Imports rose by 13% YoY in January, state agency Statistics Estonia reported, while exports grew by 4%.
Evelin Puura, Statistics Estonia leading analyst, said the primary contributor to foreign trade in January was the increased trade in oil products and mineral fuels, partly the result of higher prices global crude oil prices.
Meanwhile, the largest falls took place in the exports and imports of agricultural products and food preparations, Puura said.
The trade deficit grew manifold over the same period, and in January stood at EUR 118 million, up from EUR 17 million a year earlier.
Exports in January stood at EUR 1.2 billion, Statistics Estonia said.
Over the year, the greatest driver of trade growth was the export of mineral products, as well as electrical equipment and timber and wood products.
Mineral products exports rose by EUR 34 million, electrical equipment by EUR 18 million and mechanical appliances by EUR 17 million, while the largest fall was posted by the export of agricultural products and food preparations, at EUR 27 million.
Finland remained the largest country of destination, followed by Sweden and the Netherlands.
At the same time, exports fell to Finland more than to almost any other destination, particularly in pre-made log houses, furniture and food products, the agency said.
Exports rose the most to the Netherlands (particularly heavy fuel oil) and the U.S. (primarily communication equipment) and fell the most to Turkey and Finland.
73% of exports were goods of Estonian origin, up by 6%, while its re-export remained constant.
Among products of Estonian origin, exports of processed oil products and communication equipment rose the most, while agricultural products and food preparations fell the most.
Imports stood EUR 1.3 billion at current prices, Statistics Estonia said.
Mineral products and electrical equipment again were major components, along with transport equipment, raw materials and products of chemical industry and mechanical appliances.
The largest rise was seen in imports of motor fuels (EUR 111 million) and mechanical appliances (EUR 18 million), with Finland, Latvia and Lithuania being the main countries of origin, while fuel imports from Belarus, which nearly tripled, was a driver of import growth.
Post-Brexit, imports from the U.K. fell in almost all areas, Statistics Estonia said. (ERR/Business World Magazine)