Bank of Estonia: Pandemic sees services imports/exports fall in March

Bank of Estonia coat of arms. Source: Siim Lõvi /ERR

Estonia's current account was in an estimated €31-million deficit in March, the Bank of Estonia reports. Exports of goods fell by 5 percent, and imports by 2 percent, on year to March, with the emergency situation declared mid-month impacting services even more, with an 18 percent and 23 percent fall for exports and imports respectively.

The central bank says the 12-month cumulative stands at €529 million for March (down from €543 million in March 2019), which is 1.9 percent of GDP (down from 2.1 percent a year earlier).

The so-called flash estimate follows International Monetary Fund (IMF) methodology in compiling, and is compiled from various primary data sources on a monthly, rather than quarterly bases.

Bank of Estonia March import/export breakdown:

  • Current account deficit: -€31 million.
  • Exports of goods fell by 5 percent and imports by 2 percent.
  • Exports of services fell by 18 percent, imports by 23 percent; travel and transport saw biggest fall.
  • Goods account deficit rose by €37 million, to -€100 million, on year.
  • Computer services account continued to grow.
  • Services surplus roughly same as March 2019.
  • Investment income and current transfers fell, meaning negative balance of primary and secondary income narrowed to €53 million.
  • Surplus on capital account stood at €40 million euros due to active take-up of infrastructure support.
  • Current and capital accounts together were in surplus, making Estonia again a net lender to the rest of the world.

More detailed information is here.

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Editor: Andrew Whyte

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