Statistics Estonia: January goods exports down 9 percent on year
This January, exports and imports of goods at current prices decreased by 9 percent and 1 percent, respectively, on year. Estonia's goods exports totaled €1.5 billion and imports €1.8 billion at current prices; the trade deficit stood at €272 million, up by €127 million on year, Statistics Estonia said Monday.
Although imports and exports of wood and articles of wood as well as raw materials and products of chemical industry also declined, the decrease in exports and imports in January was affected primarily by a marked fall in imports and exports of mineral fuels, Statistics Estonia analyst Jane Leppmets said according to a press release.
"Looking at current prices, exports of mineral fuels in 2023 fell by 55 percent and imports by 44 percent compared with last January," Leppmets said. "Exports of electricity to Latvia and imports from Finland as well as imports of various mineral products from Russia and Belarus decreased."
The main commodities exported in January were electrical equipment (for €202 million), wood and articles of wood (for €183 million), and agricultural products and food preparations (for €168 million).
The biggest decreases were registered in the exports of mineral products, including shale oil and electricity (down by €174 million), raw materials and products of chemical industry, including fertilizers (down by €37 million) and wood and articles of wood, including wood sawn lengthwise (down by €14 million).
Compared with January 2022, the biggest increase occurred in the exports of agricultural products and food preparations (up by €38 million). A rise was also recorded in exports of transport equipment (up by €21 million) as well as machinery and mechanical appliances (up by €11 million). On year, the share of goods of Estonian origin in exports has remained almost unchanged, accounting for 67 percent of total exports in January 2023.
Estonia's largest export partner this January was Finland, accounting for 18 percent of total exports, followed by Latvia and Sweden, accounting for another 11 percent each. Chief commodities exported were electrical equipment to Finland and Sweden, and mineral products, including electricity, to Latvia.
Exports fell to both non-EU (18 percent) and EU (6 percent) countries, with the biggest decreases recorded in exports to the Netherlands, the United States and Latvia. The biggest increases that month, meanwhile, were to Finland, Nigeria and Sweden.
The main commodities imported to Estonia in January were electrical equipment (for €231 million), mineral products (for €193 million) and transport equipment (for €191 million). The biggest decreases, meanwhile, occurred in the imports of mineral products, including various oils and electricity (down by €155 million), wood and articles of wood, including wood sawn lengthwise (down by €28 million), raw materials and products of chemical industry, including fertilizers (down by €27 million), and base metals and articles of base metal, including flat-rolled products (down by €26 million).
The biggest increases were recorded in the imports of electrical equipment (up by €46 million), agricultural products and food preparations (up by €35 million) and transport equipment (up by €23 million).
The top partner countries for Estonia's goods imports in January were Finland (accounting for 14 percent of Estonia's total imports), Latvia (11 percent) and Germany (11 percent), with chief imports including mineral products from Finland and Latvia and transport equipment from Germany.
The share of trade with EU countries in Estonia's imports in January was 79 percent, with imports from euro area countries accounting for 60 percent of Estonia's total imports. The biggest fall occurred in imports from countries outside the EU, including Russia and Belarus (both down by 95 percent on year). Imports from EU member states, meanwhile, including Germany, Poland and Latvia, increased the most.
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Editor: Aili Vahtla