This indicated an improvement on year from a deficit of €462 million in June 2021, according to the central bank's statistical release.

This June, goods exports were up 30 percent and imports up 26 percent on year. The deficit in the goods account stood at €190 million, close to that recorded in June 2021.

Exports were driven most by the exports of mineral products and timber and paper products, while imports have been driven most by imports of mineral products as well as metal and medal products.

Service exports, meanwhile, had increased 34 percent on year, but imports fell due to the high reference base a year ago.

The biggest growth in service exports was recorded in transport and travel services. The surplus of the services account in June stood at €227 million.

The Bank of Estonia's monthly report is a flash estimate, the central bank notes. Once the quarterly balance of payments is released, monthly balances will be adjusted accordingly.

The Bank of Estonia will publish the balance of payments for the second quarter of 2022 in September.

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