Estonia’s exports of goods increased by 30% and imports by 37% YoY in September, state agency Statistics Estonia reported. Exports of goods in September amounted to EUR 1.7 billion and imports to EUR 1.8 billion.
In the third quarter, exports grew by 34% and imports by 35%. The trade deficit was EUR 72 million, having increased by EUR 91 million.
Statistics Estonia analyst Evelin Puura said that in comparison with both the same month and the same quarter of last year, increased exports and imports of mineral fuels and wood and articles of wood were significant drivers of trade growth.
“In September, trade figures reached a new record. Export and import values are the highest ever: this is connected with continuing price increases as well as growth in trade volumes,” Puura said.
The main commodities exported in September were mineral fuels, electrical equipment, and wood and articles of wood. Compared to September 2020, the biggest increases occurred in the exports of mineral fuels (+EUR 163 million), wood and articles of wood (+EUR 74 million) and electrical equipment (+EUR 63 million).
The main partner country for Estonia’s exports of goods was Finland, followed by the U.S. and Latvia. The biggest increase occurred in exports to the U.S. and the Netherlands. There were larger dispatches of telecommunications equipment, processed fuel oil, and wood and articles of wood to the U.S. More processed fuel oil was exported to the Netherlands.
Re-exports from Estonia increased by 34% and exports of domestic goods by 28%. Goods of Estonian origin accounted for 73% of the total exports of goods. In the case of goods of Estonian origin, the biggest rise occurred in the exports of processed fuels, telecommunications equipment, strips of coniferous wood, wooden doors, glue-laminated timber and prefabricated wooden buildings.
The main commodities imported to Estonia were mineral fuels, electrical equipment, mechanical machinery and base metals and articles of base metal. The imports of mineral fuels increased the most (+EUR 197 million), followed by imports of base metals and articles of base metal (+EUR 59 million) and wood and articles of wood (+EUR 46 million).
In September, the top partner countries for Estonia’s imports of goods were Finland, Russia and Germany. The biggest rise was recorded in imports from Finland and Russia. More electrical energy was imported from Finland and more fuel oils from Russia. (ERR/Business World Magazine)