Statistics: Foreign trade up over 40 percent on year to August
Exports of goods rose by 46 percent on year to August 2021, state agency Statistics Estonia reports, while imports rose by almost as much, at 40 percent. This growth was significantly affected by trade in mineral fuels and timber, the agency says.
Evelin Puura, leading analyst at Statistics Estonia, said trade in mineral products was particularly influential, seeing a three-to-four-fold rise in imports and exports, on year.
She said: "In August, there was a significant rise in trade in mineral fuels and electrical energy. There was an increase in the processing of imported fuel oils and aviation fuels, but also in the imports of gasoline and diesel fuels and in electrical energy trade."
Mineral fuels reprocessed in Estonia held the biggest share among mineral products in terms of both quantity and value, Puura added. "For example, various fuel oil preparations are imported and, by the addition of components, turned into fuels with different quality and purpose."
Goods exports totaled €1.6 billion and imports €1.7 billion at current prices in August, the agency said. The trade deficit stood at €92 million, €22 million lower than in August 2020.
Mineral fuels, electrical equipment, and timber and wooden items were the largest exports.
On year to August 2021, exports of mineral fuels were up by €262 million, of electrical equipment by €75 million and timber and wooden articles were up by €53 million.
Finland, followed by Latvia and the U.S. were the largest export partners.
Exports to the Netherlands (particularly fuels), the U.S. (telecoms equipment) and Finland (natural gas re-exports) grew the most, on year to August.
Re-exports from Estonia increased by 55 percent and exports of domestic goods by 43 percent.
Exports of goods of Estonian origin accounted for 69 percent of the total, with, again, fuels, telecoms equipment, coniferous sawn timber and related timber products seeing the highest gains.
Mineral fuels (up by €189 million), electrical equipment, base metals/articles of base metal (up by €63 million) and timber and wooden items (up by €55 million) represented the most important imports.
Finland, Russia and Germany were the most significant import partners in August.
Imports from Russia (fuel, coniferous timber), Finland (electricity) and Belarus (fuel oils) rose the most.
More detailed information from statistics Estonia is here, here and here.
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Editor: Andrew Whyte