Exports and imports both rose by around a half in May, state agency Statistics Estonia reported, driven by fuels, electrical and transport equipment in particular, as well as 2020’s low reference base – the result of the pandemic.
Exports totaled EUR 1.5 billion, up by 47% YoY, while imports came to EUR 1.6 billion, up by 50%.
Leading analyst at Statistics Estonia Evelin Puura said: “Export and import prices were also influenced by the continuously rising prices of materials.”
“It should also be noted that the reference base of May 2020 was at the lowest of the year, with exports and imports having decreased by a quarter compared to the year before,” she went on, noting that growth was mainly driven by trade with non-EU countries.
This included a significant boost in imports of mineral fuels from Russia and exports of electrical equipment to the U.S.
Finland, Russia and Germany were the most significant countries of origin for imports, while imports from Russia and Lithuania saw the greatest rise, particularly with fuel imports.
Finland, the U.S. and Sweden were the largest destinations for Estonian exports, with the first of these seeing the largest increase of all recipient nations, particularly driven by telecoms equipment.
Fuel exports from Estonia to Denmark and the Netherlands also rose.
Imports of passenger cars from Germany increased.
The trade deficit in May stood at EUR 175 million, having increased by EUR 84 million compared with May 2020.
Re-exports from Estonia rose by 42%, Statistics Estonia said, while exports of domestic goods rose by 48%.
Goods of Estonian origin accounted for 71% of total exports.
The largest rise in the exports of goods of Estonian origin occurred with processed fuels, telecoms equipment, coniferous saw timber and prefabricated wooden buildings.
Mineral fuels (up by EUR 120 million), electrical equipment (up by EUR 93 million), transport equipment (rose by EUR 51 million) and timber and wooden items were the most significant commodities to be exported.
The main commodities imported to Estonia were mineral fuels, electrical equipment, transport equipment, machinery and mechanical appliances.
The imports of transport equipment increased the most (up by EUR 98 million), followed by imports of mineral fuels (up by EUR 78 million) and machinery and mechanical appliances (up by EUR 62 million), Statistics Estonia said. (ERR/Business World Magazine)