Analytics, Baltic Export, Baltic States – CIS, Estonia, EU – Baltic States, Foreign trade

In February, exports from Estonia amounted to 0.9 billion euros and imports to Estonia to 1 billion euros at current prices. The trade deficit was 141 million euros and it increased by 17 million euros compared to February 2014.

The biggest share in Estonia’s exports in February was held by electrical equipment (22% of Estonia’s total exports), followed by wood and products thereof (11%) and agricultural products and food preparations (10%). The decrease in exports compared to February 2014 was due to a significant decrease in the exports of mineral products (down by 34 million euros) and mechanical appliances (down by 11 million euros). The biggest increase occurred in the exports of wood and products thereof (up by 11 million euros) and electrical equipment (up by 6 million euros).

In February, the main commodities imported were electrical equipment (21% of Estonia’s total imports), agricultural products and food preparations (10%) and mineral products (10%). The drop in imports was influenced the most by a decrease in the imports of mineral products (down by 43 million euros) and mechanical appliances (down by 11 million euros). At the same time, the imports of electrical equipment increased (up by 44 million euros).

The top destination country of Estonia’s exports in February was Sweden (19% of Estonia’s total exports), followed by Finland (15%) and Latvia (10%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and metals and products thereof were the main commodities exported to Finland; mineral products (incl. electricity) and agricultural products and food preparations were the main commodities exported to Latvia. The biggest decrease occurred in exports to Russia (down by 46 million euros), to Latvia (down by 15 million euros) and to Norway (down by 14 million euros). Exports to Russia were affected by a decrease in the exports of mechanical appliances (incl. bulldozers, excavators) and agricultural products and food preparations (incl. spirits, milk and dairy products, fish).

Exports to Latvia fell mainly due to a decrease in the exports of mineral products (incl. motor spirits, electricity) and transport equipment (incl. motor cars). Exports to Norway decreased due to reduced exports of mineral products (incl. aromatic hydrocarbon mixtures) and miscellaneous manufactured articles (incl. prefabricated buildings). At the same time, there was a significant increase in exports to the Netherlands (up by 17 million euros) and Iran (up by 11 million euros). In the case of the Netherlands, the exports of mineral products (incl. oil shale) increased. In the case of Iran, there was a rise in the exports of agricultural products and food preparations (incl. barley).

The main countries of consignment in February were Finland (13% of Estonia’s total imports), Germany (10%) and Latvia (9%). The main commodities imported were electrical equipment and mineral products (incl. motor spirits, electricity) from Finland; mechanical appliances and transport equipment from Germany; and electrical equipment and agricultural products and food preparations from Latvia. The biggest decrease occurred in imports from Germany (down by 29 million euros) and Finland (down by 26 million euros). There were decreased imports of mineral products (incl. heavy oils) and mechanical appliances from Germany, and decreased imports of mineral products (incl. motor spirits and electricity) and transport equipment from Finland. At the same time, there was an increase in imports from China (up by 15 million euros) and Hungary (up by 13 million euros). The increased imports from China were mainly due to the growing imports of electrical equipment and textiles and products thereof, while the imports from Hungary grew mainly due to the increased imports of electrical equipment.

In February compared to January 2015, exports decreased by 6% and imports increased by 4%.

Estonia’s foreign trade, January–February, 2014–2015

Main foreign trade partners of Estonia, February 2015

Exports and imports by commodity sections, February 2015

The statistics are based on the questionnaires “Intrastat” and “Exports” (sale of fish and crustaceans in foreign waters and ports)”, the due dates of which were, respectively, 14 March 2015 and 15 March 2015, and on the customs declaration data of the Estonian Tax and Customs Board, which were sent to Statistics Estonia on 20 March 2015. Statistics Estonia published the monthly summary of foreign trade in 13 working days.