Imports surge as economy rebounds

  • 2011-04-13
  • From wire reports

TALLINN - In February, Estonia’s exports grew by 34 percent and imports by 45 percent, compared to the same month of the previous year, show data from Statistics Estonia, reports news agency LETA. The trade deficit increased also due to the bigger growth in imports than in exports.

In February the exports of goods from Estonia amounted to 843 million euros, and imports into Estonia to 885 million euros at current prices. Though exports grew more than imports each month in the second half of 2010, in the first two months of 2011 the growth rate of imports exceeded that of exports. That is one of the signs of recovery of the internal demand, at the same time increasing the trade deficit. If in February 2010 the trade surplus was 20 million euros, then in February this year the trade deficit was 42 million euros. The biggest trade deficit was registered in trade with Germany and Lithuania (59 and 33 million euros, respectively). A surplus was registered in trade with important partner countries such as Sweden and Finland (45 and 16 million euros, respectively).

In exports the share of the European Union (EU 27) was 67 percent and the share of eurozone countries (EA 17) 30 percent of the total exports. First place in destination countries of Estonia’s exports was held by Sweden (18 percent of Estonia’s total exports), followed by Finland (15 percent) and Russia (10 percent). Compared to February 2010, exports increased the most to Sweden (190 percent), to Russia (71 percent) and to China. Electrical equipment was mainly exported to Sweden and Finland, mechanical equipment to Russia and mineral products to China.

In February, imports from the European Union accounted for 76 percent and from the eurozone for 35 percent of the total imports to Estonia. The biggest share of goods were imported from Finland and Sweden (both 12 percent of Estonia’s total imports), followed by Germany and Russia (both 11 percent). During the year, arrivals from Sweden increased by two times and from Germany by 46 percent. Electrical equipment was mainly imported from Sweden and Finland, iron and steel from Germany and mineral fuels (including petrol) from Russia.

In Estonia’s exports the biggest share was held by machinery and equipment (29 percent of Estonia’s total exports), mineral products (including petrol, fuel oils and electricity) (17 percent) and agricultural products and food products (8 percent). Exports of machinery and equipment were 2.3 times higher compared to February 2010. Exports of metals and products thereof as well as of wood and products thereof also increased significantly (65 percent and 26 percent, respectively).
In February the biggest share of Estonia’s imports was held by machinery and equipment (25 percent of Estonia’s total imports), mineral products (19 percent) and metals and products thereof (10 percent). Arrivals of machinery and equipment increased by 1.8 times compared to February 2010. Imports of metals and products thereof and transport equipment also increased significantly.

In February, compared to January, exports increased by 3 percent, but imports decreased by 2 percent.