July imports up nine, exports six percent on year

According to information released by Statistics Estonia on Monday, July exports of goods increased by six and imports by nine percent on year.

Increased imports of base metals and articles of base metal and transport equipment contributed to the growth in imports - writes err.ee.

Exports from Estonia in July amounted to €900 million and imports to €1.1 billion at current prices. The trade deficit was €197 million, up from €153 million last July.

The top destination countries for Estonia's exports in July were Finland (15 percent of Estonia's total exports), Sweden (14 percent) and Latvia (ten percent). Electrical equipment and base metals and articles of base metal were the primary commodities exported to Finland, while electrical equipment and transport equipment, including ships, were the main commodities exported to Sweden, and mineral products, including electricity, and agricultural products and food preparations were the main commodities exported to Latvia.

The biggest increases occurred in exports to Germany (up by €19 million), Russia and Turkey (up by €13 million each), with the exports of electrical equipment, including communication equipment, increasing to Germany, the exports of mechanical appliances increasing to Russia and the exports of metal waste increasing to Turkey. The biggest decrease occured in exports to the Netherlands (down by €12 million), where fewer mineral products, including shale oil, were exported.

The biggest share in exports was held by electrical equipment, followed by wood and articles of wood, agricultural products and food preparations, mineral products and mechanical appliances. The greatest increase was in the exports of raw materials and products of chemical industry (up by €16 million), wood and articles of wood (up by €13 million), and transport equipment (up by €12 million). At the same time, the exports of electrical equipment and mineral products decreased.

Exports increase by 15, imports by 14 percent in May

The share of goods of Estonian origin in total exports was 71 percent in July. The rise in the exports of goods of Estonian origin was affected the most by an increase in the exports of raw materials and products of chemical industry (including caulking compounds, other mastics), wood and articles of wood (incl. coniferous saw-timber) and mechanical appliances (including conveyors).

The main countries of consignment in July 2017 were Finland (13 percent of Estonia’s total imports), Germany (11 percent) and Lithuania (nine percent). The main commodities imported were electrical equipment and mineral products (including motor spirits, electricity) from Finland; mechanical appliances and transport equipment from Germany; mineral products and agricultural products and food preparations from Lithuania. The biggest increase occurred in imports from Poland (up by €17 million), Finland (up by €12 million) and Latvia (up by €11 million). In imports from Poland, the imports of transport equipment, and from Finland and Latvia, the imports of base metals and articles of base metal increased. Imports from Hungary decreased the most.

The primary commodities imported to Estonia were electrical equipment, transport equipment, and agricultural products and food preparations. The biggest increase was in the imports of base metals and articles of base metal and transport equipment, and the biggest fall occurred in the imports of electrical equipment.

In July 2017, the foreign trade export volume index increased by three percent and the import volume index by ten percent compared to the same period last year.

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