In May foreign trade decreased

According to Statistics Estonia, in May 2014, exports of goods decreased by 9% and imports by 4% at current prices compared to May of the previous year. The decrease in exports and imports was mostly influenced by a fall in the trade of electrical equipment and mechanical appliances.

In May, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 138 million euros and it increased by 56 million euros compared to May 2013.

The biggest share in Estonia’s exports was held by electrical equipment (19% of Estonia’s total exports), followed by mineral products (10%), agricultural products and food preparations (10%) and wood and products thereof (10%). A significant decrease occurred in the exports of electrical equipment (down by 46 million euros) and mineral products (down by 15 million euros). At the same time, there was an increase in the exports of agricultural products and food preparations and miscellaneous manufactured articles (both up by 3%).

In May, the main commodities imported were electrical equipment (17% of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (11%). The biggest decrease occurred in the imports of electrical equipment and mechanical appliances (down by 28 and 26 million euros, respectively). At the same time, the imports of mineral products increased by 21 million euros.

The top destination country of Estonia’s exports was Finland (16% of Estonia’s total exports), followed by Sweden (16%) and Russia (11%). Electrical equipment and agricultural products and food preparations were the main commodities exported to Finland; electrical equipment and wood and products thereof were the main commodities exported to Sweden; and mechanical appliances and agricultural products and food preparations were the main commodities exported to Russia. The biggest decrease occurred in exports to Sweden (down by 38 million euros) due to decreased exports of electrical equipment. As for CIS countries, the decline was the biggest in exports to Russia (down by 27 million euros) and to Ukraine (down by 4 million euros). Exports to Russia decreased due to reduced exports of mechanical appliances (incl. shovels, excavators) and miscellaneous manufactured articles (incl. furniture). In case of Ukraine, exports of all products decreased by nearly a half. Exports to Belgium increased the most (up 21 million euros), mainly because of the increased exports of mineral products.

The main countries of consignment were Finland (15% of Estonia’s total imports), Germany (12%) and Sweden (12%). The main commodities imported were mineral products and electrical equipment (from Finland), transport equipment and mechanical appliances (from Germany) and electrical and transport equipment (from Sweden). There was a decrease in imports from the United Kingdom (down by 30 million euros) and Latvia (down by 18 million euros). There were decreased imports of mechanical appliances (incl. shovels, excavators) and miscellaneous manufactured articles (incl. furniture) from the United Kingdom, and decreased imports of mineral products (incl. motor spirits and electric energy) from Latvia. Imports from Russia increased the most (up by 24 million euros), due to bigger imports of mineral products (incl. heavy oil) and metals and products thereof (incl. flat-rolled products).

Read more from Statistics Estonia

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