Estonia's trade deficit was 3.1 billion kroons in January 2008, a report published by Statistics Estonia said. Higher exports and lower imports were attributed as the primary reason for the drop in trade deficit for the month, which incidentally was the lowest in the past 12 months.
The overall trade deficit declined on account of increase in exports by 4% to 10.1 billion kroons and decline in imports by 4% to 13.2 billion kroons. The trade deficit to the EU nations declined to 3 billion kroons in January from 3.8 billion kroons in the previous year, while trade deficit with the CIS countries declined to 0.6 billion kroons from 1.6 billion kroons in the previous year.
Among the individual countries, Estonia registered trade surplus with Norway and Sweden while the country had trade deficits with Germany, Russia and Lithuania.
Exports to the EU countries, which make up for 75% of Estonia's exports, increased 1.1 billion kroons compared to the year ago period. Finland, Sweden and Latvia, accounting for 46% of the total exports of Estonia. The main export trading partners of Estonia were Finland, Sweden and Latvia, accounting for 46% of the total exports. Exports to the CIS countries constituted 10% of total exports.
However, imports to the EU countries constituted 79% of total imports increased to 272 million kroons compared to the previous year. The most important partners in imports were Finland, Germany and Sweden, accounting for 38% of the total imports. Imports to the CIS countries constituted 12% of the total imports.
Among the specific commodities, machinery and equipment contributed to 20% of exports and 21% of imports. About 62% of exports were from metals and products thereof, followed by 20% from transport equipment and 19% from agricultural products and food preparations. However the major declines in exports was of mineral products by 42%. Imports of raw materials and products of chemical industry increased 12% followed by a 10% decline in agricultural products and food preparations. Among other commodities, imports of wood and products thereof and paper and products thereof declined 18% each in January.
Trade surplus in specific commodities was seen in trade of wood and products thereof, and miscellaneous manufactured articles. Trade deficits were seen in mineral products, transport equipment, and machinery & equipment.