Estonia's trade balance turned to a surplus in November for the first time in 23 months, data released by Statistics Estonia showed on Thursday.
The foreign trade balance for November showed a surplus of EUR 15.4 million compared to EUR 50.8 million deficit a year ago. In October, the country recorded a shortfall of EUR 184.4 million.
The November surplus was the first since December 2010, when the figure was a modest EUR 1.2 million. In February that year, Estonia had a surplus of EUR 16.5 million.
Exports grew 9 percent year-on-year, while imports rose only a modest 3 percent. Shipments to the EU, which was 67 percent of the total exports, rose 15 percent, while those to the euro area declined 4 percent.
Machinery and equipment, the country's major export with 30 percent of the total, logged the biggest increase of 35 percent among commodities. The largest decline was posted by mineral product exports, down 26 percent.
Imports mainly came from Finland, accounting for 14 percent of total arrivals. This was followed by imports from Sweden and Germany. A 109 percent surge in imports from China and a 23 percent increase in arrivals from Lithuania had a significant impact on total imports.
Sequentially, exports increased by 3 percent, but imports decreased by 12 percent in November.
by RTT Staff Writer
For comments and feedback: email@example.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.