The biggest share in exports was held by electrical equipment

According to Statistics Estonia, in June 2017, the exports of goods increased by 11% and imports by 6% compared to June 2016. In the second quarter, compared to the 2nd quarter of the previous year, exports grew 8% and imports 7%.

In June 2017, exports from Estonia amounted to 1.1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 123 million euros (in June 2016, it was 156 million euros).

The top destination countries of Estonia’s exports in June were Finland (16% of Estonia’s total exports), Sweden (14%) and Latvia (9%). The biggest increase occurred in exports to the Netherlands (up by 34 million euros), Russia (up by 29 million euros) and Germany (up by 21 million euros). In exports to the Netherlands, the exports of mineral products (incl. shale oil), to Russia, the exports of mechanical appliances and to Germany, the exports of electrical equipment (incl. communication equipment) and metal waste increased. The biggest decrease occurred in exports to Sweden (down by 30 million euros), where less electrical equipment was exported.

The biggest share in exports was held by electrical equipment, followed by mineral products, and wood and articles of wood. The greatest increase was in the exports of mineral products (up by 51 million euros), mechanical appliances (up by 25 million euros), and wood and articles of wood (up by 22 million euros). At the same time, the exports of electrical equipment decreased (down by 48 million euros).

The share of goods of Estonian origin in total exports was 72% in June. In June 2017, the exports of goods of Estonian origin increased 8% and re-exports 18%. 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) and wood and articles of wood (incl. coniferous saw-timber, wooden windows and doors).

The main countries of consignment in June 2017 were Finland (13% of Estonia’s total imports), Germany (11%), Lithuania (9%) and Sweden (9%). The biggest increase occurred in imports from Sweden (up by 28 million euros), Latvia, the Netherlands and France (all up by 10 million euros). Imports from Hungary decreased the most.

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

In the 2nd quarter of 2017, exports of goods from Estonia amounted to 3.3 billion euros and imports to Estonia to 3.7 billion euros. The trade deficit in the 2nd quarter was 447 million euros (in the 2nd quarter of 2016, it was 460 million euros). In the first half-year, exports of goods increased by 10% and imports by 11% compared to the same period of the previous year.

In the 2nd quarter of 2017, the growth in exports compared to the same period of the previous year was supported by increased exports of mineral products (up by 141 million euros), wood and articles of wood (up by 47 million euros), and base metals and articles of base metal (up by 37 million euros), which also compensated for the decline in the exports of electrical equipment (down by 83 million euros). In the comparison by countries, exports have increased the most to Russia, the Netherlands and Germany. At the same time, exports to Sweden have decreased the most.

In the 2nd quarter, the growth in imports was significantly affected by an increase in the imports of transport equipment (up by 101 million euros), mineral products (up by 70 million euros) and raw materials and products of chemical industry (up by 45 million euros). The imports of electrical equipment decreased significantly (down by 73 million euros). By countries, imports in the 2nd quarter of 2017 compared to the 2nd quarter of 2016 grew the most from Russia, Sweden and Turkey. Imports from Hungary decreased the most.

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Exports of both goods and services increased in May

The flash estimate1 put the Estonian current account at 42 million euros in surplus in May 2017. The surplus on the goods and services account was 76 million euros, which was 7 million euros more than a year earlier. Goods exports were up by 12% over the year and imports by 10%, meaning the deficit on the goods account narrowed by 13 million euros to 85 million euros. The surplus on the services account was 161 million euros, which was 5 million euros less than at the same time a year earlier. Services exports grew by 5% and imports by 10%. The net outflow on the primary and secondary income accounts increased by 14 million euros to 34 million euros.

The current and capital accounts were in surplus by a total of 21 million euros, meaning that the Estonian economy was a net lender to the rest of the world, so the country as a whole invested more financial assets abroad than it received from there.

1The quarterly balance of payments is compiled from a combined system of representative primary data sources, including surveys of companies, while the monthly balance of payments draws from a considerably smaller database. Although the monthly report uses as much of the data available for the month reported as possible, including administrative data sources and reports on international payments, it is subjective to a certain degree, which is why it is called an estimate. Once the quarterly balance of payments is released, the monthly balances of payments are adjusted accordingly. For more on the principles used in compiling the flash estimate, see http://statistika.eestipank.ee/failid/mbo/kiir_mb_eng.html.

Source: Bank of Estonia 

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

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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

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Estonia’s activity in foreign markets increased in March

The flash estimate1 put the Estonian current account at 37 million euros in deficit in March 2017. All the components of the current account were up on the previous March, especially exports and imports of goods and services. The surplus on the goods and services account was 5 million euros, which was 10 million euros less than a year earlier. The growth in the trade of goods was notable, as goods exports increased by 10% and imports by 12%, meaning the deficit on the goods account widened by 15 million euros to 90 million euros. The surplus on the services account was 96 million euros, which was 10 million euros more than a year earlier. Exports of services increased by 12% and imports by 13%. The net outflow on the primary and secondary income accounts was at the same level as a year before and totalled 42 million euros.

The current and capital accounts were in deficit by a total of 20 million euros in March, meaning Estonia was a net borrower from the rest of the world.

Read more from Bank of Estonia website

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

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One-off transactions pulled the current account into deficit in January 2017

The flash estimate1 put the Estonian current account at 251 million euros in deficit in January 2017. The cause of the deficit was large one-off import transactions for transport vehicles. The deficit on the goods and services account was 240 million euros. Goods exports grew by 9% and goods imports by 39%, so the deficit on the goods account widened to 342 million euros. Exports of services increased by 12% and imports by 10%, so the surplus on the services account was larger than a year previously at 102 million euros. The net outflow on the primary and secondary income accounts totalled 11 million euros, which was 36 million euros less than a year earlier.

The current and capital accounts were in deficit by a total of 220 million euros in January, meaning Estonia was a net borrower from the rest of the world. Loan liabilities increased and other investment assets were reduced in order to finance the deficit.

1 The quarterly balance of payments is compiled from a combined system of representative primary data sources, including surveys of companies, while the monthly balance of payments draws from a considerably smaller database. Although the monthly report uses as much data available for the month reported as possible, including administrative data sources and reports on international payments, it is subjective to a certain degree, which is why it is called an estimate. Once the quarterly balance of payments is released, the monthly balances of payments are adjusted accordingly. For more on the principles used in compiling the flash estimate, see http://statistika.eestipank.ee/failid/mbo/kiir_mb_eng.html

Eesti Pank publishes the flash estimate of the balance of payments monthly for the last month but one. Eesti Pank will publish the balance of payments for the first quarter of 2017 on 8 June 2017.

Statistical releases are published by Eesti Pank together with statistical data. The release is independent of economic policy releases and is presented separately from them.

 

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Source: Bank of Estonia