News
Estonian entrepreneurs re-focussed on Russia instead of Latvia
15.06.2009
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The Baltic Course:The economic overview of the year 2008, compiled by the Ministry of Economic Affairs and Communications, Russia rose to the third most important exports partner for Estonia while Latvia fell to the fourth place, writes Postimees Online/LETA. The ministry noted that in the past two years, there have not been any major changes in the list of six most important exports countries for Estonia. Finland and Sweden are still two most important exports countries, but Latvia fell to the fourth position due to the fast cooling of the country's economy. Ranking fifth and sixth were Lithuania and Germany. Growth in exports to Russia accelerated significantly on the second half of 2008, reaching 24% during the entire year. The strong growth in exports was most of all supported by transportation vehicles (growing by 2 times), exports of machinery and equipment grew by a third. Exports of construction materials, mineral products, plastic and rubber products as well as of metals and metal products grew fast as well. |
Among principal exports partners for Estonia, Latvia's economy was affected most of all by the overall cooling of the economic climate in the year 2008 and the financial crisis that started in autumn. This also affected significantly the import demand for Estonian goods in Latvia, as a result of which exports there fell by 9 per cent in a year. Sales of cars decreased the fastest. |
