Foreign trade decreased in November

According to Statistics Estonia, in November 2014, exports of goods decreased by 1% and imports by 3% at current prices compared to November 2013. The decrease in exports was mostly influenced by the reduced exports of agricultural products and food preparations and mechanical appliances to Russia.

In November, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 74 million euros and it decreased by 25 million euros compared to November 2013.

The biggest share in Estonia’s exports in November 2014 was held by electrical equipment (23% of Estonia’s total exports), followed by agricultural products and food preparations (12%) and mineral products (11%). The decrease in exports compared to November 2013 was due to a significant decrease in the exports of mechanical appliances (down by 16 million euros) and agricultural products and food preparations (down by 11 million euros). The biggest increase occurred in the exports of electrical equipment and mineral products.

In November 2014, the main commodities imported were electrical equipment (21% of Estonia’s total imports), mineral products (11%) and agricultural products and food preparations (11%). Compared to November 2013, the biggest decrease occurred in the imports of transport equipment (down by 25 million euros), mineral products (down by 23 million euros) and agricultural products and food preparations (down by 16 million euros). At the same time, the imports of electrical equipment and raw materials and products of chemical industry increased the most.

The top destination country of Estonia’s exports in November 2014 was Sweden (a fifth of Estonia’s total exports), followed by Finland (14%) and Latvia (9%). The biggest decrease compared to November 2013 occurred in exports to CIS countries (down by 52 million euros).

In the case of CIS countries, the most significant fall occurred in exports to Russia (down by 47 million euros) – there was a fall in the exports of all products except for raw materials and products of chemical industry. There was also a decrease in exports to Latvia (down by 11 million euros), Finland (down by 10 million euros) and Germany (down by 6 million euros).

In exports to Latvia, the decrease was the highest in the dispatches of textiles and products thereof and transport equipment. In exports to Finland, there was a decrease in the dispatches of mineral products (incl. electricity) and metals and products thereof. In exports to Germany, there was a decrease in the dispatches of wood and products thereof. The increase was the biggest in exports to Sweden and the Netherlands.

The main countries of consignment in November 2014 were Finland (16% of Estonia’s total imports), Sweden (11%) and Germany (11%). Compared to November 2013, the biggest decrease occurred in imports from the United Kingdom (down by 30 million euros or 53%), Lithuania (down by 28 million euros) and Germany (down by 11 million euros). There were decreased imports of mechanical appliances and spirits from the United Kingdom, decreased imports of minerals products (incl. motor fuel) from Lithuania and decreased imports of medical appliances and mineral products from Germany. Among CIS countries, imports from Russia decreased the most (down by 15 million euros) – there were decreased imports of mineral products. Imports from Poland, Finland and Sweden increased the most.

In November compared to October 2014, exports decreased by 10% and imports by 14%.

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Source: Statistics Estonia

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