Imports from Germany decreased 49pct

According to Statistics Estonia, in March exports of goods from Estonia at current prices declined by one fifth and imports from Estonia by one third compared to March of the previous year. The decline in both exports and imports slowed down.

In March exports of goods totalled 8.3 billion kroons and imports 9.9 billion kroons. The trade deficit amounted to 1.6 billion kroons, which decreased over a half compared to March of the previous year. As in January this year there was a decrease of 28% in exports and of 36% of imports, then in March the decrease slowed down. Exports decreased by 22% and imports by 30% compared to March of the previous year.

The decline in foreign trade in value terms has been caused by the decrease in demand in Estonian internal market as well as in the main partner markets. According to Eurostat, in January and February a decline was announced in both exports and imports of all Member States. In comparison of the Member States, the decline of exports was the biggest in Finland, Malta and Sweden and the largest decrease in imports was in Lithuania, Latvia, Estonia and Romania.

The main countries of destination were Finland (18% of Estonia’s total exports), Sweden, Latvia and Russia. The decline in value terms in exports of goods to Finland and Latvia influenced the decrease in total exports the most. The increase in exports was registered only to Canada due to the increase in exports of fuels. By value, in March the main commodities exported to Finland, Sweden and Russia were machinery and equipment and, to Latvia — mineral products (incl. electric energy).

The main countries from where goods were imported to Estonia were Finland (14% of Estonia’s total imports), Russia, Germany and Lithuania. The total imports in value terms was mostly influenced by the decline of imports of goods from Germany, Sweden and Finland. Commodities of electrical machinery and equipment accounted for the biggest share imported from Finland and Germany and commodities of mineral products (incl. fuels and natural gas) — from Lithuania and Russia.

In comparison of trade with main partner countries, the largest surplus (exports exceeded imports) was registered in the trade with Sweden and Finland and the largest deficit — with Lithuania and Germany.

In March, the biggest share in Estonia’s total exports was held by the commodities of machinery and equipment, accounting for nearly a fifth. Compared to March of the previous year, the exports of all commodity sections decreased except mineral products (incl. fuels) in case of which exports slightly increased (4%).The biggest decline was in exports of metals and products thereof as well as in machinery and equipment. Exports of metals and products thereof declined nearly by a half compared to March of the previous year.

In March the biggest share of imports was held by machinery and equipment and by mineral products. The share of total Estonia’s imports accounted for a fifth in both commodity sections. The turnover of imports of all the commodity sections declined except mineral products where an increase of a fifth was recorded compared to March 2008. Arrivals of transport equipment and also machinery and equipment declined the most in value terms.

In the 1st quarter of 2009 exports from Estonia at current prices amounted to 23.5 billion kroons and imports to 27.6 billion kroons. Exports decreased by a quarter and imports by a third compared to the 1st quarter of the previous year. The foreign trade deficit was 4.1 billion kroons and it decreased significantly as imports decreased faster than exports. The deficit decreased by 59% compared to the 1st quarter of the previous year.

Estonia’s foreign trade, January–March, 2008–2009

Month Exports,
million kroons
Imports,
million kroons
Balance,
million kroons
2008 2009 Change, %   2008 2009 Change, % 2008 2009
January 10 155 7 303 -28 13 745 8 773 -36 -3 590 -1 470
February 10 679 7 867 -26 13 632 8 912 -35 -2 953 -1 045
March 10 652 8 295 -22 14 145 9 899 -30 -3 493 -1 604
1st quarter 31 486 23 465 -25 41 522 27 583 -34 -10 036 -4 118

Main foreign trade partners of Estonia, March 2009

Country of destination,
group of
countries

Exports,
million kroons

Share,
%

*,
%

Country of
consignment,
group of
countries

Imports,
million
kroons

Share,
%

**,
%
Total 8 295 100 -22 Total 9 899 100 -30
EU27 5 991 72 -23 EU27 7 674 78 -34
CIS 888 11 -28 CIS 1 375 14 -10
1. Finland 1 496 18 -22 1. Finland 1 392 14 -32
2. Sweden 1 286 16 -14 2. Russia 1 103 11 7
3. Latvia 770 9 -34 3. Germany 1 046 11 -49
4. Russia 696 8 -29 4. Lithuania 1 005 10 -8
5. Germany 556 7 -1 5. Latvia 881 9 -23
6. Lithuania 401 5 -32 6. Sweden 808 8 -45
7. Denmark 344 4 -2 7. Poland 426 4 -43
8. USA 323 4 -27 8. Netherlands 404 4 -14
9. Canada 260 3 - 9. Denmark 319 3 -9
10. Norway 259 3 -33 10. Belgium 233 2 -31
*- change compared
to same month
of previous year
**- change compared
to same month
of previous year

