Record level of exports in October

According to Statistics Estonia, in October 2014, both the exports and imports of goods increased by 5% at current prices compared to October of the previous year. The increase in exports and imports was mostly influenced by the trade of electrical equipment and mineral products.

In October, exports from Estonia amounted to 1.2 billion euros and imports to Estonia to 1.3 billion euros at current prices. So far, the biggest exports turnover had been registered in November 2012, but this October exports turnover exceeded it by 2.5 million euros.  The trade deficit was 144 million euros and it increased by 6 million euros compared to October 2013.

The biggest share in Estonia’s exports was held by electrical equipment (23% of Estonia’s total exports), followed by mineral products (12%) and agricultural products and food preparations (11%). The increase in exports compared to October 2013 was due to a significant increase in the exports of electrical equipment and mineral products (both up by 47 million euros), raw materials and products of chemical industry, and metals and products thereof (both up by 5 million euros). The biggest decrease occurred in the exports of agricultural products and food preparations and mechanical appliances (both down by 12 million euros).

In October, the main commodities imported were electrical equipment (21% of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (10%). Compared to October 2013, the biggest increase occurred in the imports of electrical equipment (up by 66 million euros), mineral products (up by 47 million euros), raw materials and products of the chemical industry (up by 20 million euros). At the same time, the imports of transport equipment decreased the most (down by 38 million euros).

The top destination country of Estonia’s exports in October was Sweden (18% of Estonia’s total exports), followed by Finland (14%) and Latvia (10%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and metals and products thereof were the main commodities exported to Finland; mineral products and agricultural products and food preparations were the main commodities exported to Latvia. The biggest increase occurred in exports to Sweden (up by 32 million euros), the Netherlands (up by 20 million euros) and the USA (up by 18 million euros). In exports to Sweden, the increase was the highest in the dispatches of electrical equipment and in exports to the Netherlands in the dispatches of mineral products (incl. shale-derived fuel oil). In exports to the USA, there was an increase in the dispatches of mineral products (incl. motor fuel) and electrical equipment. Compared to October 2013, the decrease was the biggest in the exports of mechanical appliances (incl. shovel loaders, excavators) and agricultural products and food preparations (incl. spirits, cheese, milk and cream) to Russia.

The main countries of consignment in October were Finland (15% of Estonia’s total imports), Sweden (11%) and Germany (10%). The main commodities imported were mineral products and electrical equipment from Finland, electrical equipment and transport equipment from Sweden, and mechanical appliances and transport equipment from Germany. Compared to October 2013, there was an increase in imports from Sweden (up by 28 million euros), the Netherlands (up by 18 million euros) and China (up by 17 million euros). There were increased imports of electrical equipment and transport equipment from Sweden, and increased imports of raw materials and products of the chemical industry from the Netherlands and electrical equipment from China. Imports decreased the most from Latvia, with less agricultural products and food preparations imported.

In October compared to September 2014, exports and imports increased both by 5%.

Read more from Statistics Estonia
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: