The exports of goods of Estonian origin grew 9 pct in February

According to Statistics Estonia, in February 2017, the exports of goods increased by 6% and imports by 1% compared February 2016. In February, the exports of goods of Estonian origin grew 9%, while re-exports stayed at the same level as one year ago.

In February 2017, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.1 billion euros at current prices. The trade deficit was 97 million euros (in February 2016, it was 140 million euros).

The top destination countries of Estonia’s exports in February were Finland (16% of Estonia’s total exports), Sweden (14%) and Latvia (8%). The biggest increase occurred in exports to the Netherlands (up by 27 million euros, i.e. two-fold), Russia (up by 17 million euros) and China (up by 12 million euros). These rises are mainly due to increased exports of mineral products to the Netherlands, of mechanical appliances to Russia and of electrical equipment to China. Exports to Sweden decreased the most.

The biggest share in exports was held by electrical equipment, followed by wood and articles of wood and mineral products. The increase in exports was affected by the exports of mineral products (up by 32 million euros), mechanical appliances (up by 27 million euros), and raw materials and products of chemical industry (up by 14 million euros). There was a decrease in the exports of electrical equipment.

The share of goods of Estonian origin in total exports was 75%. The rise in the exports of goods of Estonian origin was affected the most by an increase in the exports of minerals products (incl. shale oil), mechanical appliances (incl. machine tools for working wood, packing machinery) and wood and articles of wood (incl. softwood saw-timber, wood pellets, wood in chips). Goods of Estonian origin are exported the most to Sweden, Finland and the Netherlands. The biggest increase in the exports of goods of Estonian origin was in the exports to the Netherlands (up by 28 million euros) and the biggest decrease in the exports to Sweden (down by 43 million euros).

The main countries of consignment in February 2017 were Finland (13% of Estonia’s total imports), Germany (11%), Sweden (9%) and Lithuania (9%). The biggest increase occurred in imports from Russia (up by 22 million euros) and Denmark (up by 10 million euros), while imports from Hungary decreased the most (down by 26 million euros).

In February, the main commodities imported to Estonia were electrical equipment, mineral products, mechanical appliances, agricultural products and food preparations, transport equipment and raw materials and products of chemical industry. The biggest increase was in the imports of mineral products (incl. motor spirit) and the biggest fall occurred in the imports of electrical equipment.

In February 2017, foreign trade export volume index decreased by 14% and import volume index increased by 3% compared to the same period of the previous year.Estonia’s foreign trade by month, 2015–2017

Read more from Statistics Estonia

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