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Estonia to increase exports

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The Estonian government has set a goal to increase the share of Estonia’s exports in world trade by 0.1% by the year 2015. According to the WTO, Estonia’s share is currently at 0.099%.

The government said in a statement that exports have a substantial impact on the country’s economy, accounting for approximately 72% of GDP. Furthermore, strong exports have an important role in Estonia’s competitiveness.

According to the Statistics Office, Estonia’s exports were annually up by 4.6% in the first eight months of 2012. Export of chemistry products has grown the most compared to the same period in 2011, being up by 22.2%, followed by metal products (13.8%) and plastic and rubber (11.8%). In August, machinery and equipment were the major export articles at 28% of total sales to foreign countries. Some 65% of goods were sold to European Union countries in August.

Estonia´s biggest export markets over the years have been Sweden, Findland and Russia as can be seen on the graph (source: Estonian Statistical office) below.

eksport_2007-2011

Estonia was ranked 7th in the World Bank’s Doing Business 2013 report’s Trading Across Borders section. Overall, the country ranked 21st among 185 countries.

Source: Ease of Doing Business in Estonia (2012), Estonian Goverment webpage