Statistics Estonia reported on Monday that exports of goods increased by 27% and imports by 18% in July compared to the same month of the previous year. The growth in trade was affected the most by a significant increase in the trade of mineral products, including fuel additives, shale oil, motor spirit and heavy fuel oil. The trade of mineral products trade also increased in both quantity and value, with exports tripling and imports doubling.
In July 2018, the value of exports from Estonia amounted to €1.2 billion, and imports to Estonia to €1.3 billion at current prices. The trade deficit was €137 million, compared to €186 million in July 2017.
In July 2018, the top destination countries of Estonia's exports were Finland (16%), Sweden, Latvia (both 9%) and the United States (10%). Electrical equipment as well as base metals and articles of base metals were the main commodities exported to Finland. Agricultural products and food preparations (raw milk, beer) as well as mineral products (electricity, fuel additives) were the main commodities exported to Latvia.
Electrical equipment as well as wood and articles of wood were the main commodities exported to Sweden. The biggest increase occurred in exports to the United States (up by €54 million), Finland (up by €47 million), Saudi Arabia (up by €45 million) and Singapore (up by €35 million). In exports to the US, electrical equipment (data communication equipment) and mineral products increased the most. There was also an increase in the exports of mineral products to Finland, Saudi Arabia and Singapore. The biggest decrease occurred in exports to Sweden (down by €27 million).
The biggest share in the exports of goods was in mineral products (22% of total exports) and electrical equipment (15%), followed by wood and articles of wood (9%). The greatest increase was recorded in the exports of mineral products (up by €184 million) as well as wood and articles of wood (up by €13 million), and base metals and articles of base metals (up by €12 million).
The share of goods of Estonian origin in total exports was 71% in July 2018. The exports of goods of Estonian origin increased by 27%, and re-exports by 25%. In the exports of goods of Estonian origin, the greatest increase was recorded in mineral products (oil, shale oil, and electricity), wood and articles of wood (birch pulpwood, coniferous sawn timber) and miscellaneous manufactured articles (prefabricated wood buildings).
The main countries of consignment in July 2018 were Finland (13%), Germany (11%) and Lithuania (10%). From Finland, mineral products and electrical equipment were imported the most. In imports from Lithuania, mineral products and agricultural products and food preparations had the highest share, while mechanical appliances and transport equipment were the main commodities imported from Germany. The biggest increase occurred in imports from Russia (up by €49 million), Belarus (up by €42 million) and Lithuania (up by €28 million), with imports of mineral products (fuel additives, motor spirit) increasing the most from each country.
The main commodities imported to Estonia were mineral products (15%), electrical equipment (14%) and mechanical appliances (11%). The greatest increase was in the imports of mineral products (up by €104 million), mechanical appliances (up by €29 million), and base metals and articles of base metal (up by €16 million).
In July 2018, the foreign trade export volume index increased by 23%, and the import volume index by 12% compared to July 2017.