Exports of goods decreased by a tenth in January

According to Statistics Estonia, in January 2016, exports of goods decreased by 11% and imports increased by 2% compared to January of the previous year.

In January, exports from Estonia amounted to 825 million euros and imports to Estonia to 983 million euros at current prices. The last time that exports were so small was five years ago in January 2011. The trade deficit was 158 million euros (in January 2015 it was 42 million euros).

The top destination country of Estonia’s exports in January was Sweden (20% of Estonia’s total exports), followed by Finland (16%) and Latvia (10%). There was a decrease in the exports to  most of the top destination countries, the biggest decrease occurred in exports to Sweden and the USA (down by 29 million and 17 million euros, respectively).

The biggest share in Estonia’s exports in January was held by electrical equipment, followed by wood and products thereof, mechanical appliances and miscellaneous manufactured articles. The biggest decrease occurred in the exports of electrical equipment (incl. data communication equipment) and mineral products (incl. motor spirits).

The share of goods of Estonian origin in exports was 69% in January. Exports of goods of Estonian origin decreased by 12% compared to January of the previous year. Of the top ten destination countries for exports from Estonia, the share of goods of Estonian origin in exports was biggest in exports to Sweden (87%) and Finland (78%) but smallest to Russia (16%). Exports of goods of Estonian origin are the export of goods produced and processed in Estonia.

The main countries of consignment in January were Finland (14% of Estonia’s total imports), Lithuania (12%) and Germany (11%). The biggest increase occurred in imports from Lithuania and Latvia (up by 39 million and 14 million euros, respectively). At the same time, the greatest decrease occurred in imports from Russia (down by 23 million euros).

In January, the main commodities imported were electrical equipment, mineral products, agricultural products and food preparations and mechanical appliances. The increase was biggest for the the imports of transport equipment and mineral products. At the same time, the imports of electrical equipment decreased significantly.

In the comparison of December 2015 and January 2016, exports of goods decreased 10% and imports 9%.Diagram: Estonia’s foreign trade, 2013–2016

Read more from Statistics Estonia

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