Estonia’s foreign trade deficit up in June, exports decline.

By bne IntelliNews August 9, 2013

Foreign trade deficit of EUR 173mn was posted in June 2013 vs. deficit of EUR 54mn seen in May, according to the data by Statistics Estonia. Exports in the reporting month stood at EUR 1bn, declining by 5% y/y and 12% m/m. At the same time imports remained flat y/y at EUR 1.15bn in June.

In H1/13 overall exports were EUR 6.09bn inching up by 2% y/y, imports stood at EUR 6.87bn up by 3% y/y. Foreign trade balance was negative at EUR 622.5mn increasing by 3% y/y.

Previously foreign trade in April and May picked up after a slowdown in February and March. In June growth of exports and moderation of imports was less pronounced than in May.

To compare, foreign trade deficit of EUR 1.2bn was posted in 2012, doubling vs. a surplus of EUR 0.66bn deficit in 2011, while exports in 2012 went up by 4% y/y to EUR 12.6bn and imports went up by 9% y/y to EUR 13.8bn.

The structure of exports remained unchanged in June: the highest share of Estonian exports was for machinery and equipment (29% share, down by 7% y/y), mineral products (10% share, down by 32% y/y), agricultural products and food (9% share, up by 9% y/y), and wood and products thereof (9% share, up by 10% y/y).

The share of EU27 is dominant amounting to 71% in exports and 85% in imports. Sweden was the biggest Estonia’s exports partner (17% share of total exports), followed by Finland (15% share), Russia (11%), Latvia (11%), and Lithuania (5% of total exports). Nordic countries (including Denmark and Norway) accounted for about 40% of Estonia’s exports in June. 

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