In 2021, Estonia’s exports of goods increased by 28% and imports by 32% compared to 2020, data from Statistics Estonia showed. In December 2021, exports grew by 24% and imports by 27% YoY.
In 2021, Estonia’s exports of goods amounted to EUR 18 billion and imports to nearly EUR 20 billion at current prices.
The trade deficit was EUR 1.8 billion, EUR 880 million euros higher than in 2020.
The increase in trade deficit was mainly due to trade in raw materials and products of chemical industry and transport equipment. The highest surplus was recorded in trade in wood and articles of wood, and miscellaneous manufactured articles (incl. furniture, prefabricated wooden buildings).
Evelin Puura, the leading analyst at Statistics Estonia, said that 2021 would be remembered as the year of rapid price increases, which significantly boosted trade turnover.
Compared to 2020, the export price index increased by 12.2% and the import price index by 8.1%. Estonia exported goods to 186 countries and imported goods from 151 countries.
“European Union Member States were our main trade partners, as their share was 67% in exports and 73% in imports,” added Puura.
The biggest export items were mineral fuels, electrical equipment and wood and articles of wood. Compared to 2020, the biggest rise was recorded in the exports of mineral fuels (incl. processed mineral oils, heavy fuel oils and electricity), which grew by EUR 1.5 billion, followed by the exports of wood and articles of wood (incl. coniferous wood strips, wood pellets, glue-laminated timber), which grew by EUR 512 million, and the exports of electrical equipment (incl. communication equipment, phones), which grew by EUR 466 million.
The main partner country for Estonia’s exports of goods was Finland, followed by Latvia and the USA. The main commodities exported were engine parts, articles of metal, and natural gas to Finland and electricity, milk and motorcars to Latvia.
The biggest rise occurred in exports to the USA, Latvia and the Netherlands. More communication equipment and mineral fuels were exported to the USA, more electricity and motor cars to Latvia, and there were larger dispatches of mineral fuels and prefabricated wooden buildings to the Netherlands.
The main commodities imported to Estonia were mineral fuels, electrical equipment, machinery and mechanical appliances, transport equipment, base metals and articles of base metal.
The biggest increases occurred in the imports of mineral fuels, incl. oils imported for processing, motor fuel and electricity (+EUR 1.5 billion), base metals and articles of base metal (+EUR 543 million) and transport equipment, including motorcars (+EUR 487 million).
The top partner countries for Estonia’s imports of goods were Finland, Russia and Germany. The biggest rise was recorded in imports from Russia, Finland and Germany. There were greater imports of mineral fuels and fertilizers from Russia, greater imports of electricity and motor fuels from Finland, and bigger imports of motorcars, miscellaneous machinery and industrial equipment from Germany.
In December 2021, Estonia’s exports of goods amounted to EUR 1.7 billion and imports to EUR 1.9 billion.
The rise in exports was mainly due to the exports of mineral fuels and wood and articles of wood. Imports were mainly boosted by the imports of mineral fuels, metals, raw materials and products of chemical industry.
The top partner countries were Finland, Latvia and the USA for exports, and Finland, Latvia and Lithuania for imports. (ERR/Business World Magazine)