Exports rose by 10% YoY in October, while imports fell by 5%, state agency Statistics Estonia reported. October was the second month in a row when exports increased.
Both exports and imports totaled EUR 1.4 billion in October.
Goods of Estonian origin made up 75% of the total; exports to non-EU countries rose by 38%, while to EU countries they fell by 2%.
The trade surplus stood at EUR 27 million in October compared with a deficit in October 2019 of EUR 173 million.
Evelin Puura, leading analyst at Statistics Estonia, said that as a result of increased exports of goods of Estonian origin, exports exceeded imports for the second month in a row.
She said: “The goods of Estonian origin accounted for three quarters of the total exports, and their dispatches increased by 21% YoY. The growth was driven to a large extent by the exports of communication equipment, processed heavy fuel oils, shale oil and wheat of Estonian origin.”
Electrical equipment, agricultural products and food preparations and mineral products were the most significant exports.
The largest fall in exports came with mechanical appliances, the agency said.
Finland was the main destination of Estonian exports, followed by the U.S. and Sweden.
Exports to the U.S. rose by 240%, particularly thanks to a rise in communications equipment exported there, while Germany (refined fuels and wooden structures) and the Netherlands (wheat and refined fuels) were the other two countries with the largest rise in exports.
Belgium was the export destination country, which saw the largest fall in exports, as fewer mineral products were consigned there.
Electrical equipment, mineral products and mechanical appliances were the most-imported items, Statistics Estonia said.
The largest falls were seen in the imports of motor fuels and transport equipment.
The main countries of consignment were Finland, Germany and Latvia. Imports decreased the most from Lithuania and Belarus, with the largest decline being in the imports of motor fuel, the agency said.
Chinese imports, principally electrical equipment, saw the largest fall. (ERR/Business World Magazine)