Estonia's exports decrease 5 pct in June

Photo: SCANPIX

In June exports of goods from Estonia fell 5 percent and imports to Estonia stayed on the same level year-on-year at current prices, with exports totaling close to 1 billion euros and imports 1.1 billion euros, Statistics Estonia said on Friday.

Due to the decline in exports trade deficit increased to 173 million euros in June.

The top country of destination for Estonian exports was Sweden, which accounted for 17 percent, followed by Finland with 15 percent and Russia with 11 percent. Compared to June 2012 exports to those countries decreased, respectively 14 percent, 8 percent and 13 percent. Exports to Latvia and Belgium rose, respectively 17 and 99 percent.

The main exports to Sweden and Finland were electrical equipment, wood and furniture, the main exports to Russia were mechanical equipment and paints and varnishes, and to Belgium and Latvia mineral products.

The main country of consignment was Finland, which accounted for 14 percent of Estonia's total imports. Next came Sweden and Germany with 10 percent each.  

The biggest share in Estonia's exports was held by machinery and equipment, which accounted for 29 percent of total exports, followed by mineral products with 10 percent, and agricultural products and food preparations with 9 percent of total exports. Machinery and equipment also topped the list of imports, accounting for 30 percent of the total, followed by mineral products with 14 percent, and agricultural products and food preparations with 11 percent of total imports.

Compared to May exports in June fell 12 percent and imports 3 percent. In the first six months export increased 2 percent and import 3 percent compared to the same period last year. At the same time both export prices and import prices decreased 1 percent.

The business confidence index of Estonia fell in June this year but in July it grew in Estonia, as well as in Finland and Sweden.