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TALLINN – In January 2018, compared to January 2017, the exports of goods increased by 9 percent and imports decreased by 8 percent in Estonia, and the growth in exports was broad-based and increase occurred in most commodity sections.
In January 2018, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.2 billion euros. Trade deficit was 211 million euros, while in January 2017 it was 410 million euros. The reason for the decrease in imports are non-recurring transactions with transport equipment in January 2017. Without considering these transactions, imports increased 11 percent in January 2018, Statistics Estonia reports.
In January, the top destination countries of Estonia's exports were Finland, Sweden and Latvia -- amounting to respectively 17 percent, 12 percent and 10 percent of total exports. Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; electrical equipment and miscellaneous manufactured articles were the main commodities exported to Sweden; mineral products, agricultural products and food preparations and transport equipment were the main commodities exported to Latvia.
The biggest increase occurred in exports to Finland, Canada and Latvia, which were up by 27 million, 15 million and 14 million euros. In exports to Finland, the exports of electrical equipment and base metals and articles of base metal increased. There was also an increase in the exports of mineral products to Canada and in the exports of transport equipment to Latvia. The biggest decrease occurred in exports to Sweden, down by 17 million euros, where less electrical equipment was dispatched.
The biggest share in exports was held by electrical equipment, followed by mineral products, and wood and articles of wood. The greatest increase was recorded in the exports of transport equipment, mechanical appliances and mineral products -- up by 20 million, 17 million and 16 million euros, respectively. The exports of raw materials and products of chemical industry decreased by 6 million euros.
The share of goods of Estonian origin in total exports was 74 percent in January. The exports of goods of Estonian origin grew 11 percent and reexports 4 percent. The exports of goods of Estonian origin grew the most in the commodity sections of mineral products, mechanical appliances and miscellaneous manufactured articles. Among the main destination countries, the exports of goods of Estonian origin had the highest share, with more than 90 percent in exports, to the Netherlands, Sweden and Denmark.
The main countries of consignment in January were Finland with 13 percent, Germany with 10 percent, and Sweden and Latvia both with 9 percent of Estonia's total imports. Electrical equipment and mineral products were the main commodities imported from Finland; transport equipment and electrical equipment from Germany and Sweden; agricultural products and food preparations as well as mineral products from Latvia.
The biggest decrease occurred in imports from Finland, Lithuania and Poland, which were down by respectively 203 million, 37 million and 23 million euros. From Finland and Poland, the imports of transport equipment decreased, and from Lithuania, the imports of mineral products decreased. Imports increased the most from Belarus, Latvia and Sweden, increasing by 38 million, 26 million and 24 million euros. Mineral products were imported more from Belarus and Latvia, and transport equipment from Sweden.
The main commodities imported to Estonia were electrical equipment, mineral products and transport equipment. The biggest decrease was in the imports of transport equipment. There was an increase in the imports of mechanical appliances, base metals and articles of base metal and electrical equipment -- up by respectively 28 million, 24 million and 18 million euros.
In January 2018, the foreign trade export volume index decreased by 3 percent and the import volume index by 1 percent compared to January 2017.