Bank of Estonia: September surplus in services covers deficit in goods
A flash estimate put Estonia's current account at €9 million in surplus in September, down from €84 million on year, with the export of goods up by 20 percent and imports by 29 percent on year, and service exports up by 28 percent and imports by 17 percent on year, according to a statistical release published by the Bank of Estonia on Monday.
Exports of goods increased by 20 percent and imports by 29 percent on year in September, increasing the deficit in Estonia's goods account by €137 million to €148 million. The growth in exports was driven by exports of mineral products and machinery and equipment. Imports, meanwhile, were boosted by imports of mineral products, even as imports of wood and wood products fell due to sanctions imposed on Russia.
Estonia's services exports, meanwhile, had increased by 28 percent and imports by 17 percent on year, driving the surplus in the country's service account up by €97 million on year to total €212 million.
Increasing foreign tourist numbers gave a substantial boost to the export of travel services, while Estonian residents likewise traveled abroad significantly more this September than they did in the same month last year.
Flash estimates published monthly
The Bank of Estonia publishes the flash estimate of the balance of payments for the month before last on a monthly basis.
The quarterly balance of payments is compiled from a combined system of representative primary data sources, including surveys of companies, while the monthly balance of payments draws from a considerably smaller database. Although the monthly report uses as much of the data available for the month reported as possible, including administrative data sources and reports on international payments, it is subjective to a certain degree, which is why it is called an estimate. Once the quarterly balance of payments is released, the monthly balances of payments are adjusted accordingly.
The central bank will publish the balance of payments for the second quarter of 2022 in December.
The Bank of Estonia's statistical release is independent of economic policy releases and presented separately.
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Editor: Aili Vahtla