Estonia's service exports boosted by trade with Finland
Estonia's service exports grew by 22 percent while imports of services fell by 10 percent year on year in the first quarter of 2022, data from Statistics Estonia and the Bank of Estonia show. Exports of services totaled €2 billion and imports of services €1.5 billion.
The balance of foreign trade in services was in surplus by €494 million, which is €531 million more than in the first quarter of 2021.
This was mainly due to increased exports of travel services and telecommunications, computer and information services, and decreased imports of telecommunications, computer and information services.
Jane Leppmets, analyst at Statistics Estonia, said, in the first quarter of 2022, Estonian enterprises exported more services than they imported, resulting in a positive balance for trade in services.
"Exports were primarily boosted by increased trade in transport services, telecommunications, computer and information services, and other business services. The fall in imports was mainly due to decreased purchases of telecommunications, computer and information services," she said.
Exports to EU countries accounted for 63% and imports from EU countries for 68% of foreign trade in services.
In the first quarter, the most exported services were transport services, telecommunications, computer and information services, and other business services.
Finland was still the top partner country for exports of services in the first quarter of 2022, followed by Sweden and the United Kingdom. The biggest increase occurred in exports to Finland and Latvia.
In the first quarter of 2022, the top partner country for imports of services was Germany which mainly supplied transport services to Estonia.
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Editor: Helen Wright
