Imports grew by 49% YoY in the second quarter of 2021, while exports grew by almost as much, by 41%, the state agency Statistics Estonia said. The year-on-year figure for June alone was 45% (imports) and 26% (exports), while overall imports of EUR 1.7 billion was a record figure.
Evelin Puura, lead analyst at Statistics Estonia, said the growth in trade was related mainly to the EU.
She said: “In June, exports grew by more than EUR 200 million, and imports by more than EUR 300 million. In the second quarter, Finland, the U.S. and Sweden were the most important destination countries for Estonia’s exports, while the top partner countries for imports of goods were Finland, Russia and Germany.”
In June, Estonia’s exports of goods stood at EUR 1.5 billion, while imports stood at EUR 1.7 billion, at current prices, making the value of imports to Estonia the highest ever.
The trade deficit was reported at EUR 235 million, EUR 224 million higher than in June 2020, and the highest level since December 2019.
Mineral fuels, transport equipment, electrical equipment and machinery and mechanical appliances were the primary imports in June.
The imports of mineral fuels rose the most (by EUR 156 million), followed by imports of transport equipment (up by EUR 90 million) and machinery and mechanical appliances (increase of EUR 51 million).
Finland, Russia and Germany were the most significant countries in terms of imports, both in share of origin and in growth in imports.
Mineral fuels and coniferous sawn timber imports from Russia, electrical energy from Finland and passenger cars from Germany were the main drivers.
Electrical equipment, mineral fuels, timber and timber/wooden articles were the primary exports in June, while the largest increases occurred in the exports of mineral fuels (up by EUR 84 million), electrical equipment (up by EUR 47 million) and transport equipment (rose by EUR 32 million) between June 2020 and June 2021.
Finland, Sweden and Latvia remain Estonia’s most important export destinations, with Latvia seeing increased exports of electrical energy, while the largest rise in exports of goods related to the U.S. and telecoms equipment.
A rise in exports to the Netherlands, related to processed fuel oil, was also reported.
Re-exports from Estonia rose by 28%, while the export of domestic goods by 25%. 70% of total exports were of Estonian origin, with the largest rises experienced in processed fuels, coniferous sawn timber, wooden doors and telecommunication equipment. (ERR/Business World Magazine)