Exports to Russia slashed in half in a year


According to Statistics Estonia, in February 2015, exports of goods decreased by 7 percent and imports by 4 percent compared to February of the previous year. The decrease in both was mostly influenced by a fall in the trade of mineral products and mechanical appliances.

In February, exports from Estonia amounted to 0.9 billion euros and imports to Estonia to 1 billion euros at current prices. The trade deficit was 141 million euros, that is 17 million euros more than in February 2014.

Export to the EU countries was worth 667 million euros, which is 77 percent of total exports.

The decrease in exports compared was due to a significant decrease in the exports of mineral products (down by 34 million euros) and mechanical appliances (down by 11 million euros).

Estonia’s biggest export articles are electrical equipment (22 percent of total exports), followed by wood and products thereof (11 percent) and agricultural products and food preparations (10 percent).

Top destination countries continue to be Sweden (19 percent off total exports in February), Finland (15 percent) and Latvia (10 percent). Compared to last year, export to Russia was down 50 percent and to Latvia 16 percent. At the same time, export to Sweden, Netherlands and the US has increased.

For more detailed information, see here.

Source: http://news.err.ee/v/economy/d9d948ae-bd33-4574-9139-3ad878a0bafd