In February exports of goods increased

According to Statistics Estonia, in February 2016, exports of goods increased by 7% and imports by 5% compared to February of the previous year. One-third of the exports growth was due to an increase in the exports of goods of Estonian origin.

In February, exports from Estonia amounted to 0.9 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 140 million euros (in February 2015, it was 151 million euros).

The top destination country of Estonia’s exports in February was Sweden (20% of Estonia’s total exports), followed by Finland (16%) and Latvia (9%). There was an increase in the exports to most of the top destination countries, with the biggest increase having occurred in exports to Sweden, Canada and Finland (up by 23 million, 20 million and 12 million euros, respectively). Exports to the Netherlands decreased the most (16 million euros).

The biggest share in Estonia’s exports in February was held by electrical equipment, followed by wood and products thereof and miscellaneous manufactured articles. In February, there was a rise in exports in almost all commodity sections. The biggest increase occurred in the exports of three commodity sections: 1) miscellaneous manufactured articles (with prefabricated buildings contributing to the growth the most), 2) transport equipment (respectively, motor cars) and electrical equipment (respectively data communication equipment). There was a decrease in the exports of mechanical appliances.

The share of goods of Estonian origin in exports was 70% in February. Exports of goods of Estonian origin increased by 3% compared to February of the previous year. Of the top ten destination countries for exports from Estonia, the share of goods of Estonian origin in exports was the biggest in exports to Denmark (94%) and the United Kingdom (89%), and the smallest in exports to Russia (20%). Goods of Estonian origin are goods produced and processed in Estonia.

The main countries of consignment in February were Finland (13% of Estonia’s total imports), Germany (11%), Latvia (9%) and Sweden (9%). The biggest increase occurred in imports from Germany, Latvia and Sweden (up by 18 million, 14 million and 13 million euros, respectively). At the same time, the greatest decrease occurred in imports from Russia (down by 19 million euros).

In February, the main commodities imported were electrical equipment, mechanical appliances, agricultural products and food preparations, and transport equipment. The biggest rise was recorded in the imports of mechanical appliances and transport equipment. At the same time, the imports of mineral products fell significantly.

In the comparison of January and February 2016, exports of goods grew 11% and imports 8%.

Diagram: Estonia’s foreign trade by month, 2013–2016

Read more from Statistics Estonia

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