OREANDA-NEWS. August 12, 2014. Estonia's foreign trade deficit narrowed from a year ago in June as exports grew, said Statistics Estonia

The foreign trade deficit declined by 19.3 million euros to 156.4 million in June from the same period in 2013. Total exports grew 1.0 percent in June compared to a 9.0 percent decline in May, which saw a deficit of 120.9 million euros.

Exports of electrical equipment, accounting for the bulk of the nation's exports, grew by 4.0 percent. At the same time, imports dropped 1.0 percent in June, slower than May's 5.0 percent fall.

The top destination country for Estonian products in June was Sweden (18 percent), followed by Finland (16 percent) and Latvia (11 percent), reported Statistics Estonia. The biggest increase occurred in exports to the United States, which accounted for 13 million euros of business and 4 percent of Estonian exports, a 51 percent growth rate in 12 months.

Exports to Russia, which account for 10 percent of Estonian exports, dropped 15 million euros in June due to reduced exports of agricultural products, food and textiles. This drop was before Russia imposed sanctions on EU exports of meat, seafood, dairy products and produce on Wednesday.