Analytics, Baltic Export, Baltic States – CIS, Estonia, Financial Services, Markets and Companies

In 2014, our export volumes in the Russian direction formed a tenth. Of that, in turn, a large share was formed by imports of goods brought to Estonia to be sold to Russia.

"Goods produced in Estonia form just 23% of the exports headed to Russia," said Swedbank Head of Corporate Banking Tauno Vanaselg.

Thus, the problems of Russia as an export destination country concern a very small number of companies, and most of them have a good awareness of risk. Vanaselg noted that our industry exports have been well dispersed – both by regions and main partners and in the perspective of companies' target markets, the share of the Russian market is marginal. Entrepreneurs have for a while now not focused their activities only on the direction of Russia.

"The Russian crisis affects the agricultural sector most, where sales prices continue to be under pressure due to the sanctions. Although we believe that as the result of new sales markets and adjusting the supply, the milk price will recover somewhat in the medium term, the liquidity difficulties of the companies of the sector can persist that long," he assessed.

In the East-oriented transit and transport sectors, there have been no major setbacks, developments, however, are unpredictable and difficult to forecast, and transport sector entrepreneurs are wary.

"Generally speaking, the business analysis showed that the direct effects of the Russian crisis can be assessed as modest at the moment," he said. At the same time, Russia is an important market for countries where the export partners of Estonian industrial companies operate.