Estonia, a World Trade Organization member since 1999 and member of the European Union since 2004, is a small country that has an advanced economy according to the International Monetary Fund. Estonia mainly trades with neighboring countries like Russia, Sweden and Latvia.
The main product Estonia exports in refined petroleum that represents 13% of its total exports. Telecommunication systems are the second most exported products by Estonia and represent almost 12%. In small percentages Estonia exports metals like scrap iron and vehicles from large construction machinery to vehicles parts. Wood, rubber and fertilizers are also on Estonia’s export list. The countries Estonia’s exports are oriented the most are Russia that imports 16% of Estonia’s exported products, Sweden and Finland that import about 12% of Estonian exported products and Latvia and Lithuania that represent almost 6% on Estonia’s exports list. Other countries like Germany and Norway import about 5% Estonian products. Estonia has also a good trade relationship with The United States, 7% of the country’s exports heading towards The U.S. In Asia Estonia trades with India, Japan, South Korea and Thailand.
As with exports, Estonia’s most imported product is refined petroleum that represents 17% of the country’s total imports. Telecommunication machinery and vehicles are the second imported products by Estonia and each of them represents about 4%. In smaller percentages Estonia imports rubber, integrated circuits, packaged pharmaceuticals and large construction vehicles. Estonia’s most reliable trade partner is Russia, as 15% of Estonia’s imports are Russian products. Estonia also imports from Finland about 10% of its products, while Germany and Sweden export about 8% of their products in Estonia. China also represents a large supplier with 7% exported goods in Estonia. In smaller percentage Estonia imports from Lithuania, Poland and Latvia.
As a member state of the European Union, Estonia has adhered to the EU Common External Tariff which means products coming from EU countries are free from customs duties if an intrastate declaration is filled. Duties and taxes applied in Estonia for non-EU member states are low, for example manufactured good benefit from an average 4.2% rate. Estonian companies that import goods should present commercial invoices and the certificate of origin for the products they bring in the country in order to benefit from fast customs procedures, although other documents are required for certain product categories.
There are no comments