Exports and imports by commodity sections, March 2009

Commodity section by Combined Nomenclature (CN) Exports Imports

Balance,
mEEK

mEEK share,
%
*,
%
mEEK share,
%
*’,
%
TOTAL 8 295 100 -22 9 899 100 -30 -1 604
Agricultural products and food preparations (I–IV) 786 9 -16 1 192 12 -13 -406
Mineral products (V) 1 060 13 4 1 952 20 20 -892
Raw materials and products of chemical industry (VI) 378 4 -26 1 021 10 -19 -643
Articles of plastics and rubber (VII) 247 3 -23 479 5 -28 -232
Wood and products thereof (IX) 792 10 -21 224 2 -47 568
Paper and articles thereof (X) 294 4 -17 236 2 -26 58
Textiles and products thereof (XI) 408 5 -14 576 6 -28 -168
Metals and products thereof (XV) 740 9 -47 852 9 -43 -112
Machinery and equipment (XVI) 1 824 22 -19 1 977 20 -37 -153
Transport equipment (XVII) 589 7 -38 526 5 -71 63
Miscellaneous manufactured articles (XX) 724 9 -11 237 2 -32 487
Other 453 5 -28 627 7 -29 -174

* – change compared
to same month
of previous year

 

**- change compared
to same month
of previous year

The preliminary foreign trade data about March were released by Statistics Estonia on 11 May (on 40th day after the end of the reference period). This news release provides the revised data and offers a more detailed overview of trade about the month under observation

Source: Statistics Estonia.

Salaries decreased for the first time

According to Statistics Estonia, in the 1st quarter of 2009, the average monthly gross wages and salaries were 12,147 kroons and the hourly gross wages and salaries were 76.53 kroons. Compared to the 1st quarter of the previous year, the average monthly gross wages and salaries were by 1.5% lower and the average hourly gross wages and salaries were by 2.4% higher. Since 1993, the average monthly gross wages and salaries decreased for the first time as compared to the same quarter of the previous year.

The growth of real wages which took into account the influence of the change in the consumer price index continued decreasing in the 1st quarter. If in the 2nd and 3rd quarter of 2008 real wages increased slightly over 3%, then in the 4th quarter real wages decreased 1.3% and in the 1st quarter of 2009 real wages decreased by 4.5%. Compared to the end of March 2008, the number of employees decreased 6.7% as of the end of March.

Compared to the 1st quarter of 2008, the average monthly gross wages and salaries increased the most in electricity, gas, steam and air conditioning supply — 14.0%. The monthly gross wages and salaries decreased the most in financial and insurance activities and in construction — in both activities 10.2%.

Compared to the 1st quarter of 2008, the average hourly gross wages and salaries increased the most in electricity, gas, steam and air conditioning supply — 16.4%. The gross hourly wages decreased the most in professional, scientific and technical activities and in construction — in both activities 3.6%.

The average gross wages and salaries were 12,207 kroons in January, 11,884 kroons in February and 12,373 kroons in March.

In the 1st quarter of 2009, the employer’s average monthly labour costs per employee were 16,512 kroons and the average hourly labour costs were 112.23 kroons. Compared to the 1st quarter of 2008, the average monthly labour costs per employee decreased 0.4% and the average hourly labour costs per employee increased 4.1%.

Compared to the 1st quarter of 2008, the average monthly labour costs per employee increased the most in electricity, gas, steam and air conditioning supply (16.7%) and decreased the most in financial and insurance activities (8.1%).

Compared to the 1st quarter of 2008, the average hourly labour costs increased the most in electricity, gas, steam and air conditioning supply (19.2%) and decreased the most in financial and insurance activities (4.0%).

Statistics Estonia conducts the survey of wages and salaries statistics on the basis of international methodology since 1992. In 2009, the sample includes 11,263 enterprises, institutions and organisations. The average monthly gross wages and salaries have been given in full time units to enable a comparison of different wages and salaries, irrespective of the length of working time. Calculations of the monthly gross wages and salaries are based on payments for actually worked time and remuneration for time not worked. The hourly gross wages and salaries do not include remuneration for time not worked (holiday leave pay, benefits, etc.). In short term statistics, the average gross wages and salaries are measured as a component of labour costs. Labour costs include gross wages and salaries, employer’s contributions and employer’s imputed social contributions to employees.

Average monthly gross wages and salaries, 1st quarter 2005 – 1st quarter 2009 (kroons)

  Year 1st quarter 2nd quarter 3rd quarter 4th quarter
2005 8 073 7 427 8 291 7 786 8 690
2006 9 407 8 591 9 531 9 068 10 212
2007 11 336 10 322 11 549 10 899 12 270
2008   12 337 13 306 12 512 13 117
2009   12 147      

Average monthly gross wages and salaries and monthly labour costs per employee,
1st quarter 2009


Average hourly gross wages and salaries and hourly labour costs, 1st quarter 2009


Source: Statistics Estonia

Follow

Get every new post delivered to your Inbox.