Exports boosted by oil transit

TALLINN - Estonia’s exports of goods rose by 11 percent, with imports dropping by 3 percent in January, compared to the same month of 2009, reports Statistics Estonia. The increase in exports was mainly influenced by the steep rise in the shipments of oil products and fuel oils. Exports of goods totaled 8.1 billion kroons (519.2 million euros) and imports into Estonia reached 8.6 billion kroons. The trade deficit was 500 million kroons in January, one third the level in January last year.
In commodity exports, the biggest share was held by mineral products (25 percent of Estonia’s total exports), followed by machinery and equipment (17 percent). Compared to January of the previous year exports of mineral products rose by 2.5 times (by 1.2 billion kroons). Exports of wood and wood products grew by 25 percent.

In commodity imports, the biggest share was also held by mineral products (26 percent of Estonia’s total imports), followed by machinery and equipment (19 percent). Compared to January of the previous year imports of machinery and equipment fell by 21 percent (or 400 million kroons) and imports of transport equipment by 41 percent (or 300 million kroons).
Estonia’s main export partners were Finland, taking 18 percent of Estonia’s total exports, Sweden (14 percent) and Latvia (8 percent). The increase of exports to France, Nigeria and Costa Rica was mainly caused by the increase of shipments of mineral products (motor spirits and fuel oils).

The main countries from where goods were imported to Estonia were Finland (16 percent of total imports), Russia (12 percent) and Latvia (11 percent). Compared to January of the previous year, imports from Germany and the Netherlands declined, but imports from most of the main partner countries increased.
Compared to December 2009, exports of goods declined by 6 percent, and imports by 16 percent. In January, compared to December, the decrease in foreign trade was caused mainly by seasonal effects.
According to Eurostat, in January 2010, the average increase of exports of EU countries rose by 3 percent, compared to January 2009.