Exports from Estonia to Russia slash by nearly half due to sanctions

The volume of Estonian exports to Russia reduced by 41% in the first half of 2015 in comparison with the same period of 2014, Estonia’s Statistics Department said in a report on Monday.

In the first six months of 2015, exports from Estonia to Russia totaled €355 million down from €604 million in the first half of 2014, the report said.

Imports of goods from Russia to Estonia in the first half of the year declined by 6% (€25 million) from €456 million to €431 million.

Senior expert of the department for business statistics and agriculture Evelin Puura told TASS that the reduction in Estonian exports to Russia was mainly observed in such sectors as agricultural products, alcohol and engineering products.

“Undoubtedly, retaliatory economic sanctions imposed by Russia had a noticeable impact on the Estonian-Russian trade turnover,” she said.

Russia accounts for about 7% of Estonian exports. According to this index it ranks fourth after Sweden, Finland and Latvia.