Estonia's exports of goods totaled nearly €1.7 billion and imports €2 billion at current prices. The trade deficit in July stood at €349 million, more than doubling from €172 million on year.

According to Evelin Puura, leading analyst at Statistics Estonia, this July, exports were boosted primarily by re-exports, however the exports of goods of Estonian origin also remained steady on year. The biggest increase was recorded in the imports and re-exports of mineral fuels, electricity and natural gas. On year, export prices have risen by 27 percent and import prices by 29 percent.

"In July, the top destination for Estonia's exports was Latvia — in June, it was Finland," Puura noted. "The change in the main partner country for exports was due primarily to the re-exports of electricity and also rising electricity prices."

The primary commodities exported in July were mineral fuels and electricity, electrical equipment, agricultural products and food preparations as well as wood and articles of wood. Compared with July 2021, the biggest increase occurred in the exports of mineral fuels and electricity (up by €123 million), agricultural products and food preparations (up by €45 million), and machinery and mechanical appliances (up by €24 million).

The main partner country for Estonia's exports of goods was Latvia, followed by Finland and Lithuania. The primary commodities exported were electricity and motor vehicles to Latvia, metal structures and other steel products and electrical equipment to Finland, and mineral fuels and motor vehicles to Lithuania.

The biggest increase occurred in exports to Latvia, Greece and Lithuania. "There were larger dispatches of electricity, flat-rolled products and motor vehicles to Latvia, as well as greater exports of mineral fuels to both Greece and Lithuania," Puura noted.

Goods of Estonian origin accounted for 64 percent of the total exports of goods, down by 7 percent on year. The exports of goods of Estonian origin have been impacted primarily by the decreased exports of mineral products, base metals and articles of base metal as well as parts of transport equipment.

The primary commodities imported to Estonia were mineral fuels and electricity, base metals and articles of base metal, transport equipment, electrical equipment as well as agricultural products and food preparations. The imports of mineral fuels and electricity increased the most (up by €185 million), followed by imports of agricultural products and food preparations (up by €47 million) and imports of transport equipment (up by €42 million).

The top partner countries for Estonia's imports of goods were Finland, Lithuania and Germany. The biggest increase, meanwhile, was recorded in imports from Finland, Lithuania and Turkey, including bigger imports of electricity, natural gas and motor fuels from Finland, bigger imports of motor fuels from Lithuania as well as greater imports of base metals and articles of base metal — including bars and rods of iron, pipes, and metal structures — from Turkey.

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