Exports of goods increased by 11$%, while imports fell by 4% YoY in September, the state agency Statistics Estonia reported.
The third quarter saw a 1% fall in exports and a 5% fall in imports.
In September, both exports and imports of goods amounted to EUR 1.3 billion at current prices, Statistics Estonia said, and the trade surplus stood at EUR 4 million, a nearly 10-year high.
Trade deficit fell by EUR 165 million YoY.
Evelin Puura, leading analyst at Statistics Estonia, said trade was in recovery mode in Q3.
She said: “In September, export turnover was the highest for this year, which had a positive impact on the whole quarter. The main contributors to the growth in exports were electronics industry with communications equipment and agricultural sector with dispatches of cereals.”
The top destination country of Estonia’s exports in September was Finland, followed by Sweden and Latvia.
Exports increased the most to the U.S. and China, where more communications equipment was exported compared with last year.
The biggest fall in exports occurred with those to Denmark and France. Compared with the previous year, less shale oil was exported to Denmark and less electrical equipment to France.
The largest components of exports from Estonia were electrical equipment, agricultural products and food preparations, wood and articles of wood and mineral products.
Compared with September 2019, exports of electrical equipment increased by EUR 75 million and the exports of agricultural products and food preparations by EUR 31 million.
The largest fall (of EUR 7 million) occurred in exports of mineral products.
Of the total exports of goods, the goods of Estonian origin accounted for 74%. Exports of these rose by 15%, but re-exports fell by 1%, compared with September last year.
The largest increases took place with exports of communication equipment, barley, wheat, rye and scrap metal, while the biggest fall came in the export of shale oil.
The main countries of consignment were Finland, Germany and Latvia.
Imports fell the most from Russia and Lithuania, with the biggest decline coming in the imports of motor fuel.
Imports of goods increased the most from Poland, arising from the import of buses.
The main commodities imported into Estonia were electrical equipment, transport equipment, mechanical appliances, agricultural products and food preparations. The biggest falls came in the imports of bulldozers and loaders to be re-exported and the biggest increase was in the imports of transportation equipment. (ERR/Business World Magazine)