Estonia Trade Deficit Decreases In May

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Estonia trade deficit narrowed to EEK 0.5 billion in May from EEK 2.9 billion in the previous year, the Statistics Estonia said Friday. The report said the marked decrease in the deficit was mainly due to a steep fall in both import and export of machinery and equipment.

Exports at current prices dropped 31% year-on-year to EEK 8 billion, while imports fell 41% to EEK 8.5 billion. In April, exports were down 38% annually, while imports fell at the same pace of 41%. The trade deficit stood at EEK 1.7 billion in April.

In May, export of machinery and equipment decreased 34% year-on-year, while the imports fell by 50%. The trade surplus came in at EEK 69 million. This commodity group has a 20% share in total exports and a 18% share in total imports, which is the biggest share respectively amongst the the total exports and imports.

Mineral products has the second highest share in the total of both exports and imports, at 16% and 18% respectively. Mineral exports were down 14% annually, while the imports fell 36%. The trade deficit was EEK 191 million.

Meanwhile, total exports were up 5% month-on-month in May, while imports fell 10%. The trade deficit in the month decreased more than threefold compared to April, the statistical office said.

(Market News Provided by RTTNews)