TALLINN — While Estonian exports continued the rise in February, imports increased for the first time since Sept. 2008.

Statistics Estonia reported Friday that exports went up by a total of 24 percent in February, which was more than twice as high than in January, and imports increased by 9 percent comparing to the same period last year and a full fifth from the previous month. The growth in both export and import was due petroleum products shipping in from [private_supervisor]Russia, Belarus and Lithuania before heading west, oil shale, machinery and equipment — not an influx of consumer goods. Timber played a big role in exports, too.

The export in Feb. 2010 was 9.7 million krooni (€619,000) in total, and import 9.5 million krooni, which while up from 2009 is still way down from Feb. 2008 and the current trade surplus is 138 million krooni (€8 million). The main export destination countries in February were Finland, U.S. and Sweden while imported goods came from Finland, Russia, Latvia and Germany.

Given the rapid decline and near standstill of trade during the depth of the crisis in 2009, rapid growth in exports and now imports is expected to continue.

Merike Riipinen, an economic analyst for the Ministry of Economy told the press that even though the high export growth was largely thanks to the pit it was emerging from, it also shows the rise of economic activity in foreign markets, increasing demand towards Estonian products.

While the 9 percent hike in imports is significant, it is still mainly due to the low reference basis and cannot really considered trend likely to sustain itself, according to Allan Aron, head of foreign trade stats at Statistics Estonia.

“People start to purchase and register new cars, which somewhat shows that the local demand is recovering,” Aron told Baltic Reports, “However, one month is too short period to see something reliable — it could be a one-time effect.”

Tõnu Palm, head economist at Nordea Bank’s Estonia subsidiary expects exports and imports to grow but taper off in a few months.

“Import has increased rather by more export growth than the recovery of local consumption,” Palm told Baltic Reports. “But on the other hand the private consumption is expected to rise by the end of this year.” [/private_supervisor] [private_subscription 1 month]Russia, Belarus and Lithuania before heading west, oil shale, machinery and equipment — not an influx of consumer goods. Timber played a big role in exports, too.

The export in Feb. 2010 was 9.7 million krooni (€619,000) in total, and import 9.5 million krooni, which while up from 2009 is still way down from Feb. 2008 and the current trade surplus is 138 million krooni (€8 million). The main export destination countries in February were Finland, U.S. and Sweden while imported goods came from Finland, Russia, Latvia and Germany.

Given the rapid decline and near standstill of trade during the depth of the crisis in 2009, rapid growth in exports and now imports is expected to continue.

Merike Riipinen, an economic analyst for the Ministry of Economy told the press that even though the high export growth was largely thanks to the pit it was emerging from, it also shows the rise of economic activity in foreign markets, increasing demand towards Estonian products.

While the 9 percent hike in imports is significant, it is still mainly due to the low reference basis and cannot really considered trend likely to sustain itself, according to Allan Aron, head of foreign trade stats at Statistics Estonia.

“People start to purchase and register new cars, which somewhat shows that the local demand is recovering,” Aron told Baltic Reports, “However, one month is too short period to see something reliable — it could be a one-time effect.”

Tõnu Palm, head economist at Nordea Bank’s Estonia subsidiary expects exports and imports to grow but taper off in a few months.

“Import has increased rather by more export growth than the recovery of local consumption,” Palm told Baltic Reports. “But on the other hand the private consumption is expected to rise by the end of this year.” [/private_subscription 1 month] [private_subscription 4 months]Russia, Belarus and Lithuania before heading west, oil shale, machinery and equipment — not an influx of consumer goods. Timber played a big role in exports, too.

The export in Feb. 2010 was 9.7 million krooni (€619,000) in total, and import 9.5 million krooni, which while up from 2009 is still way down from Feb. 2008 and the current trade surplus is 138 million krooni (€8 million). The main export destination countries in February were Finland, U.S. and Sweden while imported goods came from Finland, Russia, Latvia and Germany.

Given the rapid decline and near standstill of trade during the depth of the crisis in 2009, rapid growth in exports and now imports is expected to continue.

Merike Riipinen, an economic analyst for the Ministry of Economy told the press that even though the high export growth was largely thanks to the pit it was emerging from, it also shows the rise of economic activity in foreign markets, increasing demand towards Estonian products.

While the 9 percent hike in imports is significant, it is still mainly due to the low reference basis and cannot really considered trend likely to sustain itself, according to Allan Aron, head of foreign trade stats at Statistics Estonia.

“People start to purchase and register new cars, which somewhat shows that the local demand is recovering,” Aron told Baltic Reports, “However, one month is too short period to see something reliable — it could be a one-time effect.”

Tõnu Palm, head economist at Nordea Bank’s Estonia subsidiary expects exports and imports to grow but taper off in a few months.

“Import has increased rather by more export growth than the recovery of local consumption,” Palm told Baltic Reports. “But on the other hand the private consumption is expected to rise by the end of this year.” [/private_subscription 4 months] [private_subscription 1 year]Russia, Belarus and Lithuania before heading west, oil shale, machinery and equipment — not an influx of consumer goods. Timber played a big role in exports, too.

The export in Feb. 2010 was 9.7 million krooni (€619,000) in total, and import 9.5 million krooni, which while up from 2009 is still way down from Feb. 2008 and the current trade surplus is 138 million krooni (€8 million). The main export destination countries in February were Finland, U.S. and Sweden while imported goods came from Finland, Russia, Latvia and Germany.

Given the rapid decline and near standstill of trade during the depth of the crisis in 2009, rapid growth in exports and now imports is expected to continue.

Merike Riipinen, an economic analyst for the Ministry of Economy told the press that even though the high export growth was largely thanks to the pit it was emerging from, it also shows the rise of economic activity in foreign markets, increasing demand towards Estonian products.

While the 9 percent hike in imports is significant, it is still mainly due to the low reference basis and cannot really considered trend likely to sustain itself, according to Allan Aron, head of foreign trade stats at Statistics Estonia.

“People start to purchase and register new cars, which somewhat shows that the local demand is recovering,” Aron told Baltic Reports, “However, one month is too short period to see something reliable — it could be a one-time effect.”

Tõnu Palm, head economist at Nordea Bank’s Estonia subsidiary expects exports and imports to grow but taper off in a few months.

“Import has increased rather by more export growth than the recovery of local consumption,” Palm told Baltic Reports. “But on the other hand the private consumption is expected to rise by the end of this year.” [/private_subscription 1 year]

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