Estonia’s rapid trade growth continued in November 2021 with exports of goods increasing by 30% YoY, imports increased by 36%, data from Statistics Estonia showed. Growth was the highest in trade with the European Union Member States and primarily with neighboring countries.
In November 2021, Estonia’s exports of goods amounted to EUR 1.7 billion and imports to EUR 1.9 billion at current prices. The trade deficit was EUR 149 million. In November 2020, it was EUR 58 million. The trade deficit increase was driven by trade in raw materials and products of chemical industry and transport equipment.
Statistics Estonia (Statistikaamet) leading analyst Evelin Puura said trade was most active with Estonia’s neighbors Finland, Latvia, Lithuania and Sweden. The share of these countries accounts for 41% of Estonia’s total trade.
“The exports and imports of goods were at a record high level in November. In addition to growing volumes, higher prices continued to impact trade growth,” Puura said.
The main commodities exported were mineral fuels, electrical equipment, wood and articles of wood. Compared to November 2020, the biggest increases occurred in the exports of mineral fuels and electricity (+EUR 129 million), wood and articles of wood (+EUR 80 million) and base metals and articles of base metal (+EUR 74 million).
The main partner country for Estonia’s exports of goods was Finland, followed by Latvia and Sweden. The biggest increase occurred in exports to Finland, Latvia and Germany. More electricity and scrap metal was exported to Latvia, more natural gas and parts of electrical engines to Finland, and there were larger dispatches of prefabricated wooden buildings and stainless steel waste to Germany.
Re-exports from Estonia increased by 35% and exports of domestic goods by 28%. Goods of Estonian origin accounted for 71% of the total exports of goods. In the case of goods of Estonian origin, the biggest rise occurred in the exports of ferrous and steel waste, wood pellets, processed fuels and prefabricated wooden buildings.
The main commodities imported to Estonia were mineral fuels, electrical equipment, and machinery and mechanical appliances. The imports of mineral fuels and electricity increased the most (+EUR 130 million), followed by imports of electrical equipment and base metals and articles of base metal (+EUR 58 million) and machinery and mechanical appliances (+EUR 48 million).
Year on year, the biggest rise was recorded in imports from Finland, Russia and Lithuania. Imports increased for electricity and sawn pine timber from Finland, various fuel oils from Russia and motor fuels and pharmaceuticals from Lithuania. (ERR/Business World Magazine)
