Trade deficit shrinks on strong exports

TALLINN - According to Statistics Estonia, in September compared to September of the previous year, exports of goods rose by 41 percent and imports by 35 percent, at current prices, reports news agency LETA. Exports and imports were mostly influenced by the remarkable increase of trade in machinery and equipment.
In September 2010, exports of goods from Estonia amounted to 13.2 billion kroons (847 million euros) and imports to Estonia to 13.5 billion kroons. The trade deficit amounted to 300 million kroons, which decreased by half compared to September 2009.

In September, the biggest share in Estonia’s exports was held by the commodities of machinery and equipment (a quarter of Estonia’s total exports), mineral products (13 percent) and metals and products thereof (10 percent). Exports of machinery and equipment increased twofold, or by 1.6 billion kroons compared to September of the previous year. Exports of metals and products thereof and wood and products thereof also increased significantly (72 percent and 41 percent, respectively).

In September the biggest share in Estonia’s imports was held by machinery and equipment (27 percent of Estonia’s total imports), mineral products (13 percent) and agricultural products and food preparations (11 percent). Compared to September 2009, arrivals of machinery and equipment increased nearly twofold, or by 1.7 billion kroons. Imports of metals and products thereof also increased significantly.

The main countries of destination were Sweden (17 percent of Estonia’s total exports), Finland (16 percent), Latvia and Russia (both 10 percent). Compared to September of the previous year, exports to Sweden doubled. Exports increased significantly also to Finland and Russia. Electrical equipment and wood and products thereof were mainly exported to Sweden, electrical equipment and furniture to Finland, mineral fuels and mechanical equipment to Latvia and mechanical equipment and paints and varnishes to Russia.

The main countries from where goods were imported to Estonia were Finland (16 percent of Estonia’s total imports), Germany and Sweden (12 percent from each). The biggest increase was announced in the arrivals from Finland and Sweden. Mineral fuels and electrical equipment were mainly imported from Finland, vehicles and parts thereof and electrical equipment from Germany and Sweden.

During the nine months (January–September 2010) the turnover of exports of goods from Estonia increased by 28 percent and of imports to Estonia by 23 percent compared to the same period of the previous year. The turnover of exports from Latvia increased by 29 percent and from Lithuania by 28 percent (imports by 18 percent and 29 percent, respectively).