Statistics: Trade grows by over a third, to January 2022
Trade in Estonia grew by a third on-year to January 2022, significantly boosted by a rise exports and imports and higher prices for mineral fuels and electricity, state agency Statistics Estonia reports.
In January 2022, Estonia's exports of goods increased by 35 percent and imports by 36 percent, on year, the agency says.
Exports of goods in January amounted to €1.6 billion; imports to nearly €1.8 billion, at current prices.
Trade deficit stood at €178 million and grew by €62 million between January 2021 and January 2022.
Evelin Puura, leading analyst at Statistics Estonia, said: "The rise in prices had the biggest impact on trade in mineral fuels and electricity. In January this year, mineral fuels and electricity accounted for 19 percent of exports and 20 percent of imports."
Trade was influenced by the low reference base of January 2021 and also by the rising prices of raw materials, Puura added.
The main commodities exported were mineral fuels and electricity, electrical equipment, and wooden items.
Compared with January 2021, the largest increase occurred in the exports of mineral fuels (including processed mineral oils, natural gas) and electricity, which grew by €128 million.
The exports of wood and articles of wood (including wood pellets, coniferous wood strips, plywood) grew by €64 million, while the exports of agricultural products and food preparations (including feed barley) by €45 million.
Re-exports from Estonia rose by 49 percent, and exports of domestic goods by 29 percent.
Goods of Estonian origin accounted for 70 percent of the total exports of goods. In the case of goods of Estonian origin, the biggest rise occurred in the exports of feed barley, processed fuels and scrap metal.
Estonia's main export partner was Finland, followed by Latvia and Sweden.
The main commodities exported were natural gas and parts for engines and loaders to Finland, electricity and motor cars to Latvia, and communication equipment, prefabricated wooden buildings and wood pellets to Sweden.
The largest increase occurred in exports to Latvia, Finland and Lithuania. More electricity was exported to Latvia and to Finland, and there were larger dispatches of transport equipment to Lithuania.
The main commodities imported to Estonia were mineral fuels and electricity, base metals and articles of base metal, electrical equipment, and raw materials and products of chemical industry, Statistics Estonia says.
The imports of mineral fuels (including oils imported for processing and natural gas) and electricity increased the most (up by €113 million), followed by imports of base metals and articles of base metal (up by €77 million) and raw materials and products of chemical industry (up by €42 million).
The top partner countries for Estonia's imports of goods were Finland, Russia and Latvia.
The largest rise was recorded in imports from Finland, Russia and Lithuania. There were greater imports of electricity and diesel fuel from Finland, greater imports of nitrogen fertilizer and mineral fuels for processing from Russia, and increased imports of diesel fuel and aviation fuel from Lithuania.
More detailed information is here, here and here.
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Andrew Whyte