Estonia's exports of goods at current prices rose by 11 percent on year to October 2022; imports by 15 percent over the same time-frame, state agency Statistics Estonia says, which led to a near doubling in trade deficit.
Commenting on the results, Evelin Puura, leading analyst at Statistics Estonia, said: "In the first ten months of 2022, the trade deficit has almost doubled compared with the same period last year, showing that we continue to import more goods than we export."
"Higher price increases for imported goods and raw materials than for exported goods also contribute to widening the gap. In the first 10 months of this year, import prices have risen by 27 percent and export prices by 25 percent," Puura added.
In October, Estonia's exports of goods amounted to €1.8 billion and imports to €2.1 billion, Puura said.
The trade deficit was €238 million, which is €82 million more than in October last year, she added.
The main commodities exported in October were mineral fuels and electricity (€259 million), electrical equipment (€250 million), and agricultural products and food preparations (€238 million).
Compared with October 2021, the largest rise was seen in the exports of agricultural products and food preparations, and in mechanical appliances.
The biggest most significant fall was recorded in the exports of base metals and articles of base metal, mineral fuels, and electricity.
Estonia's main exports of goods partner country was again Finland (15 percent of total exports), followed by Latvia (14 percent) and Sweden (9 percent), Statistics Estonia says.
The main commodities exported were: Natural gas, engine parts and metal structures (to Finland), electricity, automobiles, and raw milk (to Latvia), and prefabricated wooden buildings and communications equipment (to Sweden).
The most significant increase was seen in exports to Latvia (up by €68 million), Sweden (by €23 million), and Saudi Arabia (€21 million).
Exports fell to the U.S. (down by €62 million), mainly relating to a fall in communication equipment exports there, and to the U.K. (fell by €27 million), where there was a fall in mineral fuels exports.
The decline in the share of domestic goods in total exports has been most affected by the slowdown in exports of mineral products, communication equipment, scrap metal, and prefabricated wooden buildings, Statistics Estonia says.
Compared with October 2021, more electricity, vehicles, and wood pellets were exported to Latvia, doors and window frames made of coniferous wood and prefabricated wooden buildings to Sweden, and edible wheat to Saudi Arabia.
Goods of Estonian origin accounted for 66 percent of the total exports of goods, down from 72 percent in October last year, the agency says.
Re-exports from Estonia rose by 35 percent compared with a year earlier, while exports of domestic goods only rose by 2 percent.
The top partner countries for Estonia's imports of goods were Finland (16 percent of total imports), Latvia (12 percent), and Lithuania (11 percent).
Compared with October 2021, the largest rise was posted in imports from Latvia (up by €93 million), followed by imports from Finland (by €49 million) and Kuwait (up by €41 million).
The main commodities imported into Estonia in October were mineral products (at €428 million), electrical equipment (€242 million), and mechanical appliances (€206 million). The biggest increases were in imports of motor fuels, natural gas, electricity, vehicles, and mechanical appliances.
The largest fall was seen in imports from Russia (down by €101 million) and Belarus (down by €56 million).
Compared with a year earlier, more natural gas from Latvia, electricity from Finland, and mineral fuels from Kuwait were imported to Estonia.
A fall was seen in imports of wood and timber and articles made from wood, as well as in base metals and articles made from base metals, Statistics Estonia says.
Statistics Estonia carried out the above research on behalf of the Ministry of Economic Affairs and Communications.
Editor: Andrew Whyte