 -69.0
August 712.7 1 033.5 45 767.1 1 088.3 42 -54.4 -54.8
September 844.8 1 096.7 30 851.2 1 098.5 29 -6.4 -1.8
October 845.8 1 038.4 23 855.0 1 073.1 26 -9.2 -34.7

Main foreign trade partners of Estonia, October 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 1 038.4 100 23 Total 1 073.1 100 26
EU27 667.6 64 10 EU27 863.2 80 22
EA17 317.8 31 24 EA17 388.8 36 15
CIS 166.5 16 45 CIS 115.9 11 83
1. Finland 155.8 15 11 1. Finland 151.3 14 22
2. Russia 140.5 14 61 2. Latvia 110.9 10 25
3. Sweden 131.9 13 -16 3. Germany 104.2 10 -4
4. Latvia 91.6 9 23 4. Sweden 100.3 9 -3
5. USA 54.9 5 138 5. Lithuania 94.8 9 54
6. Germany 53.8 5 12 6. Russia 92.2 9 119
7. Netherlands 47.6 5 106 7. Poland 67.8 6 11
8. Lithuania 47.2 5 6 8. United Kingdom 49.4 5 152
9. Norway 38.1 4 12 9. Netherlands 36.2 3 15
10. Denmark 28.5 3 56 10. China 25.1 2 -11

Exports and imports by commodity sections, October 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 1 038.4 100 23 1 073.1 100 26 -34.7
Agricultural products and food preparations (I–IV) 111.6 11 21 114.8 11 23 -3.2
Mineral products (V) 150.6 15 49 183.7 17 87 -33.1
Raw materials and products of chemical industry (VI) 65.6 6 73 84.1 8 30 -18.5
Articles of plastics and rubber (VII) 32.7 3 8 56.4 5 6 -23.7
Wood and products thereof (IX) 80.2 8 6 22.5 2 1 57.7
Paper and articles thereof (X) 28.9 3 12 20.9 2 0 8.0
Textiles and products thereof (XI) 26.7 2 -6 47.0 4 13 -20.3
Metals and products thereof (XV) 96.3 9 45 90.8 9 6 5.5
Machinery and equipment (XVI) 252.8 24 18 280.2 26 16 -27.4
Transport equipment (XVII) 48.9 5 -21 83.7 8 38 -34.8
Miscellaneous manufactured articles (XX) 71.2 7 7 25.6 2 25 45.6
Other 72.9 7 56 63.4 6 21 9.5

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.