Analytics, Baltic Export, Baltic States – CIS, Economics, Estonia, Foreign trade

"July export figures were poor. As of July, no improvement took place regarding foreign demand which would have expressed itself in export volumes," Arumäe said. Arumäe estimated that the 10% fall in July means an increasing possibility that third quarter export growth will be strongly below last year's level since in August, the last year's base is much higher to exceed than in July. "Sales to Russia affected export fall most. Slowdown of Russian economy is manifesting itself more clearly," said Arumäe.

Swedbank analyst Tõnu Mertsina estimated that the export fall will also slow down economic growth.

According to Statistics Estonia, in July 2013, exports of goods decreased by 10% and imports by 1% at current prices compared to July of the previous year. The 10% decrease in total exports compared to July 2012 was mainly influenced by the decrease in the dispatches to Russia (down by 16% or 24 million euros) and United Kingdom (down by 45% or 17 million euros).