According to Statistics Estonia, in June 2016, the exports and imports of goods both decreased by 2% compared to June of the previous year. The decrease in trade was mostly influenced by a significant drop in the exports and imports of mineral products.
In June, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 149 million euros (in June 2015, it was 152 million euros).
The top destination country of Estonia’s exports in June was Sweden (18% of Estonia’s total exports), followed by Finland (16%) and Latvia (9%). The biggest fall occurred in exports to Sweden and the USA. Compared to June 2015, the biggest drop occurred in electrical equipment and prefabricated buildings of wood exported to Sweden and in motor spirits and electrical equipment dispatched to the USA. The biggest increase occurred in exports to Mexico, which was the destination country for communication equipment. Nevertheless, exports to Mexico account for only 2% of Estonia’s total exports.
The biggest share in Estonia’s exports in June was held by electrical equipment, followed by miscellaneous manufactured articles, wood and articles of wood, and agricultural products and food preparations. The fall in exports was significantly influenced by a drop in the prices of mineral products (incl. electricity, motor spirits and their components) and a fall in the exports of wood and articles of wood. The biggest increase occurred in the exports of electrical equipment.
The share of goods of Estonian origin in total exports was 71% in June. The exports of goods of Estonian origin increased the most in trade with Mexico and Belgium.
The main countries of consignment in June were Finland (14% of Estonia’s total imports), Germany (12%) and Lithuania (10%). Compared to June 2015, the biggest decrease occurred in imports from Lithuania and Russia, as there was a fall in mineral products (incl. motor spirits) imported from these countries. At the same time, the greatest increase occurred in imports from Hungary and the Netherlands.
In June, the main commodities imported were electrical equipment, agricultural products and food preparations, transport equipment and mechanical appliances. The fall in imports was influenced the most by decreased imports of mineral products both in terms of their quantity and value (down by 74 million euros). At the same time, there was an increase in the imports of electrical equipment and mechanical appliances.
In the first half-year of 2016, exports remained on the same level and imports increased by 3% compared to the same period of the previous year. Both exports and imports were mostly influenced by a fall in the trade of mineral products. At the same time, there was an increase in the exports of mechanical appliances, prefabricated buildings of wood, and furniture. The greatest increase occurred in the imports of transport equipment and mechanical appliances.
In the first half-year, the biggest rise was recorded in exports to Mexico and Lithuania (up by 41 million and 34 million euros, respectively), the biggest decrease was observed in exports to the Netherlands and the USA (down by 61 million and 48 million euros, respectively).
The biggest increase in the first half-year occurred in imports from Germany and Hungary (up by 68 million and 57 million euros, respectively), while imports from Russia decreased significantly (down by 106 million euros).
Filed under: Foreign Trade |