Exports of goods from Estonia rose by 26 percent on year to June 2022, while imports rose by 24 percent over the same period, state agency Statistics Estonia reports, primarily boosted by increased exports and imports of mineral fuels and electricity, as well as timber and wood products.
The second quarter of this year (Q2 2022) saw a growth in imports of 30 percent, and of 21 percent for exports, compared with Q2 2021, the agency says.
Estonia's biggest partner was Finland, followed by Latvia and Sweden.
Leading analyst at Statistics Estonia Evelin Puura said: "The main commodities exported were metal structures and other steel products and electrical equipment to Finland, electricity and automobiles to Latvia, and wood and articles of wood, prefabricated wooden buildings and communication equipment to Sweden.
"The highest increase occurred in exports to Latvia, Norway, and Finland. More electricity, wood and articles of wood, and bitumen were exported to Latvia, and there were larger dispatches of motor fuels and prefabricated wooden buildings to Norway and metal structures to Finland," added Puura.
Exports of goods amounted to nearly €1.9 billion in value; imports, €2.1 billion, at current prices, Statistics Estonia says.
Meanwhile the trade deficit stood at €284 million – up by €28 million compared with June 2021.
Puura said: "The trade deficit has, in turn, been widened by faster price increases for imported raw materials and goods than for exported goods."
Evelin Puura of Statistics Estonia also noted that imports have grown at a faster pace in both Q1 and Q2 this year, which has had the effect of doubling the trade deficit compared with the corresponding periods last year.
Imports fell the most from Belarus and Russia, in the wake of the invasion of Ukraine from late February, Statistics Estonia notes.
The most significant countries of origin for imports into Estonia were: Finland, Germany, and Sweden. The largest rise here was recorded in imports from Finland (primarily driven by greater imports of electricity and motor fuels), Sweden (transport equipment and mineral products), and the Netherlands (measuring instruments, mineral products).
Imports and exports June 2022 quick facts (source: Statistics Estonia):
- Main commodities exported were mineral fuels and electricity, electrical equipment, and timber and wooden items.
- Goods of Estonian origin accounted for 68 percent of the total exports of goods.
- In the latter case, the largest rise was experienced in the exports of wood and articles of wood (including wood pellets), agricultural products and food preparations (including dairy products), processed mineral fuels, and prefabricated wooden buildings.
- The largest on-year increase related to exports of mineral fuels and electricity (up by €163 million).
- Exports of wood and articles of wood rose by €62 million, and exports of agricultural products and food preparations by €38 million.
- Re-exports from Estonia increased by 40 percent; exports of domestic goods by 21 percent.
- The main commodities imported to Estonia were mineral fuels (rose by €110 million) and electricity, transport equipment, and electrical equipment.
- Imports of base metals and articles of base metal rose in value by €64 million; of wood and articles of wood by €40 million.
Statistics Estonia conducted the above research on behalf of the Ministry of Economic Affairs and Communications.
Editor: Andrew Whyte
Source: Statistics Estonia