Estonia's balance of payments ran €114 million surplus in June

Ship at Muuga.
Ship at Muuga. Source: Priit Mürk/ERR

According to a flash estimate published by the Bank of Estonia (Eesti Pank), the current account of Estonia's balance of payments was in a surplus of €114 million in June 2020.

The Bank of Estonia announced on Thursday the annual turnover of goods and services declined less than in the previous two months.

The exports and imports of goods declined by 2 percent and 9 percent, respectively. The goods account balance was in a surplus of €21 million.

Year-on-year, the exports of services fell by 35 percent and the imports of services went down by 36 percent. Travel and passenger transport services saw the steepest fall in turnover. Compared to April 2019, the surplus on the services account contracted by €65 million to €130 million.

Since investment income shrank significantly, the total negative balance of the primary and secondary income decreased to €38 million. Large-scale issuance of government bonds increased portfolio investment liabilities, while companies invested heavily in foreign bonds.

Bank of Estonia publishes the flash estimate of the balance of payments monthly for the last month but one. It is scheduled to publish the balance of payments for the second quarter of 2020 on September 8.


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Editor: Kristjan Kallaste

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