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International Internet Magazine. Baltic States news & analytics Thursday, 21.11.2024, 20:58

Estonia's trade deficit in January was smallest in 7 years

BC, Tallinn, 11.03.2020.Print version
According to Statistics Estonia, in January 2020, compared to January 2019, the exports of goods decreased by 1% and imports by 9%. While overall exports declined, there was an increase in the exports of agricultural products and food preparations, and in particular, cereals, informed Statistics Estonia.

Estonia’s exports of goods amounted to 1.14 bn euros and imports to 1.16 bn euros at current prices. The trade deficit was 20 mln euros, which is the smallest deficit in the last seven years.


The top destination countries of Estonia’s exports were Finland, Sweden and Latvia. The biggest decrease occurred in exports to the USA (down by 31 mln euros), Singapore (down by 16 mln euros) and Germany (down by 14 mln euros). Less electrical equipment was exported to the USA and Germany, and less mineral products to Singapore. Exports increased the most to the Netherlands (up by 40 mln euros) and Turkey (up by 24 mln euros). More mineral products were dispatched to the Netherlands and more agricultural products and food preparations to Turkey. 


The biggest exports from Estonia were electrical equipment, mineral products, and wood and articles of wood. The decline in exports came mainly from electrical equipment (down by 32 mln euros) and mechanical appliances (down by 17 mln euros). Exports increased the most for agricultural products and food preparations (up by 28 mln euros).


Goods of Estonian origin accounted for 72% of the total exports of goods. Their exports decreased by 2% and re-exports remained at the level of January 2019. The biggest decline occurred for electrical equipment (communication equipment), while the exports of agricultural products and food preparations (wheat) increased the most.


The main countries of consignment were Finland, Latvia and Germany. Imports decreased the most from Lithuania (down by 41 mln euros), Sweden (down by 29 mln euros) and Belarus (down by 24 mln euros). Less mineral products (fuel) were imported from Lithuania and Belarus, and less electrical equipment (electronic integrated circuits) from Sweden.


The main commodities imported to Estonia were electrical equipment, agricultural products and food preparations, and mineral products. The biggest decrease occurred in the imports of mineral products and electrical equipment.



 

Exports and imports by commodity section, January 2020

Commodity section (chapter) by Combined Nomenclature (CN)

Exports

Imports

Balance, million euros

 

million euros

share, %

change on same period of previous year, %

million euros

share, %

change on same period of previous year, %

 

TOTAL

1,142

100

-1

1,161

100

-9

-20

 

Agricultural products and food preparations (I–IV)

114

10

33

127

11

8

-13

 

Mineral products (V)

145

13

-8

127

11

-40

19

 

Raw materials and products of chemical industry (VI)

61

5

-2

117

10

1

-56

 

Articles of plastics and rubber (VII)

37

3

6

65

6

-1

-28

 

Wood and articles of wood (IX)

130

11

-1

41

4

-4

90

 

Paper and articles thereof (X)

28

2

-11

23

2

8

5

 

Textiles and textile articles (XI)

32

3

-2

53

4

-6

-21

 

Base metals and articles of base metal (XV)

90

8

2

115

10

3

-25

 

Mechanical appliances (84)

83

7

-17

110

9

-7

-26

 

Electrical equipment (85)

167

15

-16

141

12

-22

26

 

Transport equipment (XVII)

75

7

10

119

10

-5

-44

 

Optical, measuring, precision instruments (XVIII)

38

3

12

30

3

-3

8

 

Miscellaneous manufactured articles (XX)

96

9

3

37

3

16

60

 

Other

47

4

14

59

5

17

-13

 




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