Estonia Trade Deficit November 2007

The Estonian Statistics Office have published the Estonian trade data for November. According to the preliminary data, in November 2007 the Estonian foreign trade deficit was 3.6 billion kroons and was down both when compared to November 2006 as well as to October 2007. Compared to November 2006, foreign trade turnover increased by 6%, but decreased by 2% compared to October 2007.

In November 2007 the exports were 11.7 billion kroons (43%) and imports 15.3 billion kroons (57%). Compared to November 2006, the exports of goods increased 12% while the imports of goods was up 2%.

In November 2007 the trade deficit was 3.6 billion kroons November 2006 it was 4.5 billion kroons and in October 2007 — 3.9 billion kroons.

If we look at the chart for the monthly trade deficit, we will see that it has imporved somewhat, but if we look at the monthly imports and exports chart (second chart below) we will see that while there was some rebound in exports towards the end of 2007, a significant part of the improvement in the trade deficit comes from a weakening in imports, a phenomenon which is, to some extent, associated with the downturn in domestic demand.