Estonia, Foreign trade , Good for Business
International Internet Magazine. Baltic States news & analytics
Saturday, 20.04.2024, 02:05
Estonia trade increased in May
In May
2018, exports from Estonia amounted to 1.2 bln euros and imports to Estonia to
1.4 bln euros at current prices. The trade deficit was 215 mln euros (in
May 2017, it was 153 mln euros).
In May, the
top destination countries of Estonia’s exports were Finland (16% of Estonia’s
total exports), Sweden (11%) and Latvia (10%). Electrical equipment and base
metals and articles of base metal were the main commodities exported to
Finland; electrical equipment and wood and articles of wood were the main
commodities exported to Sweden; mineral products (fuel additives, electricity)
and transport equipment (motor cars) were the main commodities exported to
Latvia. The biggest increase occurred in exports to the USA (up by 38
mln euros), Latvia (up by 26 mln euros) and Finland (up by 18 mln euros). In
exports to the USA, the exports of electrical equipment increased. There was
also an increase in the exports of mineral products and transport equipment to
Latvia and electrical equipment and wood and articles of wood to Finland. The
biggest decrease occurred in exports to Sweden (down by 19 mln euros).
In May, the
biggest share in the exports of goods was held by electrical equipment (16% of
the total exports of goods), followed by mineral products (14%) and wood and
articles of wood (12%). The greatest increase was in the exports of mineral
products (up by 49 mln euros) and wood and articles of wood (up by 14 mln
euros).
The share
of goods of Estonian origin in total exports was 71% in May 2018. The exports
of goods of Estonian origin increased by 7% and re-exports by 9%. Increased
exports in the commodity sections of mineral products (shale oil, fuel
additives) and wood and articles of wood (sawn timber, wooden doors,
glue-laminated boards) contributed to the increase in the exports of goods of
Estonian origin.
Month | Exports, million euros | Imports, million euros | Balance, million euros | |||||
---|---|---|---|---|---|---|---|---|
2017 | 2018 | change, % | 2017 | 2018 | change, % | 2017 | 2018 | |
I quarter | 5 265 | 5 717 | 9 | 6 254 | 6 644 | 6 | -990 | -928 |
January | 940 | 1 028 | 9 | 1 350 | 1 252 | -7 | -410 | -223 |
February | 972 | 1 119 | 15 | 1 072 | 1 205 | 12 | -100 | -86 |
March | 1 179 | 1 142 | -3 | 1 321 | 1 370 | 4 | -142 | -228 |
April | 1 027 | 1 193 | 16 | 1 212 | 1 370 | 13 | -185 | -176 |
May | 1 148 | 1 234 | 7 | 1 300 | 1 449 | 11 | -153 | -215 |
The main
countries of consignment in May were Finland (13% share of Estonia’s total
imports), Sweden (12%) and Germany (10%). The main commodities imported were:
mineral products and electrical equipment from Finland, transport equipment and
mechanical appliances from Germany, and electrical equipment and transport
equipment from Sweden. The biggest increase occurred in imports from Sweden (up
by 70 mln euros), Belarus (up by 46 mln euros, i.e. approximately 11
times) and Russia (up by 24 mln euros). Electrical equipment and transport
equipment were imported more from Sweden, mineral products (motor spirit, fuel
additives) from Belarus and Russia. Imports decreased the most from China and
Spain (both down by 13 mln euros). Less electrical equipment and mechanical
appliances were imported from China and less mineral products from Spain.
Country of destination, group of countries | Exports, million euros | Share, % | Change on same month of previous year, % | Country of consignment, group of countries | Imports, million euros | Share, % | Change on same month of previous year, % |
---|---|---|---|---|---|---|---|
TOTAL | 1 234 | 100 | 7 | TOTAL | 1 449 | 100 | 11 |
EU-28 | 861 | 70 | 6 | EU-28 | 1 152 | 80 | 10 |
Euro area 19 | 613 | 50 | 14 | Euro area 19 | 795 | 55 | 6 |
Non-EU | 373 | 30 | 10 | Non-EU | 297 | 20 | 17 |
1. Finland | 201 | 16 | 10 | 1. Finland | 187 | 13 | 14 |
2. Sweden | 142 | 11 | -12 | 2. Sweden | 179 | 12 | 64 |
3. Latvia | 128 | 10 | 26 | 3. Germany | 148 | 10 | 6 |
4. Russia | 90 | 7 | 13 | 4. Lithuania | 138 | 10 | 15 |
5. Lithuania | 73 | 6 | 9 | 5. Latvia | 116 | 8 | 11 |
6. USA | 71 | 6 | 113 | 6. Russia | 113 | 8 | 26 |
7. Germany | 71 | 6 | -2 | 7. Poland | 86 | 6 | 1 |
8. Norway | 40 | 3 | -6 | 8. Netherlands | 76 | 5 | 2 |
9. Belgium | 36 | 3 | 81 | 9. Belarus | 50 | 3 | - |
10. Netherlands | 36 | 3 | 21 | 10. China | 46 | 3 | -22 |