According to SEB Bank’s analyst Ruta Arumäe, January saw a sharp drop in exports and if it is not reversed, it will begin to affect jobs.
According to data published by Statistics Estonia today, exports dropped 20 percent in January compared to the same month last year, uudised.err.ee reported.
Leaving out a one-off shipping deal from last year, exports dropped 7 percent.
Arumäe said that if the drop proves to be long-term, it will start to affect employment. The processing industry has the largest employment and is very sensitive to changes in production volumes, she said.
Exports to Finland have remained relatively stable in the last three years, but exports to Sweden and Lithuania have decreased. Russian limits on dairy and fish products have not significantly affected the export volumes, Arumäe said.
The Finnish economic slump has been factored into the exports volumes but a drop in demand from other Baltic countries could prove to be a grave problem, especially with Lithuania, which is closely connected to the Russian market and particularly vulnerable, Arumäe warned.