Analytics, Estonia, Foreign trade , Transport

International Internet Magazine. Baltic States news & analytics Saturday, 02.08.2014, 11:36

Foreign trade deficit of Estonia was 4 billion kroons in July 2008

Riina Kerner, Statistics Estonia, 25.09.2008.Print version
According to Statistics Estonia, in July 2008 the value of exports of goods at current prices amounted to 11.1 billion kroons which was 12% more than in July of the year 2007. The July indicator of the growth rate of exports was one of the largest this year, remaining only behind the 18% growth rate of exports reported in April.

Compared to July of the previous year, the nominal exports of goods increased 1.2 billion kroons and this was mainly due to the increase in the exports of fertilizers and electrical equipment.

 

The value of goods imported to Estonia in July was 15.1 billion kroons, it was 9% more than in July of the previous year. Increase in the imports of fuels by 1.1 billion kroons was the factor which gave rise to a significant increase in imports.

 

The foreign trade deficit was 4 billion kroons or nearly the same as in July of the previous year. At the same time, as the growth rate of exports has exceeded the growth rate of imports in every month of this year, the trend has brought along improvement in the foreign trade deficit.


Estonian foreign trade, January–July, 2007–2008

Month

Exports, million kroons

Imports, million kroons

Balance, million kroons

2007

2008

change,%

2007

2008

change,%

2007

2008

January

9 693

10 111

4

13 861

13 596

-2

-4 168

-3 485

February

9 754

10 525

8

13 207

13 629

3

-3 453

-3 104

March

10 439

10 736

3

15 407

14 133

-8

-4 968

-3 397

April

10 387

12 281

18

15 580

15 864

2

-5 193

-3 583

May

11 692

11 571

-1

16 040

14 423

-10

-4 348

-2 852

June

10 743

10 753

0

14 943

14 285

-4

-4 200

-3 532

July

9 883

11 091

12

13 950

15 138

9

-4 067

-4 047

 

In July the share of the EU countries was 69% and the share of the CIS countries accounted for 16% of the total exports (in July of the previous year 68% and 11%, respectively). Compared to July of the previous year, exports of goods to the EU countries increased by 0.9 billion kroons (13%), and exports to the CIS countries by 0.6 billion kroons (59%). The main countries of destination were Finland, Russia and Sweden. The biggest increase – by 0.6 billion kroons – was announced in the exports of goods to Russia. Exports to Finland and to the United States of America increased, too.

 

In total imports of goods, the share of the EU countries was 81% and that of the CIS countries 11% (in July of the previous year 78% and 12%, respectively). Imports from the EU countries increased by 1.4 billion kroons or 13% compared to July of the previous year. At the same time, imports from the CIS countries decreased a little. Main countries of consignment were Finland, Germany and Lithuania. Imports of goods from Russia decreased significantly – by half a billion kroons. But imports of goods from Lithuania increased by 0.7 billion kroons. Besides, a twofold increase in the imports from Belorussia (from 0.3 billion kroons to 0.6 billion kroons) was also of great importance.

 

In both exports and imports, the most important commodity section in July was machinery and equipment which accounted for one fifth of both flows. Exports of chemical products increased nearly twofold – from half a billion kroons to one billion kroons. Exports of machinery and equipment and metals and products thereof grew by one third (by 0.6 and 0.3 billion kroons, respectively). Exports of mineral fuels decreased by 0.3 billion kroons, this denotes a decrease in re-exports.

 

In the imports of goods, an essential growth was observed in the commodity section of fuels (by 1.1 billion kroons). At the same time, the imports of transport equipment decreased 0.4 billion kroons.


Main foreign trade partners of Estonia, July 2008

Country of destination,
group of countries

Exports,
million kroons

Share,
%

Change compared to
same month of
previous year,%

Country of consignment,
group of countries

Imports,
million kroons

Share,
%

Change compared to
same month of
previous year,%

TOTAL

11 091

100

12

TOTAL

15 138

100

9

EU27

7 607

69

13

EU27

12 303

81

13

CIS

1 727

16

59

CIS

1 638

11

-2

1. Finland

1 946

18

17

1. Finland

2 102

14

2

2. Russia

1 360

12

72

2. Germany

2 086

14

11

3. Sweden

1 282

12

17

3. Lithuania

1 721

11

63

4. Latvia

1 176

11

-7

4. Latvia

1 359

9

33

5. United States

704

6

67

5. Sweden

1 317

9

3

6. Lithuania

643

6

4

6. Poland

782

5

28

7. Germany

531

5

15

7. Russia

773

5

-39

8. Denmark

402

4

91

8. Belarus

590

4

127

9. United Kingdom

292

3

11

9. Netherlands

503

3

5

10. Norway

270

2

-17

10. United Kingdom

435

3

-7


Exports and imports of goods by commodity sections, July 2008

Commodity section by Combined Nomenclature (CN)

Exports

Imports

Balance,
million
kroons

million
kroons

share,
%

change compared to
same month of
previous year,%

million
kroons

share,
%

change compared to
same month of
previous year,%

TOTAL

11 091

100

12

15 138

100

9

-4 047

Agricultural products and food preparations (I-IV)

998

9

22

1 522

10

14

-526

Mineral products (V)

1 174

11

-20

2 883

19

61

-1 709

Raw materials and products of chemical industry (VI)

987

9

116

1 152

8

31

-165

Articles of plastics and rubber (VII)

338

3

8

782

5

6

-443

Wood and products thereof (IX)

838

8

-14

354

2

-33

484

Paper and articles thereof (X)

340

3

3

296

2

3

44

Textiles and products thereof (XI)

381

3

4

688

5

11

-307

Metals and products thereof (XV)

1 351

12

30

1 813

12

17

-462

Machinery and equipment (XVI)

2 544

23

32

2 992

20

-3

-448

Transport equipment (XVII)

863

8

-8

1 563

10

-21

-700

Miscellaneous manufactured articles (XX)

616

5

-17

320

2

-5

296

Other

661

6

33

773

5

-5

-111






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