Analytics, Baltic Export, Estonia, Foreign trade , Good for Business

In November 2010 compared to November 2009, exports of goods grew by 48% and imports by 38% at current prices. Trade deficit decreased due to the bigger growth of exports compared to that of imports. Trade deficit was registered as 40 million euros. Estonia’s trade deficit with euro area countries amounted to 96 million euros.

The first place among Estonia’s export destination countries was held by Sweden (20% of Estonia’s total exports), followed by Finland (17%) and Russia (10%). Compared to November 2009, exports to Sweden increased more than twofold or by 97 million euros. Exports also increased significantly to Finland (31%) and Russia (47%). Electrical equipment and wood and products thereof were mainly exported to Sweden, electrical equipment and furniture to Finland, and mechanical equipment and beverages and alcohol to Russia.

The main countries from where goods were imported to Estonia in November were Finland (15% of Estonia’s total imports), Sweden and Germany (11% from each). Compared to November 2009, arrivals from Sweden increased the most (by 44 million euros). Arrivals from Russia and Finland also increased significantly. Electrical equipment and oil products were mainly imported from Finland, electrical and mechanical equipment from Germany, and electrical equipment and vehicles and parts thereof from Sweden.

In November, the biggest share in Estonia’s exports was held by the commodities of machinery and equipment (28% of Estonia’s total exports), mineral products (13%), and agricultural products and food preparations (10%). Exports of machinery and equipment increased more than twofold compared to November 2009. Exports of metals and products thereof and wood and products thereof also increased significantly (68% and 44%, respectively).

In November the biggest share in Estonia’s imports was also held by machinery and equipment (27% of Estonia’s total imports), mineral products (15%) and agricultural products and food preparations (10%). Arrivals of machinery and equipment increased by nearly twofold compared to November 2009. Imports of metals and products thereof also increased significantly (52%).

Estonia’s exports increased by 32% and imports 26% during the period of January–November compared to the same period in 2009.

Regarding the Baltic countries, in November last year exports grew by 29% in Latvia and 48% in Lithuania. Imports grew by 38% in Latvia and 50% in Lithuania.

Estonia’s foreign trade, January–November, 2009–2010

Main foreign trade partners of Estonia, November 2010

Exports and imports by commodity sections, November 2010