In August foreign trade decreased

According to Statistics Estonia, in August 2014, exports of goods decreased by 3% and imports by 6% at current prices compared to August of the previous year. The decrease in exports and imports was mostly influenced by the trade of mechanical appliances, electrical equipment and agricultural products and food preparations.

In August, exports from Estonia amounted to nearly 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 80 million euros and it decreased by 31 million euros compared to August 2013.

The biggest share in Estonia’s exports was held by electrical equipment (22% of Estonia’s total exports), followed by mineral products (11%), wood and products thereof and agricultural products and food preparations (9%). The fall in exports compared to August 2013 was due to the significant decrease in the exports of mechanical appliances (down by 20 million euros), textiles and products thereof (down by 8 million euros), electrical equipment, and agricultural products and food preparations (both down by 6 million euros). The biggest increase occurred in the exports of mineral products.

In August, the main commodities imported were electrical equipment (18% of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (11%). Compared to August 2013, the biggest decrease occurred in the imports of mechanical appliances (down by 18 million euros), electrical equipment (down by 17 million euros)  and agricultural products and food preparations (down by 10 million euros). At the same time, the imports of textiles and products thereof increased the most.

The top destination country of Estonia’s exports in August was Sweden (18% of Estonia’s total exports), followed by Finland (16%) and Latvia (11%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and agricultural products and food preparations were the main commodities exported to Finland; mineral products and agricultural products and food preparations were the main commodities exported to Latvia. The biggest decrease occurred in exports to Russia (down by 23 million euros), to Latvia (down by 6 million euros) and to Lithuania (down by 4 million euros). In exports to Russia, the decrease was the highest in the dispatches of agricultural products and food preparations (incl. cheese, milk and cream, butter, whey, spirits) and mechanical appliances. In exports to Latvia, there was a decrease in the dispatches of textiles and products thereof and agricultural products and food preparations (incl. milk and cream, butter, cheese). In exports to Lithuania, the dispatches of electrical equipment decreased. Compared to August 2013, the increase was the biggest in exports to the USA.

The main countries of consignment in August were Finland (15% of Estonia’s total imports), Germany (12%), Lithuania (10%) and Sweden (10%). The main commodities imported were mineral products and electrical equipment from Finland, mechanical appliances and mineral products from Germany, mineral products and agricultural products and food preparations from Lithuania, and electrical and transport equipment from Sweden. Compared to August 2013, there was a decrease in imports from Sweden (down by 20 million euros), from the United Kingdom (down by 18 million euros) and from Poland (down by 11 million euros). There were decreased imports of electrical equipment from Sweden, decreased imports of mechanical appliances from the United Kingdom, and decreased imports of transport equipment from Poland. The increase was the biggest in imports from Germany.In August compared to July 2014, exports decreased by 3% and imports by 8%.

Read more from Statistics Estonia

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