Imports rose 13 percent on year to January 2021, state agency Statistics Estonia reports, while exports also grew, by 4 percent, over the same period.
Evelin Puura, Statistics Estonia leading analyst, said the primary contributor to foreign trade in January this year had been increased trade in oil products and mineral fuels, partly the result of higher prices global crude oil prices.
Meanwhile, the largest falls took place in the exports and imports of agricultural products and food preparations, Puura said.
The trade deficit grew manifold over the same period, and in January stood at €118 million, up from €17 million a year earlier.
Exports in January stood at €1.2 billion, Statistics Estonia says.
Over the year January 2020-January 2021, the greatest driver of trade growth was exports of mineral products, as well as electrical equipment and timber and wood products.
Mineral products exports rose €34 million, electrical equipment by €18 million and mechanical appliances by €17 million on year to January 2021, Statistics Estonia reports, while the largest fall was posted by the export of agricultural products and food preparations, at €27 million.
Finland remained the largest country of destination, followed by Sweden and the Netherlands.
At the same time, exports fell to Finland more than almost any other destination, particularly in pre-made log houses, furniture and food products, the agency says.
Exports rose the most to the Netherlands (particularly heavy fuel oil) and the U.S. (primarily communication equipment) and fell most in exports to Turkey, mostly concerning agricultural products (cereals) dropped, along with Finland as noted.
Seventy-three percent of exports were goods of Estonian origin, a component which rose 6 percent on year, while its re-export remained constant on year.
Among products of Estonian origin, exports of processed oil products and communication equipment rose the most, while agricultural products and food preparations fell the most.
Imports stood €1.3 billion at current prices, Statistics Estonia.
Mineral products and electrical equipment again were major components, along with transport equipment, raw materials and products of chemical industry, and mechanical appliances.
The largest rise was seen in imports of motor fuels (€111 million) and mechanical appliances (€18 million), with Finland, Latvia and Lithuania being the main countries of origin, while fuel imports from Belarus, which nearly tripled, was a driver of import growth.
Post-Brexit, imports from the U.K. fell in almost all areas, Statistics Estonia says.
Editor: Andrew Whyte