In April, exports of goods increased by 54% and imports by 51% YoY, data from Statistics Estonia showed. The trade growth was influenced by last year’s low reference base as well as by the increase in exports and imports of mineral products, electrical equipment and transport equipment.
In April, Estonia’s exports and imports of goods amounted to EUR 1.6 billion at current prices. The monthly export value exceeded EUR 1.5 billion for the first time. The trade deficit was EUR 78 million, having increased by EUR 10 million compared to April 2020.
Evelin Puura, a leading analyst at Statistics Estonia, said that higher prices of materials as well as increased volumes had a significant impact on trade growth in April.
“In April last year, exports decreased by 17% and imports by 22%, as the free movement of goods was restricted in the EU,” added Puura.
The main commodities exported were mineral products, electrical equipment and wood and articles of wood. Compared to April 2020, the biggest increases occurred in the exports of mineral products (up by EUR 173 million), electrical equipment (up by EUR 88 million) and transport equipment (up by EUR 75 million).
The main partner country for Estonia’s exports in goods was Finland, followed by the U.S. and Latvia. The biggest increase occurred in exports to the U.S., with larger dispatches of telecommunication equipment, shale oil and processed fuel oil. Exports increased also to the Netherlands, where more processed fuel oil was exported, and to Latvia, where exports of transport equipment played the biggest role.
Goods of Estonian origin accounted for 70% of the total exports of goods. The exports of domestic goods increased by 53% and re-exports by 55%. The biggest rise occurred in the exports of processed mineral oils, telecommunication equipment, wood pellets, coniferous sawn windows and prefabricated wooden buildings of Estonian origin.
The main commodities imported to Estonia were electrical equipment, mineral products, transport equipment and machinery and mechanical appliances. The imports of transport equipment increased the most (up by EUR 120 million), followed by imports of mineral fuels (up by EUR 95 million) and electrical equipment (up by EUR 84 million).
Goods were imported most from Finland, Russia and Germany. Imports increased most from Russia, with more mineral products imported; from Germany, with increased imports of passenger cars, and from the U.S. on account of electrical equipment. (ERR/Business World Magazine)
YOUR ADV. here FREE