Analytics, Baltic Export, Estonia, Foreign trade

In March, exports from Estonia amounted to 1.01 billion euros and imports to Estonia to 1.12 billion euros at current prices. The trade deficit was 116 million euros and it slightly decreased compared to March 2012.

The top destination countries of Estonia’s exports were Sweden (17% of Estonia’s total exports), followed by Finland (15%) and Latvia (11%). Compared to March 2012, the decrease in total exports was mostly influenced by the decrease in the dispatches to Sweden and Russia (down by 7% and 9%, respectively). Exports to Latvia and Belgium increased significantly (by 31% and 101%, respectively). Electrical equipment and wood and products thereof were the main commodities exported to Sweden and Finland, fuels and vehicles and parts thereof to Latvia.

The main countries of consignment were Finland (14% of Estonia’s total imports), Sweden, Latvia and Germany (9% from each). Compared to March of the previous year, arrivals of goods from China and Sweden increased the most (by 46% and 12%, respectively). At the same time, arrivals of goods from Russia and Finland decreased (by 27% and 9%, respectively). Fuels were the main commodities imported from Finland and Latvia, electrical equipment from Sweden and mechanical equipment from Germany.

Estonia’s foreign trade, January–March, 2012–2013

In Estonia’s exports in March, the biggest share was held by machinery and equipment (28% of Estonia’s total exports), followed by mineral products (incl. petrol, shale oils and electricity) (11%), wood and products thereof and agricultural products and food preparations (both 9%). The decrease in exports compared to March 2012 was mainly influenced by the decrease in the dispatches of mineral fuels (down by 38%). At the same time the increase was mentioned in the dispatches of the raw materials and products of chemical industry and wood and products thereof (the growth rate 31% and 12%, respectively).

In March the biggest share of Estonia’s imports was held by machinery and equipment (28% of Estonia’s total imports), followed by mineral products (14%) and agricultural products and food preparations (10%). The decrease in total imports was mostly influenced by the decline in the arrivals of mineral products and transport equipment (down by 34% and 14%, respectively). The arrivals of raw materials and products of chemical industry increased (9%).

Compared to February 2013, both exports and imports increased by 5%. The number of working days was equal in both months.

In the 1st quarter of 2013, exports increased by 3% and imports by 2% compared to the same period of 2012. The slight increase in exports was mainly influenced by the increase in the dispatches of ships and boats (growth rate 157%). The increase in imports was also influenced by the increase of imports of ships and boats, but also by the increase of the arrivals of electrical equipment.

According to Estonian Institute of Economic Research, the economic sentiment indicator, which reflects Estonia’s entrepreneurs’ and consumers’ confidence, has shown a decrease in March and April. Among neighbouring countries, the index was in the rising trend only in Lithuania.

Main foreign trade partners of Estonia, March 2013

Exports and imports by commodity sections, March 2013