In April, trade growth slowed down

According to Statistics Estonia, in April 2017, the exports of goods decreased by 1% and imports increased by 2% compared to April 2016. A decrease in the exports of electrical equipment significantly contributed to the decline in exports.

In April 2017, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 189 million euros (in April 2016, it was 158 million euros).

The top destination countries of Estonia’s exports in April were Finland (16% of Estonia’s total exports), Sweden (15%) and Latvia (9%). The biggest decrease occurred in exports to Sweden (down by 49 million euros), where less electrical equipment was exported. Exports to Germany (up by 16 million euros) and the Netherlands (up by 13 million euros) increased the most. These rises are mainly due to increased exports of base metals and articles of base metal to Germany and of mineral products (incl. shale oil) to the Netherlands.

The biggest share in exports was held by electrical equipment, followed by wood and articles of wood, and base metals and articles of base metal. The greatest decrease was in the exports of electrical equipment (down by 56 million euros). At the same time, growth took place in the exports of mineral products (up by 36 million euros) and base metals and articles of base metal (up by 23 million euros).

The share of goods of Estonian origin in total exports was 72% in April. In April 2017, the exports of goods of Estonian origin decreased 3%, while re-exports increased 4%. The fall in the exports of goods of Estonian origin was affected the most by a decrease in the exports of electrical equipment (incl. communication equipment) and agricultural products and food preparations (incl. cereals). At the same time, the exports of mineral products (incl. shale oil, electricity) grew.

The main countries of consignment in April 2017 were Finland (13% of Estonia’s total imports), Germany (11%), Lithuania (9%), Poland (9%) and Sweden (9%). The biggest increase occurred in imports from Turkey (up by 24 million euros, i.e. 5 times) and Russia (up by 20 million euros). Mostly transport equipment was imported from Turkey and mineral products from Russia. Imports from the USA decreased the most.

In April, the main commodities imported to Estonia were transport equipment, electrical equipment, mechanical appliances and agricultural products and food preparations. The biggest increase was in the imports of transport equipment and mineral products and the biggest fall occurred in the imports of electrical equipment.

In April 2017, the foreign trade export volume index decreased by 15% and the import volume index by 4% compared to the same period of the previous year.Estonia’s foreign trade by month, 2015–2017

Read more from Statistics Estonia

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: