On year to April 2023, imports into Estonia fell by 18 percent, to €1.8 billion at current prices, while over the same time frame exports from Estonia also experienced a fall – of 4 percent, to €1.5 billion, state agency Statistics Estonia reports.
This had the effect of narrowing the trade deficit, the agency says.
Foreign trade was most affected by falling trade in mineral fuels and timber and related wood products.
Jane Leppmets, Statistics Estonia analyst, said that in April: "The trade deficit was €227 million. It had fallen by about €305 million, year-on-year, down from €532 million in April 2022. However, a continuing trend is that Estonia's imports exceed exports."
Exports from Estonia in April 2023 quick facts (Source: Statistics Estonia)
- The main commodities exported in April were electrical equipment, agricultural products and food preparations, and wood and articles of wood.
- Estonia's top export partner in April was Finland (where 15 percent of Estonia's total exports went), followed by Latvia (13 percent of the total) and Sweden (9 percent).
- The major commodities exported were electrical equipment (including static converters) to Finland, mineral products (including natural gas) to Latvia, and electrical equipment (including communication equipment) to Sweden.
- The largest decline was recorded in the exports of mineral products (down by €53 million on year).
- Exports of wood and articles of wood fell by €38 million, while the exports of miscellaneous manufactured articles fell by €14 million.
- The biggest increase occurred in the exports of agricultural products and food preparations (which rose by €27 million), transport equipment (up by €25 million ), and mechanical appliances (by €11 million).
- The share of goods of Estonian origin within the total of exports fell by two percentage points compared with April 2022, and constituted 68 percent of total exports in April this year.
- The biggest decline was registered in exports to the U.S., Guatemala and Sweden.
- Exports fell in electrical equipment (including communication equipment) to the U.S., lower exports of mineral products (including light oils) to Guatemala, and reduced exports of base metals and articles of base metal (including iron and steel structures) to Sweden.
- The most significant rise was seen in exports to Turkey, Singapore and the Netherlands. There were greater exports of base metals and articles of base metal (including iron and steel waste) to Turkey, and increased dispatches of mineral products (including various mineral oils) to Singapore and the Netherlands.
Imports into Estonia on year to April 2023 quick facts (Source: Statistics Estonia)
- The main commodities imported to Estonia in April were electrical equipment, transport equipment, and agricultural products and food preparations.
- The most significant fall was recorded in the imports of mineral products (which fell by €232 million). The imports of base metals and articles of base metal decreased by €58 million, and the imports of wood and articles of wood by €50 million.
- The biggest increases were recorded in the imports of agricultural products and food preparations, and transport equipment (both up by €23 million), followed by the imports of electrical equipment (up by €19 million).
- In April, the top partner countries for Estonia's imports of goods were Finland (15 percent of Estonia's total imports), Germany (11 percent), Latvia (10 percent) and Lithuania (10 percent).
- The main commodities imported were mineral products (including natural gas) from Finland and Latvia, transport equipment (including motor cars) from Germany, and mineral products (including mineral oils) from Lithuania.
- The largest fall occurred in imports from Russia, Lithuania and Finland due to lower imports of mineral products.
- Imports of mineral oils from Russia and Lithuania, fell, as did imports of electricity and light oils from Finland.
- There was a rise in imports from Denmark, the U.S. and the Czech Republic over the time-frame on focus. Year-on-year, there were bigger imports of mechanical appliances and electrical equipment (including engine parts and wind turbines) from Denmark, greater imports of electrical equipment (including smart phones) from the U.S., and increased imports of transport equipment (including motor cars) from the Czech Republic.
Statistics Estonia compiled the above data on behalf of the Ministry of Economic Affairs and Communications.
Editor: Andrew Whyte