SEB: Growth in exports of goods of Estonian origin was surprising ({{contentCtrl.commentsTotal}})

Tallinn skyline.
Tallinn skyline. Source: Siim Lõvi /ERR

The 15 percent growth registered in September in the exports of goods of Estonian origin definitely was surprising, Mihkel Nestor, economic analyst at SEB, said on Monday.

Nestor told BNS that the growth was surprising, although continuous improvements in the sentiment of industrial enterprises indicated that we may be soon seeing also growing export numbers. 

"Of course, we cannot speak of a broad export boom, as the double-digit growth is the result of very high sales figures in individual categories of goods. The leap in the export of electrical equipment alone accounted for more than half of export growth. In addition, the export of grain made a vey big contribution," the analyst said.

Nestor added that export grew a lot also in several other important branches of industry, such as metal products, measuring and medical equipment, means of transport, food, and chemical products.

"Export figures apparently will be rather strong also for October. However, at the end of the year and, I'm afraid, also at the beginning of 2021 the restrictions imposed to contain the spread of coronavirus that is spreading widely in Europe will start to have a negative impact on exports," Nestor added.

Estonia's exports of goods increased by 11 percent and imports decreased by 4 percent in September 2020, compared to September 2019, Statistics Estonia said on Monday. Of the total exports of goods, goods of Estonian origin accounted for 74 percent. The exports of goods of Estonian origin increased by 15 percent and re-exports decreased by 1 percent compared to September of last year.

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Editor: Helen Wright

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