General aspects of Estonia’s foreign trade
With a very active trade market Estonia
represents a good target for any foreign investor interested in opening a trading company
, because of the friendly economic environment in Estonia
. Furthermore the country's geographic location between Finland, Sweden and Russia plays an important role in the development of its trading market and economical growth. Estonia has a liberal and flexible economy system with an export of goods and services
that exceeds 95% of GDP. Its trading market
is considered one of the fastest growing in Europe, due to the advantages the country provides for foreign investors.
The Estonian international trading is established by the EU Common Commercial Policy starting from May 2004, when this country became a member state of EU, and on the obligations stated by the World Trade Organisation Organization (WTO). Furthermore, Estonia became the 34th member country of the Organization for Economic Cooperation and Development (OECD) in 2010.
Estonia’s main trading partners are the countries nearby: Finland, Sweden, Russia, Latvia and Lithuania. Last year a very high percentage of the country's trade (77%) was with states members of the EU. The goods that were exported from Estonia to the EU countries summed 8.7 billion euro, representing 71% of the total exports amount.
Estonia exports both services (representing about a third of all exports) and goods. Among the most popular such services are transportation, travel, business, IT and communication services. The Estonian exported goods vary from food products to machinery and equipment, mineral products, agricultural products, wood (wood products) and metals (metal products).
The top products exported by Estonia are: telephones (15%), refined petroleum (12%), cars (2.0%), scrap iron (1.8).
The most significant export partners for Estonia are the Scandinavian countries: Finland and Sweden, covering 18% and 14% of the Estonian trading market. Most exports go to Germany, Russia, Latvia, Lithuania and US. According to Statistics Estonia in March 2014 Estonia’s exports increased to 1018 EUR Million from 920 EUR Million in February 2014.
Importing in Estonia
Same as in the exports case, the Estonian imports include food products, engineering and machinery products, mineral and agricultural products; as for services the transportation and travel ones are the main imported services.
The top imported products are: refined petroleum (17%), telephones (5.1%), cars (3.5%), integrated circuits (1.6%) and packaged medicaments (1.5%).
The main importing partners for Estonia are: Finland (13% of the total), Latvia and Sweden (11% from each). Imports in Estonia increased to 1175 EUR Million in March of 2014 from 1032 EUR Million in February of 2014.