In May, trade intensified due to exports and imports of mineral products

According to Statistics Estonia, in May 2017, the exports of goods increased by 15% and imports by 14% compared to May 2016. Trade growth was influenced the most by a significant increase in the exports and imports of mineral products.

In May 2017, exports from Estonia amounted to 1.2 billion euros and imports to Estonia to 1.3 billion euros at current prices. The trade deficit was 153 million euros (in May 2016, it was 147 million euros).

The top destination countries of Estonia’s exports in May were Finland (16% of Estonia’s total exports), Sweden (14%) and Latvia (9%). The biggest increase occurred in exports to Russia (up by 28 million euros), Canada (up by 23 million euros), Saudi Arabia (up by 20 million euros) and Germany (up by 20 million euros). Exports to Russia and Canada grew mainly due to re-exports but to Saudi Arabia and Germany due to increased exports of goods of Estonia origin. In exports to Russia, the exports of mechanical appliances (incl. excavators, wood and ores processing machines), to Canada, the exports of mineral products (incl. motor spirit), to Saudi Arabia, the exports of mineral products (incl. shale oil) and agricultural products (incl. feed barley) and to Germany, the exports of electrical equipment (incl. communication equipment) increased. The biggest decrease occurred in exports to Sweden (down by 39 million euros), where less electrical equipment was exported.

The biggest share in exports was held by electrical equipment, followed by wood and articles of wood, and mineral products. The greatest increase was in the exports of mineral products (up by 53 million euros), agricultural products and food preparations (up by 28 million euros), mechanical appliances (up by 28 million euros), and wood and articles of wood (up by 24 million euros). At the same time, the exports of electrical equipment decreased (down by 43 million euros).

The share of goods of Estonian origin in total exports was 72% in May. In May 2017, the exports of goods of Estonian origin increased 12% and re-exports 25%. The rise in the exports of goods of Estonian origin was affected the most by an increase in the exports of mineral products (incl. shale oil, electricity), wood and articles of wood (incl. coniferous saw-timber, wood pellets), agricultural products and food preparations (incl. cereals) and miscellaneous manufactured articles (incl. furniture and log houses).

The main countries of consignment in May 2017 were Finland (12% of Estonia’s total imports), Germany (11%), Lithuania (9%) and Sweden (9%). The biggest increase occurred in imports from Russia (up by 41 million euros) and Sweden (up by 17 million euros). Mostly mineral products (incl. motor spirit, fuel oil) were imported from Russia and transport equipment and mineral products (incl. bitumen) from Sweden. Imports from Hungary decreased the most, with less electrical equipment imported.

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

In May 2017, the foreign trade export volume index increased by 1% and the import volume index by 11% 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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