Imports fell by 22% YoY in April, with exports falling by 17%, Statistics Estonia reported. The larger fall in imports offset the balance of trade, the agency said.
Estonia’s exports of goods amounted to EUR 1.02 billion and imports to EUR 1.09 billion at current prices.
The trade deficit stood at EUR 61 million, down by EUR 89 million.
Evelin Puura, leading analyst at Statistics Estonia, said the decline was the highest since 2009.
“In April, trade decreased in most commodity sectors, but exports and imports increased for products associated with the COVID-19 pandemic, such as disinfection products and pharmaceuticals,” she said.
The year-on-year decline in exports came mainly from mineral products (-EUR 63 million), transport equipment (-EUR 47 million) and electrical equipment, which fell by EUR 31 million.
The most significant exports were electrical equipment, wood and articles made from wood, and agricultural products and food preparations.
The biggest falls were experienced in shale oil of Estonian origin, communication equipment and miscellaneous manufactured articles including bedding and similar furnishing.
Goods of Estonian origin accounted for 71% of the total exports of goods in April, though these fell by 18%.
Re-exports rose by 16%.
The most significant commodities imported to Estonia were raw materials and chemical industry products, electrical equipment, agricultural products and food preparations, and mineral products.
The largest fall was seen in imports of transport equipment (-EUR 104 million), electrical equipment (-EUR 49 million) and mechanical appliances, which fell by EUR 47 million.
Imports grew for raw materials and chemical industry products of (+EUR 18 million), mainly driven by pharmaceuticals and related to the coronavirus pandemic. (ERR/Business World Magazine)