According to data from Statistics Estonia (Statistikaamet), in November 2020, the exports of goods increased by 9% and imports by 7% YoY. Trade with non-EU countries saw the largest increase.
In November 2020, Estonia’s exports of goods amounted to EUR 1.3 billion and imports to EUR 1.4 billion at current prices. The trade deficit was EUR 62 million.
Evelin Puura, leading analyst at Statistics Estonia, said that for the third month, exports exceeded those of the same period of the previous year, while imports increased for the first time in 2020.
“In November 2020, a significant impact on trade growth came from increased exports and imports of electrical equipment and mineral products. There was a considerable increase in exports to the USA,” explained Puura.
The biggest exports from Estonia were electrical equipment, mineral products, wood and articles of wood and agricultural products and food preparations. Compared to November 2019, the biggest increases occurred in the exports of electrical equipment (by EUR 85 million) and mineral products (by EUR 43 million). The biggest decrease (by EUR 29 million) occurred for exports of base metals and articles of base metal.
The top destination country of Estonia’s exports was Finland, followed by the USA and Sweden. Exports increased the most to the USA, the Netherlands and Latvia. Exports to the USA went up 2.8-fold, with more communications equipment exported. Processed heavy fuel oil and shale oil were exported to the Netherlands and electricity to Latvia. The biggest decreases occurred in exports to Saudi Arabia and Finland, where less agricultural products and food preparations were exported.
Of the total exports of goods, the goods of Estonian origin accounted for 73%. Both the exports of goods of Estonian origin and their re-exports increased by 9% compared to November 2019. The biggest increases occurred in the exports of communication equipment, processed fuels and shale oil of Estonian origin. The export of flat-rolled products decreased the most.
The main commodities imported to Estonia were electrical equipment, mineral products and transport equipment. The biggest increases occurred in the imports of electrical equipment (by EUR 24 million) and motor fuels (by EUR 20 million).
The main countries of consignment were Finland, Germany and Latvia. The imports of goods increased the most from Finland on account of motor fuels and from Germany on account of transport equipment. Imports decreased the most from Lithuania, as a result of less motor fuels imported. (ERR/Business World Magazine)
