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Estonia: Moderate Growth in Exports

Published: February 11, 2013; 13:35 · (Vindobona)

According to Statistics Estonia, in 2012 exports of goods increased by 4% and imports by 9% compared to 2011.

Estonia: Moderate Growth in Exports / Picture: © Vindobona.org

In 2012, the annual growth of exports and imports was slower than in the previous year when both exports and imports grew by 37%.

In 2012, exports of goods at current prices totalled 12.6 billion euros and imports to Estonia totalled 13.8 billion euros. Estonia’s trade deficit amounted to 1.2 billion euros, which is two times bigger than in 2011 when the trade deficit was 0.66 billion euros. The biggest trade surplus was registered in Estonia’s trade with Sweden and Russia (exports to both countries exceeded imports by 0.6 billion euros). The biggest deficit was registered in trade with Germany and Lithuania.

In 2012, the main countries of destination were Sweden (16% of Estonia’s total exports), Finland (15%) and Russia (12%). The biggest increase was registered in exports to Russia and Latvia (up by 16% and 15%, respectively), while exports to USA decreased (down by 22%). Electrical equipment and fuels were mainly exported to Sweden, electrical equipment and furniture to Finland, and mechanical and electrical equipment to Russia.

The main countries of consignment were Finland (14% of Estonia’s total imports), Germany and Sweden (10% each). In 2012 compared to 2011, imports from Finland and Lithuania increased the most (up by 25% and 14%, respectively). Fuels and electrical equipment were mostly imported from Finland, transport and mechanical equipment from Germany and electrical equipment from Sweden.

In 2012, the first place in exports was held by machinery and equipment (29% of Estonia’s total exports), followed by mineral fuels incl. motor spirits, shale oil and electricity (15%), and agricultural products and food preparations (9%). The turnover of all commodity sections (excl. mineral fuels) increased compared to 2011. The growth in Estonia’s exports was mostly influenced by the dispatches of machinery and equipment (growth rate 9% or 301 million euros). There was also a significant increase in dispatches of agricultural products and food preparations (up by 15% or 148 million euros). At the same time, dispatches of mineral products decreased compared to 2011 (down by 9%).

In 2012, the first place in imports was also held by machinery and equipment (29% of total imports), followed by mineral products (15%) and agricultural products and food preparations (10%). The total imports of Estonia were mostly influenced by an increase in the arrivals of machinery and transport equipment (up by 13% and 21%, respectively). At the same time, the arrivals of mineral products decreased (down by 7%).

In December 2012, the value of exports of goods was 0.9 billion euros and the value of imports was 1.1 billion euros. Compared to December 2011, exports decreased by 5%, but imports increased by 9%.

In December, exports decreased by 23% and imports by 5% compared to November 2012. A decline in exports was recorded in all the main commodity sections (excl. mineral fuels). The biggest monthly decrease occurred in the dispatches of machinery and equipment and metals and products thereof. In most commodity sections, there was also a decline in arrivals. As in exports, the biggest decline was registered in the arrivals of machinery and equipment and metals and products thereof.

In 2012, the annual rise was 2% for export prices and 4% for import prices (for comparison, in 2011 the annual rise was 10% and 11%, respectively).

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