Exports fall 3 pct, imports 6 pct in August

Photo: SCANPIX

Estonia's exports of goods fell 3 percent and imports 6 percent year on year in August, Statistics Estonia said on Friday.

The decrease in exports and imports was influenced the most by trade in mechanical appliances, electrical equipment, and agricultural products and food.

In August exports totaled nearly one billion euros and imports amounted to 1.1 billion euros at current prices. The trade deficit was 80 million euros, 31 million euros smaller than in August 2013.

Electrical equipment made up the biggest part of exports, accounting for 22 percent of the total. Mineral products were the second biggest group with 11 percent, followed by wood and wood products and agricultural products and food preparations with 9 percent each. The annual decrease in exports was due to the significant decline in the exports of mechanical appliances (down by 20 million euros), textiles (down by eight million euros), electrical equipment, and agricultural products and food preparations (both down by six million euros). The biggest increase occurred in the exports of mineral products.

Electrical equipment was also the biggest group of imports, accounting for 18 percent of all imports. Mineral products made up 13 percent and agricultural and food products 11 percent. The biggest year-on-year decrease occurred in the import of mechanical appliances, which fell by 18 million euros. The import of electrical equipment dropped by 17 million euros and of agricultural and food products by 10 million euros. The biggest increase was recorded in the import of textiles.

The top destination country of Estonia's exports in August was Sweden with 18 percent of the total, followed by Finland with 16 percent and Latvia with 11 percent. Electrical equipment and wood and products thereof were the main commodities exported to Sweden, electrical equipment and agricultural and food products topped exports to Finland, and mineral products and agricultural products and food preparations were the main commodities exported to Latvia. The biggest decrease occurred in exports to Russia, which were down by 23 million euros. Exports to the United States increased the most in annual comparison.

The main countries of consignment were Finland with 15 percent of Estonia's total imports, Germany with 12 percent, and Lithuania and Sweden with 10 percent each. The main commodities imported were mineral products and electrical equipment from Finland, mechanical appliances and mineral products from Germany, mineral products and agricultural and food products from Lithuania, and electrical and transport equipment from Sweden. Compared to August 2013, imports from Sweden fell by 20 million euros, from the UK by 18 million euros and from Poland by 11 million euros. The biggest increase occurred in imports from Germany.

Compared to July 2014, export declined by 3 percent and import by 8 percent in August.