25% decline in  Estonian exports in the month of May

25% decline in Estonian exports in the month of May

In pandemic-hit May, Estonian companies saw their exports of goods decrease by two percent compared to April 2020, but they dropped by 25% compared to May last year, official statistics showed.

On Friday, July 10, Statistics Estonia reported in a press release that in May 2020, compared to May 2019, the exports of goods decreased by 25% and imports by 24%. Compared to April 2020, exports decreased by 2% and imports remained at the same level.

Estonia’s exports of goods amounted to 1 billion euros and imports to 1.09 billion euros at current prices. The trade deficit was 84 million euros; it decreased by 16 million euros compared to May 2019, statisticians calculated.

Evelin Puura, leading analyst at Statistics Estonia, commented that trade decreased the most with European Union Member States. Exports decreased by 232 million euros and imports by 306 million euros.

“In May, trade decreased in most commodity sections, but, on the positive side, the month-on-month change was not very significant,” explained Puura.

In May, the top destination country of Estonia’s exports was Finland, followed by Sweden and Latvia. The biggest decreases occurred in exports to Spain (down by 41 million euros), Finland, the USA and the Netherlands (all down by 34 million euros). Compared to the previous year, shale oil was exported less to Spain and the Netherlands, fuel oils and lubricating oils to Finland and communication equipment to the USA. Exports increased the most to Canada (up by 10 million euros), with more refined motor spirit dispatched, according to Statistics Estonia.

The biggest exports from Estonia were electrical equipment, wood and articles of wood, and mechanical appliances. The year-on-year decline in exports came mainly from mineral products (down by 106 million euros), electrical equipment (down by 44 million euros) and miscellaneous manufactured articles (down by 40 million euros).

In May, goods of Estonian origin accounted for 71% of the total exports of goods, the press release reads.

Photo Credit : https://www.picpedia.org/clipboard/export.html

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