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Thursday, June 26, 2008

Estonia Foreign Trade April 2008

Some good news from Estonia for a change. In April 2008 Estonian goods exports were up sharply, to 12.2 billion kroons during the month. Compared with April 2007 the increase in exports was 1.8 billion kroons or 18% in nominal (non inflation adjusted) prices. The main increases were in metals and products thereof and of machinery and equipment.

Goods imports of goods ran to 15.8 billion kroons, which was 0.2 billion kroons or 2% up on April 2007. One of the main reasons of the slowdown in the growth of imports was the decrease of imports from Russia by nearly one billion kroons (45%).

The trade deficit in April was 3.6 billion kroons. Compared to April 2007, the trade deficit was down by 1.6 billion kroons — mainly caused by the faster growth of exports than of imports.

In April 2008 EU countries had 69% share in the export destinations, while the share of CIS countries was up to 18% of the total exports (in the previous year these figures were 70% and 11%, respectively). Compared to April 2007, exports of goods to EU countries increased by 1.1 billion kroons (15%), and to CIS countries by 0.3 billion kroons (27%). The main destination countries were Finland, Sweden and Russia.

Exports to Latvia were down 20% and to Russia up by 23%.

In total imports the share of the EU countries was 82% and that of CIS countries 13% (in the previous year the figures were 77% and 16%, respectively). Imports from the EU countries increased by over a billion kroons (9%), at the same time imports from CIS countries decreased by 0.8 billion kroons or nearly by one third. The biggest increase (0.3 billion kroons) was announced in imports from Lithuania. The most important sources of imports were Finland, Germany and Sweden.

In both exports and imports the most important section was machinery and equipment which accounted for around one fifth of the both flows. The largest increase in imports was for raw materials and chemical industry products, machinery and equipment and metals and products thereof.

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