Imports were at the lowest level of the recent years in January

According to Statistics Estonia, in January 2015, exports from Estonia amounted to 920 million euros and imports to Estonia to 963 million euros at current prices. The previous time that imports were below a billion euros was in December 2011.

In January, exports of goods increased by 1% and imports decreased by 5% compared to January 2014. The trade deficit was 43 million euros and it decreased by 68 million euros compared to January 2014.

In January, the main commodities imported were electrical equipment (22% of Estonia’s total imports), mineral products (12%) and agricultural products and food preparations (10%). The drop in imports was influenced the most by a decrease in the imports of mineral products (down by 19 million euros), transport equipment and agricultural products and food preparations (both down by 18 million euros). At the same time, the imports of electrical equipment increased (up by 27 million euros).

The biggest share in Estonia’s exports in January was held by electrical equipment (a quarter of Estonia’s total exports), followed by mineral products (11%) and wood and products thereof (10%). The increase in exports compared to January 2014 was due to a significant increase in the exports of electrical equipment (up by 48 million euros) and mineral products (up by 7 million euros). The biggest decrease occurred in the exports of agricultural products and food preparations (down by 20 million euros) and mechanical appliances (down by 11 million euros).

The main countries of consignment in January were Finland (15% of Estonia’s total imports), Sweden (12%) and Germany (10%). The main commodities imported were mineral products and electrical equipment (from Finland), electrical and transport equipment (from Sweden) and mechanical appliances and transport equipment (from Germany).The biggest decrease occurred in imports from Finland (down by 30 million euros) and Germany (down by 29 million euros). At the same time, imports from Poland and Russia increased (both up by 12 million euros).

The top destination country of Estonia’s exports in January 2015 was Sweden (21% of Estonia’s total exports), followed by Finland (14%) and Latvia (11%). 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 (incl. electricity) and agricultural products and food preparations were the main commodities exported to Latvia. The biggest increase occurred in exports to Sweden (up by 29 million euros) and the USA (up by 15 million euros). There was also a significant decrease in exports to Russia (down by 53 million euros) and Finland (down by 14 million euros).

In January compared to December 2014, exports stayed at the same level but imports decreased by 14%.

Diagram: Estonia's foreign trade by month

Read more from Statistics Estonia

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