Trade deficit declines in January

March 31, 2008 - Estonia

According to Statistics Estonia, in January 2008 the exports of goods increased and the imports decreased. The trade deficit was the lowest during the last 12 months.

In January 2008 the exports was 10.1 billion kroons and the imports was 13.2 billion kroons. Compared to January of the previous year, the value of exports rose 4% and imports fell 4%. The trade deficit was 3.1 billion kroons. Compared to January 2007, the trade deficit decreased by about a billion kroons and was the smallest during the last 12 months.

In January 2008 the share of the EU countries was 75% and the share of CIS countries accounted for 10% of the total exports. The most important partners in exports were Finland, Sweden and Latvia, accounting for 46% of the total exports. Exports to the EU countries increased 1.1 billion kroons compared to January 2007.

In total imports the share of the EU countries was 79% and that of CIS countries 12%. The most important partners in imports were Finland, Germany and Sweden, accounting for 38% of the total imports. Imports from the EU countries increased 272 million kroons compared to January 2007.

The foreign trade deficit with the EU countries decreased from 3.8 billion kroons to 3 billion kroons compared to January of the previous year. Compared to January 2007, the trade deficit with the CIS countries has dropped from 1.5 billion kroons to 0.6 billion kroons. The biggest trade surplus was mentioned with Norway (247 million kroons) and Sweden (98 million kroons). The biggest trade deficit was announced with Germany (1.0 billion kroons), Russia (484 million kroons) and Lithuania (282 million kroons).

In both exports and imports the most important commodity section was machinery and equipment (the share 20% of exports and 21% of imports). Compared to January 2007, the greatest increase in exports was in the agricultural products (19%). The imports increased in the sections of raw materials and products of chemical industry (12%) and agricultural products (10%). Among other commodity sections the imports decreased.

The surplus in the trade balance was mentioned as positive (active trade balance) in the sections of wood and products thereof (694 million kroons) and miscellaneous manufactured articles (520 million kroons). The biggest foreign trade deficit was mentioned in the section of, transport equipment (849 million kroons) and machinery and equipment (778 million kroons).