Estonian exports rise at fastest pace in 14 months
10-09-2014 kl. 16:51
Estonia increased its exports at the fastest pace in 14 months in July, with the volume of goods sold on the international market up by six per cent annually.
This is according to a report published by Statistics Estonia today (September 9th), which shows the total value of exports was just under €1 billion at current prices over the course of the month.
On a monthly basis, exports were up by one per cent from June, while imports remained flat.
Electrical equipment represented the largest share of the country's exports at 23 per cent of the overall figure, followed by mineral products (13 per cent) and agricultural products (nine per cent).
In terms of value, there was a significant rise in transactions involving mineral products, bringing in €36 million more in July 2014 than the same month in the previous year.
The country's imports totalled €1.1 billion, resulting in a trade deficit of €148 million - a reduction of €50 million over the previous 12 months. Electrical equipment was also the most imported product category, accounting for a fifth of all items bought into Estonia.
Sweden was the nation that received the largest proportion of the nation's exports, with 16 per cent of the total. This was closely followed by Finland (15 per cent) and Latvia (12 per cent).
Indicative of the two countries' strong forestry industry links, wood and wood products were the most commonly traded items between Sweden and Estonia.
The most significant increase in exports was to the US, with the total up by 280 per cent to €34 million.
Finland was responsible for the greatest share of imports into Estonia, accounting for 14 per cent. This is followed by Germany (12 per cent) and Sweden (11 per cent).
When compared to July 2013, imports from Germany, Finland and Russia were each up by around €10 million. However, there was sharp drop in the value of items sourced from Poland and the UK, which fell by €24 million and €13 million respectively.
HD FestForest provides forest management in Estonia, Latvia and Lithuania and is a subsidiary company of HedeDanmark.