In September 2022, Estonia's exports of goods increased by 14 percent and imports by 19 percent at current prices compared with September 2021, state agency Statistics Estonia says.
Meanwhile the share of EU countries making up Estonia's export destinations grew by two percentage points year-on-year, Statistics Estonia says; with imports, the growth was even greater, from 73 percent of Estonia's imports coming from other EU nations in September 2021, to 83 percent in September this year.
Overall and to all destinations, as noted exports from Estonia rose by 14 percent on year to September 2022, while imports grew even more, by 19 percent, at current prices, compared with September 2021
The main commodities exported in September were mineral products (to a total value of €360 million), electrical equipment (valued at €276 million) and wood and timber, and items made therefrom (€211 million), the agency says.
Statistics Estonia analyst Jane Leppmets said: "In the third quarter as a whole, the trade deficit was over two times bigger than in the third quarter of 2021," added Leppmets.
In that quarter, exports were up by 16 percent and imports by 22 percent. Trade was mainly boosted by the increased exports and imports of mineral products as well as by rising prices in general, the agency says.
In September, Estonia's exports of goods amounted to nearly €1.9 billion and imports to €2.1 billion at current prices.
The trade deficit was €155 million, which is €92 million more than in September last year.
Compared with September 2021, the largest rise was posted in imports from Latvia (up by €81 million), followed by imports from Finland (up by €66 million) and Lithuania (up by €63 million).
In September, as with August, the biggest fall on year was observed in imports from Russia (down by €132 million) and Belarus (down €51 million), as a result of Russia's ongoing war on Ukraine and the resultant sanctions.
September 2021 to September 2022 saw the biggest increase posted in the exports of mineral products (including electricity and fuel oils) and machinery.
Goods of Estonian origin accounted for 65 percent of the total exports , down from 74 percent in September last year.
Latvia was the main partner country for Estonia's exports of goods (16 percent of total exports) in September, followed by Finland (16 percent) and Sweden (9 percent).
The most significant commodities exported were electricity and motor vehicles (to Latvia), mineral products (including natural gas) and metal structures and their components (to Finland), and prefabricated wooden buildings and timber and wooden products, to Sweden.
The largest increase occurred in exports to Latvia, Finland and Lithuania. The biggest fall was recorded in exports to the USA and Netherlands.
The main commodities imported to Estonia in September were mineral products (totaling €411 million in value), electrical equipment (totaling €250 million), transport equipment (€212 million), and agricultural products and food preparations (€205 million).
The largest rise occurred in the imports of gas oils, electricity, motor vehicles, electrical equipment, and vegetable oils.
The most significant partner countries for Estonia's imports of goods were Finland (17 percent of total imports), Latvia (11 percent of the total) and Germany (11 percent).
Imports from Finland outstripped in value imports from all non-EU countries combined – largely due to increased imports from Finland and also the dramatic decline in imports from Russia.
The main commodities imported were mineral products from both Finland and Latvia, and transport equipment from Germany.
Statistics Estonia compiled the above survey on behalf of the Estonian Ministry of Economic Affairs and Communications.
Editor: Andrew Whyte
Source: Statistics Estonia