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Exports and imports up in February


Estonian exports of goods grew by 7%, imports increased by 5% compared to the same month last year. Goods of Estonian origin accounted for one third of growth in exports, Statistics Estonia reported on Monday.

Exports from Estonia amounted to €900m, imports reached €1.1bn at current prices. The trade deficit was €140m compared to €151m in February 2015.

The main destination countries were Sweden, which accounted for 20% of Estonian exports, Finland at 16%, and Latvia at 9%. An increase was recorded in exports to all main destination countries, with exports to Sweden growing by €23m, to Canada by €20m and to Finland by €12m. Exports to the Netherlands decreased the most, namely by €16m.

Of exported goods, electrical equipment, wood and wood products, and various manufactured goods performed the best, while a rise was registered in the export of almost all commodity sections. Miscellaneous manufactured goods, where prefabricated buildings made the biggest contribution to growth, transport equipment, and electrical equipment showed the biggest increase. The export of mechanical appliances declined.

Goods of Estonian origin, i.e. goods both produced and processed in Estonia, made up 70% of total exports in February and grew by 3% compared to the same month last year. Among the to-ten destination countries, their share was biggest in exports to Denmark (94%) and Britain (89%), and smallest in exports to Russia (20%).

Top countries of consignment were Finland, which accounted for 13% of total imports, Germany at 11%, and Latvia and Sweden at 9% each. Compared to February 2015, imports from Germany increased the most, namely by €18m. Imports from Latvia grew by €14m, and from Sweden by €13m. At the same time imports from Russia decreased by €19m.

The main commodities imported were electrical equipment, mechanical appliances, agricultural products and food preparations, and transport equipment. The biggest rise was recorded in the import of mechanical appliances and transport equipment, while the import of mineral products decreased significantly.

Compared to January, exports increased 11% and imports 8%.

Source: BNS