Statistics: Imports reached record level in October

Exports and imports (picture is illustrative).
Exports and imports (picture is illustrative). Source: ERR

Imports reached record levels on year to October, state agency Statistics Estonia reports, rising by 32 percent over that period. Exports also saw a major increase on year to October, rising by 18 percent.

The growth was driven primarily by trade in mineral products, timber and base metals and related items.

Evelin Puura, leading analyst at Statistics Estonia, said that: "Compared with October 2020, there has been a rise in imports in most commodity sections."

"In the case of mineral fuels, imports were significantly boosted by the rising prices of raw materials. For example, the purchase prices of electrical energy and liquefied natural gas (LNG) have risen four times year on year, and the price of gaseous natural gas has increased five times," Puura went on, according to a Statistics Estonia press release.

In October, Estonia's good exports amounted to €1.6 billion, and imports to €1.8 billion at current prices.

The trade deficit stood at €164 million, while in October 2020 a trade surplus of €27 million was reported.

The deficit was largest in the trade of raw materials and products of chemical industry, base metals and articles of base metal, and transport equipment.

Mineral fuels (up by €122 million), timber and timber exports (€47 million rise) and electrical equipment (€43 million) were the main export sectors to see growth on year to October..

Estonia's main export partners were Finland, Latvia and Sweden, with the first two of these three seeing the most significant growth (particularly with electricity to Latvia), along with exports to the U.K. (primarily with wooden prefab buildings and also with fuel oils).

Re-exports from Estonia increased by 34 percent and exports of domestic goods by 12 percent, on year to October.

Goods of Estonian origin accounted for 71 percent of the total.

In the case of goods of Estonian origin, the largest rise occurred in the exports of processed fuels, prefabricated wooden buildings and scrap metal and metal waste.

The main commodities imported to Estonia were mineral fuels, electrical equipment, and base metals and articles of base metal.

Foreign trade. Source: Statistics Estonia

The imports of mineral fuels increased the most (up by €150 million), followed by imports of base metals and articles of base metal (up by €68 million), timber and articles of timber (up by €34 million) and electrical equipment (rose by €34 million).

Estonia's main import partners October 2020 to October 2021 were Finland, Lithuania and Germany.

Year-on-year, the biggest rise was recorded in imports from Finland, Lithuania and Russia.

There were greater imports of electrical energy from Finland, of motor fuel from Lithuania and of fuel oils from Russia, the agency says.

More detailed information is here, here and here.

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Editor: Andrew Whyte

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