Imports grew 49 percent on year to the second quarter of 2021 (Q2 2021), while exports grew by almost as much, at 41 percent, state agency Statistics Estonia says. The year-on-year figure for June alone was 45 percent (imports) and 26 percent (exports), the agency says, while overall imports of €1.7 billion was a record figure.
Evelin Puura, lead analyst at Statistics Estonia, says the growth in trade was related mainly to the EU.
She said: "In June, exports grew by more than €200 million, and imports by more than €300 million. In the second quarter, Finland, the U.S. and Sweden were the most important destination countries for Estonia's exports, while the top partner countries for imports of goods were Finland, Russia and Germany."
In June, Estonia's exports of goods stood at €1.5 billion, while imports stood at €1.7 billion, at current prices, making the value of imports to Estonia the highest ever.
The trade deficit was reported at €235 million, €224 million higher than in June 2020, and the highest level since December 2019.
Mineral fuels, transport equipment, electrical equipment and machinery and mechanical appliances were the primary imports in June 2021.
The imports of mineral fuels rose the most (by €156 million), followed by imports of transport equipment (up by €90 million) and machinery and mechanical appliances (increase of €51 million).
Finland, Russia and Germany were the most significant countries in terms of imports, both in share of origin and in growth in imports.
Mineral fuels and coniferous sawn timber imports from Russia, electrical energy from Finland, and passenger cars from Germany, were the main drivers.
Electrical equipment, mineral fuels, timber and timber/wooden articles were the primary exports in June 2021, while the largest increases occurred in the exports of mineral fuels (up by €84 million), electrical equipment (up by €47 million) and transport equipment (rose by €32 million) between June 2020 and June 2021, Statistics Estonia says.
Finland, Sweden and Latvia remain Estonia's most important export destinations, with Latvia seeing increased exports of electrical energy, while the largest rise in exports of goods related to the U.S. and telecoms equipment.
A rise in exports to the Netherlands, relating to processed fuel oil, was also reported.
Re-exports from Estonia rose 28 percent, while the export of domestic goods rose 25 percent. Seventy-percent of total exports were of Estonian origin, with the largest rises experienced in processed fuels, coniferous sawn timber, wooden doors and telecommunication equipment.
Editor: Andrew Whyte