Statistics: Trade increased for fifth month in a row
In July, exports of goods increased by 29 percent and imports by 27 percent year on year, data from Statistics Estonia shows. Trade growth was significantly influenced by the increase in the exports and imports of mineral fuels and base metals and articles of base metal.
In July, Estonia's exports of goods amounted to €1.5 billion and imports to €1.7 billion. The trade deficit was €157 million, which is €17 million higher than in July 2020.
Evelin Puura, leading analyst at Statistics Estonia, said that the level of foreign trade has changed considerably since March. Each month, the value of exports has exceeded €1.4 billion and the value of imports has exceeded €1.6 billion.
"The higher value of trade is due to bigger volumes as well as the rising prices of materials. A similar trend is likely to continue in the near future, as Estonia's key trade partners reported a more than 10 percent growth in exports and imports in the first half of the year," explained Puura.
The main commodities exported in July were mineral fuels, electrical equipment, base metals and articles of base metal, and wood and articles of wood.
Compared to July 2020, the biggest increases occurred in the exports of mineral fuels - up by €174 million - base metals and articles of base metal - up by €49 million - and electrical equipment - up by €38 million.
The main partner country for Estonia's exports of goods was Finland, followed by Latvia and the Netherlands. The biggest increase occurred in exports to the Netherlands and Singapore, with larger dispatches of processed fuel oil. There was also a rise in exports to the USA due to greater exports of telecommunication equipment.
Goods of Estonian origin accounted for 70 percent of the total exports of goods. The biggest rise occurred in the exports of processed fuels, metal waste, coniferous sawn timber and coniferous wood strips.
The main commodities imported to Estonia were mineral fuels, base metals and articles of base metal, machinery and mechanical appliances, electrical equipment and transport equipment. The imports of mineral fuels increased the most, followed by imports of base metals and articles of base metal and wood.
In July, the top partner countries for Estonia's imports of goods were Finland, Russia and Germany. The biggest rise was recorded in imports from Russia, Finland and Belarus. There were increased imports of fuel oils and coniferous sawn timber from Russia, electrical energy and motor fuel from Finland, and fuel oils from Belarus.
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Editor: Helen Wright
