Exports and imports decreased by one fifth

According to Statistics Estonia, in November 2008 compared to November 2007, both exports and imports of goods decreased by one fifth at current prices. Imports of goods were last on such a low level at the beginning of 2006.

The value of exports of goods was 9.6 billion kroons, compared to November 2007 exports decreased by 2.2 billion kroons or 19%. Such a decline in exports was mainly caused by the nominal (not taking into account the change of prices) decrease in the exports of mineral products (incl. fuels) and transport equipment.

The value of imports of goods was 12.7 billion kroons, compared to November 2007 imports decreased by 3.2 billion kroons. The 20%-decline in imports was caused by the decrease of demand in internal market in all commodity sections besides raw materials and products of chemical industry.

Estonian foreign trade deficit was 3.1 billion kroons in November, and it decreased by 1 billion croons compared to November 2007.

Estonian foreign trade, January–November, 2007–2008

Month Exports,
million kroons
Imports,
million kroons
Balance,
million kroons
2007 2008 change, % 2007 2008 change, % 2007 2008
January 9 722 10 110 4 13 956 13 540 -3 -4 234 -3 430
February 9 768 10 447 7 13 302 13 628 2 -3 534 -3 181
March 10 464 10 602 1 15 511 14 150 -9 -5 047 -3 548
April 10 396 12 266 18 15 648 15 880 1 -5 252 -3 614
May 11 706 11 493 -2 16 157 14 437 -11 -4 451 -2 944
June 10 825 10 782 0 15 078 14 087 -7 -4 253 -3 305
July 9 889 10 892 10 14 066 15 056 7 -4 177 -4 164
August 10 290 11 036 7 14 656 13 416 -8 -4 366 -2 380
September 9 843 12 210 24 14 570 15 488 6 -4 727 -3 278
October 11 768 13 212 12 16 163 15 791 -2 -4 395 -2 579
November 11 814 9 598 -19 15 898 12 677 -20 -4 084 -3 079

In November 2008 the share of the EU countries was 70% and the share of the CIS countries accounted for 16% of the total exports (in November of the previous year 71% and 13%, respectively). Main countries of destination were Finland, Sweden and Russia. The exports to the EU countries decreased significantly — by 1.6 billion kroons. Exports of goods to the CIS countries increased by 3%.

In total imports of goods, the share of the EU countries was 74% and that of the CIS countries 16% (in November of the previous year 80% and 12%, respectively). Imports from EU countries decreased by 3.3 billion kroons. Main countries of consignment were Finland, Russia and Germany. Imports of goods from Germany, Sweden and Finland decreased significantly. As imports from Russia slightly decreased, then imports from Belarus increased by 41%.

In both exports and imports, the most important commodity section in November was machinery and equipment, which accounted for about a quarter of both flows. Compared to November 2007, the decrease in exports was mainly caused by the decline in exports of mineral products (incl. fuels), of transport equipment and of wood and products thereof. The decrease was also mentioned in exports in the section of metals and products thereof.

The significant decline in imports of goods was caused by the decrease in imports of transport equipment and machinery and equipment (by 1.3 and 0.6 billion croons, respectively), which was also influenced by the decrease of demand in the internal market. Only imports and exports of raw materials and products of chemical industry increased compared to the previous year, in remaining commodity chapters the values of both flows decreased.

Main foreign trade partners of Estonia, November 2008

Country of destination,
group of
countries
Exports,
million
kroons
Share,
%
Change
comp.
same month
prev.year,
%
Country of consign.,
group of
countries
Imports,
million
kroons
Share,
%
Change
comp.
same month .
prev. year,
%
TOTAL 9 598 100 -19 TOTAL 12 677 100 -20
EU 6 737 70 -19 EU 9 393 74 -26
CIS 1 537 16 3 CIS 2 005 16 4
1. Finland 1 919 20 -11 1. Finland 1 696 13 -27
2. Sweden 1 391 15 -14 2. Russia 1 358 11 -2
3. Russia 1 251 13 4 3. Germany 1 301 10 -36
4. Latvia 830 9 -36 4. Latvia 1 238 10 -7
5. Lithuania 596 6 -21 5. Sweden 1 200 10 -37
6. USA 510 5 168 6. Lithuania 997 8 -4
7. Germany 479 5 -20 7. Poland 558 4 -18
8. Norway 352 4 -12 8. Belorus 454 4 41
9. Denmark 343 4 0 9. Netherlands 381 3 -29
10. Netherlands 239 3 -30 10. Great Britain 371 3 -39

Exports and imports of goods by commodity sections, November 2008

Commodity section by Combined Nomenclature (CN) Exports Imports Balance,
million
kroons
million kroons share,
%
comp.
same month
prev.y
%
million kroons share,
%
comp.
same month prev.year

%

TOTAL 9 598 100 -19 12 677 100 -20 -3 079
Agricultural products, food preparations (I–IV) 1 079 11 -21 1 391 11 -16 -312
Mineral products (V) 972 10 -30 2 510 20 -4 -1 538
Raw materials and products of chemical industry (VI) 564 6 12 1 174 9 13 -610
Articles of plastics and rubber (VII) 304 3 -23 546 4 -27 -242
Wood and products  (IX) 829 9 -24 267 2 -33 562
Paper and articles thereof (X) 280 3 -19 296 2 -8 -16
Textiles and products thereof (XI) 372 4 -32 601 5 -23 -229
Metals and products thereof (XV) 797 8 -24 1 115 9 -21 -318
Machinery and equip. (XVI) 2 433 25 -1 2 873 23 -18 -440
Transport equipment (XVII) 694 7 -32 878 7 -59 -184
Miscellaneous manufactured art. (XX) 727 8 -29 349 3 -18 378
Other 547 6 -12 677 5 -20 -130

SOurce: Statistics Estonia

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