Statistics: Estonia's foreign trade in services reached surplus in 2022
Estonia's and imports of services grew by 25 percent at current prices on year to the fourth quarter of 2022 (Q4 2022), exports of services grew by 12 percent over the same time period, state agency Statistics Estonia, along with the Bank of Estonia (Eesti Pank) reports.
This spells a surplus in foreign trade in services, for the quarter and for 2022 as a whole, the agency says.
In 2022 as a whole, exports of services grew by 31 percent; imports of services by 19 percent.
Statistics Estonia analyst Jane Leppmets said: "If we examine services by type, we see that for the majority of services, we sell more than we buy."
"Examples include telecommunications, computer and information services, other business services, and transport services, which account for the largest share of our foreign trade in services and which we export more than we import," Leppmets added, via a Statistics Estonia press release.
Leppmets said that the slower growth in exports of services in the fourth quarter was partly due to the high reference base, though exports of services continue to exceed imports, offsetting the negative balance of foreign trade in goods, she said.
Services were sold to non-residents for a total of €3 billion, and purchased for €2.2 billion, the agency goes on. The balance of foreign trade in services as a result stood at a surplus of €765 million in Q4 2022, €125 million less than in Q4 2021.
In 2022 as a whole, Estonia's exports of services totaled €10.8 billion; imports €8.4 billion.
Other business services, transport services, telecommunications, computer and information services, and travel services accounted for the largest shares of both exports and imports.
Compared with a year earlier, the trade of other business services and travel services grew the most, in respect of both exports and imports.
Exports of services quick facts (source: Statistics Estonia)
- The most-exported services in Q4 2022 were other business services (inclusive of other business support services), to a value of €907 million.
- €690 million worth of exports of transport services (including freight transport services by road), and exports of telecommunications, computer and information services for €676 million were the next largest categories
- Compared with Q4 2021, sales of other business services, travel services, and telecommunications, computer and information services to non-residents rose the most.
- Exports of services were the highest to Finland (primarily travel and transport services), Sweden, and U.K.
- Finland also saw the largest increase in exports to (up by €71 million) in Q4 2022.
- While travel services were provided most to Finland, other business services were the biggest component in the case of Latvia (up by €54 million in total); for Lithuania (up by €41 million in total), this was taken up by transport services.
- Transport services being the biggest export items to Sweden also.
Import of services quick facts (source: Statistics Estonia)
- The main imports into Estonia in Q4 2022 were the €680 million-worth of other business services (including other business support services).
- This was followed by purchases of transport services (inclusive of freight transport services by sea) at €644 million, and telecommunications, computer and information services, at a value of €416 million.
- Compared with the Q4 2021, the biggest rise was experienced in the imports of other business services, travel services, and telecommunications, computer and information services.
- As with exports, the top partner country for imports of services in the fourth quarter of 2022 was Finland which mainly supplied transport services, other business services, and travel services to Estonia.
- Finland was followed by Germany (mainly other business services) and Lithuania ( transport services).
- Imports of transport services from Lithuania, and other business services from France and Sweden, grew the most.
- The most substantial rise in Q4 2022 was recorded in imports of services from Lithuania, France (both up by €38 million), and Sweden (up by €32 million).
Statistics Estonia collected and analyzed the above data in cooperation with the Bank of Estonia, and on behalf of the Ministry of Economic Affairs and Communications.
More detailed information is here and here.
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Editor: Andrew Whyte
Source: Statistics Estonia