According to a Statistics Estonia press release, the increase in exports was affected most by an increase in the export of mineral products, while the increase in imports was affected mostby non-recurring large-volume transactions with transport equipment.

In January 2017, exports from Estonia amounted to €900 million and imports to €1.4 billion at current prices. The trade deficit was €430 million, up from €155 million last January. The primary reason for the record trade deficit was non-recurring transactions with transport equipment. Not counting these transactions, imports increased 12 percent adn the trade deficit was €164 million.

The top destination countries of Estonia’s exports in January were Finland (15 percent of Estonia’s total exports), Sweden (15 percent) and Latvia (9 percent). The biggest increase occurred in exports to the Netherlands (twofold increase of €25 million), Finland (up by €16 million) and Germany (up by €15 million). These increases were mainly due to increased exports of mineral products to the Netherlands, of agricultural products and food preparations to Finland and of electrical equipment to Germany. Exports to Sweden decreased the most.

Electrical equipment, followed by wood and articles of wood and mineral products, accounted for the largest share of exports. The increase in exports was affected by the exports of mineral products (up by €39 million) and base metals and articles of base metal (up by €27 million). There was a decrease in the exports of mechanical appliances.

The share of goods of Estonian origin in total exports was 73 percent. In January 2017, compared to January 2016, the exports of goods of Estonian origin grew 14 percent, while re-exports, i.e. the exportation of goods imported from a foreign country, increased 12 percent. The increase in the exports of goods of Estonian origin was affected the most by an increase in the exports of base metals and articles of base metal, including ferrous waste and scrap, wood and articles of wood, including planed coniferous wood, and mineral products, including shale oil and fuel oil. Goods of Estonian origin are exported the most to Sweden, Finland and Germany. The biggest increase in the exports of goods of Estonian origin was in exports to Germany (up by €13 million) and decrease in the exports to Sweden (down by €23 million).

The main countries of consignment in January 2017 were Finland (27 percent of Estonia’s total imports), Lithuania (10 percent), Germany (8 percent) and Russia (8 percent). The biggest increase occurred in imports from Finland (threefold increase of €226 million) and Russia (up by €44 million), while imports from Hungary decreased the most (down by €4 million).

The primary commodities imported to Estonia in January were transport equipment, electrical equipment and mineral products. The growth in imports was affected the most by an increase in the imports of transport equipment, including ships, mineral products, including motor spirits, and base metals and articles of base metal, including flat-rolled products. The biggest fall occurred in the imports of mechanical appliances.

In January 2017, the foreign trade export volume index increased by 2 percent and import volume index by 12 percent compared to the same month last year.