In March foreign trade grew

Konteinerid Paldiski Lõunasadamas.

PHOTO: Liis Treimann

According to Statistics Estonia, in March 2014, exports of goods increased by 1% and imports by 4% at current prices compared to March of the previous year. Foreign trade had declined for nine consecutive months compared to the same month of the previous year, but in March foreign trade increased.

In March, exports from Estonia amounted to 1 billion euros and imports to Estonia to 1.2 billion euros at current prices. The trade deficit was 157 million euros and it increased compared to March 2013.

The biggest share in Estonia’s exports was held by electrical equipment (a fifth of Estonia’s total exports), followed by mineral products (12%), agricultural products and food preparations (10%) and wood and products thereof (10%). A significant increase occurred in the exports of agricultural products and food preparations (up by 15 million euros), mineral products (up by 10 million euros) and wood and products thereof (up by 10 million euros). At the same time, there was a decrease in exports of raw materials and products of chemical industry (down by 37%) and metals and products thereof (down by 13%).

In March, the main commodities imported were electrical equipment (17% of Estonia’s total imports), mineral products (13%) and agricultural products and food preparations (10%). The biggest increased occurred in the imports of transport equipment (up by 15 million euros) and articles of plastics and rubber (up by 9 million euros). At the same time, the imports of electrical equipment and raw materials and products of chemical industry decreased (by 5% and 4%, respectively).

The top destination country of Estonia’s exports was Sweden (17% of Estonia’s total exports), followed by Finland (15%) and Russia (11%). Electrical equipment and wood and products thereof were the main commodities exported to Sweden; electrical equipment and miscellaneous manufactured articles (incl. furniture and prefabricated houses) were the main commodities exported to Finland; and mechanical appliances were the main commodity exported to Russia. The biggest growth occurred in exports to USA (up by 2.2 times or 28 million euros) and to Russia and Belgium (up by 13 and 12 million euros, respectively). Exports to USA increased due to larger dispatches of mineral products (incl. motor spirits, fuel oils); exports to Russia were boosted by exports of mechanical appliances and agricultural products and food preparations; exports to Belgium were increased by exports of mineral products (incl. oil shale). At the same time, exports to Latvia and to Lithuania decreased due to smaller dispatches of raw materials and products of chemical industry (to Latvia) and mineral products (to Lithuania).

The main countries of consignment were Finland (15% of Estonia’s total imports), Germany (11%) and Sweden (11%). The main commodities imported were mineral products (incl. motor spirits) and electrical equipment (from Finland), mechanical appliances and transport equipment (from Germany) and electrical and transport equipment (from Sweden). There was an increase in imports from Germany (up by 17 million euros), Finland (up by 15 million euros) and Russia (up by 11 million euros). There were increased imports of mineral products (incl. fuel and lubricating oils) and mechanical appliances from Germany, and increased imports of mineral products (incl. motor spirits) from Finland. Imports of mineral products (incl. oils and fuel oils) from Russia also grew. At the same time, imports from China and Latvia decreased.

In the 1st quarter of 2014, exports decreased by 8% and imports by 4% compared to the same period of 2013. The trade deficit in the 1st quarter was 362 million euros (262 million euros in the same period of 2013).

Compared to March 2013, export and import prices decreased by 3%.

Estonia’s foreign trade, March, 2013–2014
MonthExports, million eurosImports, million eurosBalance, million euros
20132014change,%20132014change, %20132014
January1 128.6908.9-191 150.71 001.6-13-22.1-92.7
February960.9920.1-41 078.41 032.0-4-117.5-111.9
March1 006.01 018.111 128.61 175.34-122.6-157.2
1st quarter total3 095.52 847.1-83 357.73 208.9-4-262.2-361.8
Main foreign trade partners of Estonia, March 2014
Country of destination,

 

group of countries

Exports,

 

million

euros

Share, %Change compared

 

to same month

of previous year, %

Country of consignment,

 

group of countries

Imports,

 

million

euros

Share, %Change compared

 

to same month

of previous year, %

TOTAL1 018.11001TOTAL1 175.31004
EU-28731.072-1EU-28977.3835
EA18419.241-1EA18556.2475
CIS127.6138CIS99.9810
1. Sweden175.61751. Finland171.01510
2. Finland151.51522. Germany132.91115
3. Russia111.411133. Sweden124.111-1
4. Latvia102.410-134. Latvia108.99-8
5. Lithuania53.75-175. Lithuania105.492
6. Germany51.75156. Poland88.178
7. USA51.35-7. Russia86.7715
8. Norway36.64-28. United Kingdom49.2422
9. Belgium34.93549. Netherlands37.53-3
10. Netherlands29.33-810. China31.23-27
Exports and imports by commodity sections, March 2014
Commodity section (chapter)

 

by Combined Nomenclature (CN)

ExportsImportsBalance,

 

million

euros

million

 

euros

Share, %change compared

 

to same period

of previous year, %

million

 

euros

Share, %change compared

 

to same period

of previous year, %

TOTAL1 018.110011 175.31004-157.2
Agricultural products and food preparations (I–IV)100.91018121.4104-20.5
Mineral products (V)122.9129155.9133-33.0
Raw materials and products of chemical industry (VI)50.45-37102.19-4-51.8
Articles of plastics and rubber (VII)32.13663.0518-31.0
Wood and products thereof (IX)99.0101137.031162.0
Paper and articles thereof (X)27.13-522.8294.2
Textiles and products thereof (XI)33.53154.9510-21.4
Metals and products thereof (XV)66.47-1385.87-2-19.4
Mechanical appliances (84)82.084116.6101-34.5
Electrical equipment (85)201.6200194.617-57.0
Transport equipment (XVII)56.7617112.61016-56.0
Miscellaneous manufactured articles (XX)79.281226.92352.3
Other66.45-681.5726-15.1
TOP