Analytics, Estonia, Foreign trade , Statistics

In June 2019, exports from Estonia amounted to 1.2 bn euros and imports to Estonia to 1.3 bn euros at current prices. The trade deficit was 124 mln euros, which was 10 mln euros less than in the same period last year.

In June 2019, the top destination countries of Estonia’s exports were Finland (16% of Estonia’s total exports), Sweden (12%) and Latvia (9%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; miscellaneous manufactured articles (prefabricated wood buildings) and transport equipment (ships) to Sweden; agricultural products and food preparations (milk, beer) and mineral products (fuel additives, electricity) to Latvia. The biggest decrease occurred in exports to Singapore (down by 43 mln euros), followed by Latvia (down by 31 mln euros) and Norway (down by 27 mln euros). In exports to Singapore and Latvia, the biggest decrease occurred in the exports of mineral products; and to Norway, in the exports of miscellaneous manufactured articles (prefabricated wood buildings). The biggest increase occurred in exports to Denmark (up by 26 mln euros).

In June, the biggest share in exports of goods was held by electrical equipment (16% of Estonia’s total exports), followed by mineral products (12%), and wood and articles of wood (10%). The biggest impact on export decrease came from mineral products (down by 59 mln euros), and wood and articles of wood (down by 20 mln euros). At the same time, exports of transport equipment increased.

The share of goods of Estonian origin in total exports was 72% in June. The exports of goods of Estonian origin decreased by 10% while re-exports stayed at the same level, year-on-year. In the exports of goods of Estonian origin, the biggest decrease was in the exports of mineral products (gas oils, shale oil) and wood and articles of wood (pulpwood, sawn timber).

In June, the main countries of consignment were Finland (13% of Estonia’s total imports), Sweden (11%), Lithuania and Germany (both 10%). The main commodities imported were: mineral products and electrical equipment from Finland; transport equipment and electrical equipment from Sweden; mineral products and agricultural products and food preparations from Lithuania; and transport equipment and mechanical appliances from Germany. Imports decreased the most from Belarus (down by 42 mln euros), the United Kingdom (down by 17 mln euros) and the Netherlands (down by 16 mln euros). From Belarus and the United Kingdom, the imports of mineral products, and from the Netherlands, the imports of electrical equipment decreased the most. Imports increased the most from Sweden (up by 27 mln euros) due to an increase in the imports of electrical equipment.

The main commodities imported to Estonia were transport equipment and mineral products (both 13% of Estonia’s total imports) and electrical equipment (12%). The biggest decrease was in the imports of mineral products (down by 80 mln euros) and electrical equipment (down by 22 mln euros). At the same time, the biggest increase was in the imports of transport equipment (up by 23 mln euros).

In the 2nd quarter of 2019, exports of goods from Estonia amounted to 3.8 bn euros and imports to Estonia to 4.1 bn euros. The trade deficit in the 2nd quarter was 382 mln euros (in the 2nd quarter of 2018, it was 447 mln euros).

In the 2nd quarter of 2019, the growth in exports compared to the same period of the previous year was 1% and imports stayed at the same level. The growth in exports was slowed down the most by decreased exports of mineral products (down by 47 mln euros). In the 2nd quarter, the biggest increase in exports occurred in transport equipment (up by 39 mln euros), agricultural products and food preparations (up by 25 mln euros). In the comparison of countries, exports have increased the most to the Netherlands (up by 67 mln euros), the USA (up by 58 mln euros) and Spain (up by 56 mln euros). At the same time, exports have decreased the most to Latvia (down by 47 mln euros) and Singapore (down by 42 mln euros).

In the 2nd quarter of 2019 compared to the 2nd quarter of 2018, imports was significantly affected by a decrease in mineral products (down by 151 mln euros), and such a large decline could not be compensated by increased imports of transport equipment (up by 44 mln euros), agricultural products and food preparations (up by 32 mln euros), and raw materials and products of chemical industry (up by 25 mln euros). Imports grew the most from Sweden (up by 84 mln euros) and Russia (up by 37 mln euros) and decreased the most from Belarus (down by 111 mln euros) and the Netherlands (down by 52 mln euros).