Exports and imports both rose by around a half on year to May, state agency Statistics Estonia reports, driven by fuels, electrical and transport equipment in particular, as well as 2020's low reference base – the result of the pandemic.
Exports totaled €1.5 billion on year to May 2021, a rise of 47 percent, while imports came to €1.6 billion, a rise of 50 percent.
Leading analyst at Statistics Estonia Evelin Puura said that: "Export and import prices were also influenced by the continuously rising prices of materials."
"It should also be noted that the reference base of May 2020 was at the lowest of the year, with exports and imports having decreased by a quarter compared to the year before," she went on, noting that growth was mainly driven by trade with non-EU countries.
This included a significant boost in imports of mineral fuels from Russia and exports of electrical equipment to the U.S.
Finland, Russia and Germany were the most significant countries of origin for imports, while imports from Russian and Lithuania saw the greatest rise, particularly with fuel imports.
Finland, the U.S. and Sweden were the largest detination for Estonian exports, with the first of these seeing the largest increase of all recipient nations, particularly driven by telecoms equipment.
Fuel exports from Estonia to Denmark and the Netherlands also rose.
Imports of passenger cars from Germany increased.
The trade deficit in May 2021 stood at €175 million, having increased by €84 million compared with May 2020.
Re-exports from Estonia rose by 42 percent, Statistics Estonia says, while exports of domestic goods rose by 48 percent.
Goods of Estonian origin accounted for 71 percent of total exports.
The largest rise in the exports of goods of Estonian origin occurred with processed fuels, telecoms equipment, coniferous saw timber and prefabricated wooden buildings.
Mineral fuels (up by €120 million), electrical equipment (up by €93 million), transport equipment (rose by €51 million) and timber and wooden items were the most significant commodities to be exported, comparing May 2020 to 2021.
The main commodities imported to Estonia were mineral fuels, electrical equipment, transport equipment, and machinery and mechanical appliances.
The imports of transport equipment increased the most (up by €98 million), followed by imports of mineral fuels (up by €78 million) and machinery and mechanical appliances (up by €62 million), Statistics Estonia says.
Editor: Andrew Whyte