In February, exports of goods increased by 16% and imports by 10% YoY, data from Statistics Estonia showed. The growth in foreign trade was significantly boosted by trade in mineral products and wood and articles of wood.
Estonia’s exports and imports of goods each amounted to 1.3 billion euros at current prices. The trade deficit was EUR 73 million, having fallen by EUR 49 million compared to February 2020.
Evelin Puura, leading analyst at Statistics Estonia, said the increase in trade in February was driven by the export of fuels imported for processing,and also by considerable growth in wood imports.
“There was an increase in trade with all of our main export partners. The top destination country of our exports was again Finland, followed by Sweden and Latvia. The main countries of consignment were Finland, Germany and Latvia,” she said.
The main commodities exported were mineral products, electrical equipment and wood and articles of wood. Compared to February 2020, the biggest increases occurred in the exports of mineral products, which grew by EUR 117 million, a 2-fold increase, and wood and articles of wood by EUR 28 million. Exports of agricultural products and food preparations decreased the most – by EUR 10 million.
The biggest rise was recorded in exports to Saudi Arabia, the USA and India, due to increased exports of processed oils. Exports to Mozambique, Canada and Ukraine fell the most. There were decreased exports of fuels to Mozambique and Canada and fewer dispatches of excavators to Ukraine.
Goods of Estonian origin accounted for 74% of the total exports of goods. Compared to February 2020, the exports of goods of Estonian origin increased by 24% and their re-exports fell by 3%. The biggest rise occurred in the exports of processed oils, shale oil, wood pellets, wood strips and sawn pine products of Estonian origin, while exports of wheat declined the most.
The main commodities imported to Estonia were mineral products, electrical equipment, transport equipment, machinery and mechanical appliances. The imports of mineral fuels and wood and articles of wood increased the most, by EUR 66 and EUR 16 million, respectively. The imports of raw materials and chemical industry products decreased the most.
The biggest growth was recorded in imports from Belarus, Germany and Latvia, with oils for processing imported from Belarus and Latvia and motor cars imported from Germany. Imports from the United Kingdom decreased the most, due to a decline in the import of components for the electronics industry. (ERR/Business World Magazine)
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