Analytics, Estonia, Foreign trade , Good for Business, Statistics
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 16:05
In July, the exports of goods of Estonian origin increased
In July,
Estonia’s exports of goods amounted to 1.2 billion euros and imports to 1.3
billion euros at current prices. The trade deficit was 124 mln euros; it
decreased by 77 mln euros compared to July 2019.
According
to Evelin Puura, leading analyst at Statistics Estonia, the exports
of goods of Estonian origin showed signs of recovery compared to July 2019.
“Growth in the exports of goods of Estonian origin was driven mainly by the
exports of disinfection products and processed fuels. The decline in imports
was mostly the result of a continued fall in the imports of iron and steel as
well as passenger cars and fuel,” added Puura.
In July,
the top destination country of Estonia’s exports was Finland, followed by
Latvia and Sweden. The biggest decrease occurred in exports to Denmark (down by
27 mln euros) and the USA (down by 18 mln euros). Compared to the previous
year, less shale oil was exported to Denmark and less electrical equipment to
the USA. Exports increased the most to the United Kingdom and Australia (by 33 mln
euros to each). Compared to last year, more ethyl alcohol based disinfection
products and processed fuel oil were exported to the United Kingdom, and more
motor spirit was exported to Australia.
The biggest
exports from Estonia were electrical equipment, mineral products, and
agricultural products and food preparations. Compared to July 2019, the exports
of mechanical appliances declined by 10 mln euros. The biggest increase (by 12 mln
euros) occurred for exports of agricultural products and food preparations.
Of the
total exports of goods, the goods of Estonian origin accounted for 70%. Their
exports increased by 6%, and re-exports decreased by 13%, compared to last
year’s July. The main increase occurred in the exports of disinfection products
and processed fuels of Estonian origin. In terms of re-exports, the biggest
decline occurred for mechanical machinery, and base metals and articles of base
metal.
The main
countries of consignment were Finland, Germany and Latvia. Imports decreased
the most from Sweden (down by 26 mln euros), Russia and Finland (down by
20 mln euros from each). From Sweden, the imports of transport and
electrical equipment decreased the most; from Russia, the imports of raw
materials and products of chemical industry; and from Finland, the imports of
electrical equipment. The imports of goods increased the most from China (up by
13 mln euros), with more electrical and protective equipment imported.
The main
commodities imported to Estonia were electrical equipment, mineral products,
agricultural products and food preparations, and transport equipment. The
biggest decrease occurred in the imports of base metals and articles of base
metal and transport equipment, and the biggest increase in the imports of
precious metals.
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