Estonia's rapid trade growth continued in November with exports of goods increasing by 30 percent year-on-year, imports increased by 36 percent, data from Statistics Estonia shows. Growth was highest in trade with the European Union Member States and primarily with neighboring countries.
In November, Estonia's exports of goods amounted to €1.7 billion and imports to €1.9 billion at current prices. The trade deficit was €149 million. In November 2020, it was €58 million. The trade deficit increase was driven by trade in raw materials and products of chemical industry, and transport equipment.
Statistics Estonia (Statistikaamet) leading analyst Evelin Puura said trade is most active with Estonia's neighbors Finland, Latvia, Lithuania and Sweden. The share of these countries accounts for 41 percent of Estonia's total trade. "The exports and imports of goods were at a record high level in November. In addition to growing volumes, higher prices continued to impact trade growth," Puura said.
The main commodities exported were mineral fuels, electrical equipment, wood and articles of wood. Compared to November 2020, the biggest increases occurred in the exports of mineral fuels and electricity (up by €129 million), wood and articles of wood (up by €80 million), and base metals and articles of base metal (up by €74 million).
The main partner country for Estonia's exports of goods was Finland, followed by Latvia and Sweden. The biggest increase occurred in exports to Finland, Latvia and Germany. More electricity and scrap metal was exported to Latvia, more natural gas and parts of electrical engines to Finland, and there were larger dispatches of prefabricated wooden buildings and stainless steel waste to Germany.
Re-exports from Estonia increased by 35 percent and exports of domestic goods by 28 percent. Goods of Estonian origin accounted for 71 percent of the total exports of goods. In the case of goods of Estonian origin, the biggest rise occurred in the exports of ferrous and steel waste, wood pellets, processed fuels and prefabricated wooden buildings.
The main commodities imported to Estonia were mineral fuels, electrical equipment, and machinery and mechanical appliances. The imports of mineral fuels and electricity increased the most (up by €130 million), followed by imports of electrical equipment, and base metals and articles of base metal (up by €58 million), and machinery and mechanical appliances (up by €48 million).
Year on year, the biggest rise was recorded in imports from Finland, Russia and Lithuania. Imports increased for electricity and sawn pine timber from Finland, various fuel oils from Russia, and motor fuels and pharmaceuticals from Lithuania.
For more data on foreign trade, see Statistics Estonia's detailed section here. Visualized foreign trade data is also available on the agency's website. The full statistical database is available here.
Editor: Kristjan Kallaste