This May, Estonia’s exports of goods increased by 31% and imports by 33% YoY, with trade growing with most of Estonia’s primary trading partners, Statistics Estonia said on July 11.
Estonia’s goods exports amounted to EUR 1.9 billion and imports to nearly EUR 2.2 billion at current prices. The trade deficit stood at EUR 265 million, up by EUR 88 million, Statistics Estonia said in a press release.
Evelin Puura, leading analyst at Statistics Estonia, pointed out that trade growth in May was broad-based, with increases in almost all commodity sections, and exports falling only in electrical equipment.
“Trade with our main partner countries also increased; only trade with Russia and the United States decreased,” Puura continued. “The decline in trade with Russia is due to the gradual entry into force of sanctions related to the war in Ukraine. Exports of electrical equipment to the U.S. have decreased significantly.”
The main commodities exported from Estonia in May were mineral fuels and electricity, electrical equipment, and wood and articles of wood. Compared with May 2021, the biggest increase occurred in the exports of mineral fuels and electricity, which grew by EUR 197 million. Exports of base metals and articles of base metal were up by EUR 59 million, and the exports of wood and articles of wood by EUR 55 million. The biggest decrease occurred in the exports of electrical equipment, which were down by EUR 11 million.
Estonia’s main partner country for exports was Finland, followed by Latvia and Sweden.
“The main commodities exported were metal structures and other steel products as well as electrical equipment to Finland, electricity, scrap metal and automobiles to Latvia, and communication equipment and prefabricated wooden buildings to Sweden,” Puura highlighted. “The biggest increase occurred in exports to Latvia, Finland, Sweden and Egypt. More electricity was exported to Latvia, and there were larger dispatches of mineral fuels to Sweden and Egypt.”
Re-exports from Estonia, meanwhile, increased by 36% and the exports of domestic goods by 29%. Goods of Estonian origin accounted for 72% of total exported goods this May. Of goods of Estonian origin, the biggest increase occurred in the exports of processed mineral fuels, scrap metal, wood and articles of wood.
The main commodities imported to Estonia this May were mineral fuels and electricity, base metals and articles of base metal, electrical equipment as well as mechanical appliances.
The import of mineral fuels and electricity increased the most – up by EUR 128 million – followed by imports of base metals and articles of base metal – up by EUR 91 million – and wood and articles – up by EUR 52 million.
The top partner countries for Estonia’s goods imports this May were Finland, Lithuania and Germany. The biggest increase was recorded in imports from Finland and Lithuania, with electricity and scrap metal imports up from Finland and motor fuels imports up from Lithuania. (ERR/Business World Magazine)
