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Financial News: Estonia Trade Deficit Widens In August

Estonia Trade Deficit Widens In August

10/09/2020 - 05:23:00 (RTTNews)

(RTTNews) - Estonia's trade deficit widened in August as imports and exports declined, figures from Statistics Estonia showed on Friday.

The trade deficit rose to EUR 113 million in August from EUR 98 million in the same month last year. In July, the trade deficit was EUR 124 million.

Exports fell 6.0 year-on-year in August, following a 1.0 percent decline in July.

Imports decreased 4.0 percent yearly in August, following a 6.0 percent fall in the previous month.

The decline in both exports and imports were largely due to a fall in trade with EU countries.

"Estonia's exports depend to a great extent on the economic situation in neighboring countries Finland, Sweden and Latvia," leading analyst at Statistics Estonia Evelin Puura said.

"In August, the share of these three main partner countries accounted for a third of the exports of goods; the share of European Union countries was 67 percent," Puura added.

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