International Internet Magazine. Baltic States news & analytics
Wednesday, 23.07.2014, 00:42
Estonia’s foreign trade volumes reached record levels in 2011
The absolute volumes reached record levels. Total trade turnover amounted to 24.6 billion euros, stated the Ministry of Economic Affairs and Communications.
According to the ministry, the global economy continued growing at a relatively fast pace in the first half of 2011, largely supported by the invigoration of international trade and enhanced domestic demand at developing economies.
Exports accounted for 12 billion euros out of the total turnover and imports accounted for 12.6 billion euros. The proportions between exports and imports did not change in a year.
2011 was a successful years for Estonian exporters; the increase in external demand and in the competitiveness of Estonian enterprises during the crisis contributed to exports growth. Exports mostly grew due to exports of machinery and equipment, mineral products, metals and metal products and chemical products.
66% of Estonia’s exports reached the European Union single market in 2011, the major markets for exports were Sweden, Finland and Russia. Major countries of consignment for imports to Estonia in 2011 were Finland, Latvia and Sweden.