In March foreign trade grew

According to Statistics Estonia, in March 2014, exports of goods increased by 1% and imports by 4% at current prices compared to March of the previous year. Foreign trade had declined for nine consecutive months compared to the same month of the previous year, but in March foreign trade increased.

In March, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 157 million euros and it increased compared to March 2013.

The biggest share in Estonia’s exports was held by electrical equipment (a fifth of Estonia’s total exports), followed by mineral products (12%), agricultural products and food preparations (10%) and wood and products thereof (10%). A significant increase occurred in the exports of agricultural products and food preparations (up by 15 million euros), mineral products (up by 10 million euros) and wood and products thereof (up by 10 million euros). At the same time, there was a decrease in exports of raw materials and products of chemical industry (down by 37%) and metals and products thereof (down by 13%).

In March, the main commodities imported were electrical equipment (17% of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (10%). The biggest increased occurred in the imports of transport equipment (up by 15 million euros) and articles of plastics and rubber (up by 9 million euros). At the same time, the imports of electrical equipment and raw materials and products of chemical industry decreased (by 5% and 4%, respectively).

The top destination country of Estonia’s exports was Sweden (17% of Estonia’s total exports), followed by Finland (15%) and Russia (11%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and miscellaneous manufactured articles (incl. furniture and prefabricated houses) were the main commodities exported to Finland; and mechanical appliances were the main commodity exported to Russia. The biggest growth occurred in exports to USA (up by 2.2 times or 28 million euros) and to Russia and Belgium (up by 13 and 12 million euros, respectively). Exports to USA increased due to larger dispatches of mineral products (incl. motor spirits, fuel oils); exports to Russia were boosted by exports of mechanical appliances and agricultural products and food preparations; exports to Belgium were increased by exports of mineral products (incl. oil shale). At the same time, exports to Latvia and to Lithuania decreased due to smaller dispatches of raw materials and products of chemical industry (to Latvia) and mineral products (to Lithuania).

The main countries of consignment were Finland (15% of Estonia’s total imports), Germany (11%) and Sweden (11%). The main commodities imported were mineral products (incl. motor spirits) and electrical equipment (from Finland), mechanical appliances and transport equipment (from Germany) and electrical and transport equipment (from Sweden). There was an increase in imports from Germany (up by 17 million euros), Finland (up by 15 million euros) and Russia (up by 11 million euros). There were increased imports of mineral products (incl. fuel and lubricating oils) and mechanical appliances from Germany, and increased imports of mineral products (incl. motor spirits) from Finland. Imports of mineral products (incl. oils and fuel oils) from Russia also grew. At the same time, imports from China and Latvia decreased.

In the 1st quarter of 2014, exports decreased by 8% and imports by 4% compared to the same period of 2013. The trade deficit in the 1st quarter was 362 million euros (262 million euros in the same period of 2013).

Compared to March 2013, export and import prices decreased by 3%.

Read more from Statistics Estonia

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