Estonia, Foreign trade , Good for Business

In May 2018, exports from Estonia amounted to 1.2 bln euros and imports to Estonia to 1.4 bln euros at current prices. The trade deficit was 215 mln euros (in May 2017, it was 153 mln euros).

In May, the top destination countries of Estonia’s exports were Finland (16% of Estonia’s total exports), Sweden (11%) and Latvia (10%). Electrical equipment and base metals and articles of base metal were the main commodities exported to Finland; electrical equipment and wood and articles of wood were the main commodities exported to Sweden; mineral products (fuel additives, electricity) and transport equipment (motor cars) were the main commodities exported to Latvia. The biggest increase occurred in exports to the USA (up by 38 mln euros), Latvia (up by 26 mln euros) and Finland (up by 18 mln euros). In exports to the USA, the exports of electrical equipment increased. There was also an increase in the exports of mineral products and transport equipment to Latvia and electrical equipment and wood and articles of wood to Finland. The biggest decrease occurred in exports to Sweden (down by 19 mln euros).

In May, the biggest share in the exports of goods was held by electrical equipment (16% of the total exports of goods), followed by mineral products (14%) and wood and articles of wood (12%). The greatest increase was in the exports of mineral products (up by 49 mln euros) and wood and articles of wood (up by 14 mln euros).

The share of goods of Estonian origin in total exports was 71% in May 2018. The exports of goods of Estonian origin increased by 7% and re-exports by 9%. Increased exports in the commodity sections of mineral products (shale oil, fuel additives) and wood and articles of wood (sawn timber, wooden doors, glue-laminated boards) contributed to the increase in the exports of goods of Estonian origin.

The main countries of consignment in May were Finland (13% share of Estonia’s total imports), Sweden (12%) and Germany (10%). The main commodities imported were: mineral products and electrical equipment from Finland, transport equipment and mechanical appliances from Germany, and electrical equipment and transport equipment from Sweden. The biggest increase occurred in imports from Sweden (up by 70 mln euros), Belarus (up by 46 mln euros, i.e. approximately 11 times) and Russia (up by 24 mln euros). Electrical equipment and transport equipment were imported more from Sweden, mineral products (motor spirit, fuel additives) from Belarus and Russia. Imports decreased the most from China and Spain (both down by 13 mln euros). Less electrical equipment and mechanical appliances were imported from China and less mineral products from Spain.