A flash estimate put Estonia's current account at €25 million in surplus in October, down from €53 million on year, with goods exports up 17 and imports 21 percent on year, and service exports up 21 and imports 31 percent on year, according to a statistical release published by the Bank of Estonia on Wednesday.
Exports of goods increased by 17 percent and imports by 21 percent on year in October, increasing the deficit in Estonia's goods account by €79 million to €172 million.
The growth in exports was driven by exports of mineral products and food goods. Imports, meanwhile, were boosted by imports of mineral products, while imports of wood and wood products simultaneously fell due to sanctions imposed on Russia.
Estonia's service exports, meanwhile, had increased by 21 percent and imports by 31 percent on year, reducing the surplus in the country's services account by €9 million to €199 million.
Increasing foreign tourist numbers once again significantly boosted the export of travel services, while Estonian residents themselves likewise traveled abroad significantly more this October than they did during the same time 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 central bank will publish the balance of payments for the fourth quarter of 2022 in March 2023.
The Bank of Estonia's statistical release is independent of economic policy releases and presented separately.
Editor: Aili Vahtla