In February the foreign trade deficit decreased

According to Statistics Estonia, in February 2008 compared to February a year ago the exports of goods increased and the imports remained on the same level. The trade deficit was the smallest during the previous two years.

In February 2008 the exports in current prices was 10.4 billion kroons and the imports was 13.2 billion kroons. Compared to February of the previous year, the value of exports rose 7% and imports remained on the same level. The trade deficit was 2.8 billion kroons. The trade deficit was smaller last in February 2006 — 2.6 billions kroons. Compared to February 2007, the trade deficit decreased by about 0.7 billion kroons.

In February 2008 the share of the EU countries was 73% and the share of CIS countries accounted for 12% of the total exports. The most important partners in exports were Finland, Sweden and Latvia. Exports of goods increased to all main countries of destination.

In total imports the share of the EU countries was 80% and that of CIS countries 12%. The most important partners in imports were Finland, Germany and Sweden. Imports from the EU countries increased nearly 0.6 billion kroons compared to February 2007. The biggest decrease was announced in the imports from Russia (0.9 billion kroons)

The foreign trade deficit with the EU countries decreased 0.5 billion kroons compared to February of the previous year. The foreign trade deficit with CIS countries decreased 0.9 billion kroons.

In both exports and imports the most important commodity section was machinery and equipment (the share 23% of exports and 21% of imports). Compared to February 2007, the nominal increase in exports was biggest in exports of raw materials and the products of chemical industry (31%), of agricultural products and food preparations (25%) and of machinery and equipment. The exports of mineral products decreased significantly — 0.7 billion kroons or 44%. The imports increased in the sections of raw materials and products of chemical industry and of machinery and equipment. The biggest decline in imports was in the section of mineral products and of wood and products thereof.

The surplus in the trade balance was mentioned as positive (active trade balance) in all commodity sections related to wood — wood and products thereof, miscellaneous manufactured articles (including furniture) and paper and articles thereof. The biggest foreign trade deficit was mentioned in the section of transport equipment, of raw materials and products of chemical industry and of mineral products.

Estonia’s foreign trade, January–February, 2007–2008 (million kroons)

Month Exports Imports Balance
2007 2008 Change % 2007 2008 Change % 2007 2008
January 9 693 10 032 3.5 13 861 13 333 -3.8 -4 168 -3 301
February 9 754 10 425 6.9 13 207 13 181 -0.2 -3 453 -2 756

Main foreign trade partners of Estonia, February 2008

Country of
destination,
group of countries
Exports,
mln kroons
Share, % Country of
consignment,
group of countries
Imports,
mln kroons
Share, %
TOTAL 10 425 100 TOTAL 13 181 100
EU 27 7 633 73 EU 27 10 546 80
CIS 1 294 12 CIS 1 590 12
1. Finland 1 802 17 1. Finland 1 916 15
2. Sweden 1 560 15 2. Germany 1 705 13
3. Latvia 1 109 11 3. Sweden 1 469 11
4. Russia 1 024 10 4. Latvia 1 132 9
5. Lithuania 619 6 5. Russia 1 120 8
6. Germany 556 5 6. Lithuania 842 6
7. Denmark 457 4 7. Poland 673 5
8. Norway 418 4 8. United Kingdom 489 4
9. United Kingdom 332 3 9. Netherlands 423 3
10. Canada 321 3 10. Italy 358 3

Exports and imports by commodity sections, February 2008

Commodity section
by Combined
Nomenclature (CN)
Exports Imports Balance,
mln kroons
mln kroons share, % change
compared
to same
month of
previous
year, %
mln kroons share, % change
compared
to same
month of
previous
year, %
TOTAL 10 425 100 7 13 181 100 0 -2 756
Agricultural products and food
preparations (I–IV)
920 9 25 1 323 10 5 -403
Mineral products (V) 927 9 -43 1 473 11 -24 -546
Raw materials and products of
chemical industry (VI)
463 4 31 1 085 8 20 -622
Articles of plastics and rubber (VII) 331 3 17 671 5 -2 -340
Wood and products thereof (IX) 1 019 10 1 440 3 -13 579
Paper and articles thereof (X) 338 3 11 264 2 5 74
Textiles and products thereof (XI) 558 5 9 787 6 5 -229
Metals and products thereof (XV) 1 112 11 6 1 545 12 6 -433
Machinery and equipment (XVI) 2 429 23 23 2 816 21 10 -387
Transport equipment (XVII) 863 8 16 1 680 13 -7 -817
Miscellaneous manufactured
articles (XX)
832 8 22 317 2 -5 515
Other 633 7 23 780 7 3 -147
Source: Statistics Estonia

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