TALLINN - In May 2011, Estonia’s exports grew by 53 percent and imports by 44 percent at current prices, in the year-on-year comparison, show data from Statistics Estonia, reports news agency LETA. Because exports grew faster than imports, the foreign trade deficit also decreased.
Exports of goods from Estonia amounted to 1.1 billion euros in May, and imports amounted to 1.1 billion euros. Exports of goods exceeded the turnover of April (which previously had the highest export turnover this year). The foreign trade deficit was at 24 million euros (in May 2010, the trade deficit was 62 million euros).
Machinery and equipment accounted for the biggest share in Estonia’s total exports - 25 percent. Mineral products (including motor spirits, fuel oils and electricity) accounted for 24 percent of exports and wood and products thereof accounted for 8 percent.
Machinery and equipment accounted for 26 percent of Estonia’s total imports, mineral products for 18 percent and agricultural products and food preparations for 10 percent.
The principal country of destination for Estonia’s exports was Finland (destination for 14 percent of total exports), followed by Sweden (14 percent) and the United States (10 percent. In the year-on-year comparison, exports to Nigeria and to Sweden grew the most. The principal country of origin for imports to Estonia was Finland (accounting for 12 percent of total imports), followed by Germany and Latvia (11 percent and 10 percent, respectively).