According to data provided by Statistics Estonia, Estonia's goods exports increased by 2 percent in February 2023. Meanwhile, imports decreased by 8 percent, when compared to the same month last year. Estonia's goods exports totaled €1.5 billion in February, while imports were €1.6 billion at current prices. The country's trade deficit was €103 million euros, which is down €167 million on year.
Jane Leppmets, analyst at Statistics Estonia, said that Estonia's trade with European Union (EU) countries increased in February, while trade with non-EU countries declined. "The biggest fall was registered in imports from outside the European Union, which were down by 53 percent. This was heavily influenced by the reduction in the import of mineral products, including various mineral oils, from Russia and Belarus," explained Leppmets.
The main commodities exported by Estonia in February 2023 were electrical equipment, agricultural products and food preparations, as well as wood and articles of wood. Exports of agricultural products and food preparations, including wheat and barley, increased the most (up by €53 million), followed by transport equipment, including motor cars (up by €49 million), and then mechanical appliances, including engines (up by €21 million).
When compared to February 2022, the biggest decreases in exports were those of mineral products (down by €68 million), as well as raw materials and chemical industry products (down by €26 million). The share of goods of Estonian origin among the country's exports has remained almost unchanged from the same time last year. In February 2023, 67 percent of the country's total exports originated in Estonia.
Estonia's top export partner in February was Finland (16 percent of total exports), followed by Latvia (11 percent) and Sweden (10 percent). The main commodities exported were electrical equipment, including static converters, to Finland, mineral products, including electricity, to Latvia, and wood and articles of wood, including wood pellets, to Sweden.
The biggest increases when it comes to Estonia's exports for February, were seen in goods sent to Lithuania, Spain and Sweden.
Higher amounts of transport equipment were exported to Lithuania, while more agricultural products were sent to Spain, and there was an increase in wood to Sweden.
Meanwhile, exports to the Netherlands, the United States and Nigeria declined the most. The amount of fertilizer exported to the Netherlands fell in February, as did electrical equipment sent to the USA, and cereals dispatched to Nigeria.
The main commodities imported to Estonia in February were electrical equipment, transport equipment, as well as agricultural products and food preparations.
The biggest decreases in imports affected mineral products, including mineral oils (down by €150 million), wood and articles of wood, including wood sawn lengthwise (down by €26 million), base metals and articles of base metal, including ferro-alloys and flat-rolled products (down by €25 million), and raw materials and chemical industry products, including fertilizers (down by €25 million).
The biggest increases in imports on the other hand were those of electrical equipment (up by €40 million), agricultural products and food preparations (up by €39 million), as well as transport equipment (up by €34 million).
Estonia's top partner countries for imports in February were Finland (16 percent of Estonia's total imports), Latvia (12 percent), and Germany (12 percent). The main commodities imported were mineral products, including electricity, from Finland, mineral products, including natural gas, from Latvia, and transport equipment, including cars, from Germany. The biggest reductions in imports were those from Russia, Belarus and Lithuania. In contrast, the largest increases were those from Latvia, the Netherlands and Finland.
Editor: Michael Cole