Imports rose by 20% YoY in March, while exports were just behind at a 19% growth, state agency Statistics Estonia reported. Increases in trade in electrical equipment, mineral products, timber and wood-based products and also transport-related items were the driving factors in the growth, the agency says.
Evelin Puura, leading analyst at Statistics Estonia, said that higher prices of materials, as well as increased volumes, had a significant impact on trade growth.
She said: “The exports of goods of Estonian origin grew by as much as 28%, while re-exports stayed at the same level.”
Export of goods totaled EUR 1.5 billion and imports to EUR 1.7 billion at current prices.
The trade deficit stood at EUR 186 million, having increased by EUR 35 million.
Electrical equipment, mineral products (up by EUR 61 million) and timber, wood and wooden items (+EUR 49 million) saw the largest increases in exports, along with transport equipment (+EUR 33 million), Statistics Estonia reported.
Finland was Estonia’s main export partner over the period in question, followed by Sweden and Latvia.
Saudi Arabia, the U.K. and the U.S. as export partners saw the largest growth, meanwhile, while Sweden saw the largest fall, mainly due to a slump in consignments of communications equipment, the agency said. This was offset by a rise in exports of communications equipment to the U.S.
Barley and processed mineral oils grew the most among exports to Saudi Arabia, with the latter – along with wood pellets – driving the growth in exports to the U.K.
73% of total exports of goods were of Estonian origin, with the remainder being re-exports. Exports of processed mineral oils, shale oil, motor fuel, barley, wood pellets, wood strips and coniferous cut timber of Estonian origin were the significant sectors, Statistics Estonia said.
The main commodities imported to Estonia were mineral products, electrical equipment, transport equipment and machinery and mechanical appliances.
The imports of mineral fuels increased the most (+EUR 82 million), followed by imports of electrical equipment (+EUR 52 million), transport equipment (+EUR 51 million) and machinery and mechanical appliances (+EUR 42 million).
Finland, Germany and Latvia were the biggest import partners and also saw the largest growth during that period.
The main imports from Finland were motor fuels, from Germany, passenger vehicles and precious metals, and from Latvia, mineral oils for processing. (ERR/Business World Magazine)
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