Estonia's exports of goods fell by 15 percent, imports by 13 percent, on year to May 2023, state agency Statistics Estonia says.
Exports of goods amounted to €1.6 billion and imports to €1.9 billion at current prices. The trade deficit stood at €309 million, €12 million more than in May2022, the agency reports.
Jane Leppmets, Statistics Estonia analyst. said that May 2023 saw a noticeable drop in trade with many of Estonia's main partner countries. "In trade with EU countries, the fall was 6 percent for exports and 5 percent for imports."
"There was a more substantial fall in trade with non-EU countries, where exports fell by 33 percent and imports by 38 percent. Russia is no longer among the top 10 partner countries for Estonia's imports, which the main factor behind the fall in imports of mineral fuels and articles made of wood," Leppmets added.
May 2023 exports quick facts (source: Statistics Estonia)
- The share of goods of Estonian origin in exports fell by four percentage points compared with May 2022 and stood at 65 percent of total exports in May this year.
- Year-on year, the exports of goods of Estonian origin fell by 21 percent.
- The main commodities exported in May were electrical equipment (14 percent of Estonia's total exports), transport equipment (12 percent of the total), and wood, timber and wooden items (11 percent).
- The largest fall was recorded in the exports of mineral products (down by €248 million).
- Estonia's top export partner in May was Finland (15 percent of total exports, electrical equipment (including static converters) the most significant items exported), followed by Latvia (13 percent of the total, mineral products (including electricity) most significant) and Sweden (10 percent, electrical equipment (including communication equipment)).
- The greatest fall was posted in exports to the U.S. (primarily electrical equipment (including communication equipment), and to Egypt and the U.A.E. (mainly mineral products, including mineral oils, in both cases).
- The greatest rise was seen in exports to Lithuania, where more transport equipment (including motor cars) was exported in May this year, and in exports to the Netherlands, where more mineral products (including mineral oils) were exported.
- The exports of wood and wooden items fell by €43 million, while the exports of base metals and articles of base metal fell by €40 million.
- Compared with May 2022, the most significant increase occurred in the exports of transport equipment (up by €74 million) and mechanical appliances by €21 million).
May 2023 imports quick facts (source: Statistics Estonia)
- The most significant commodities imported into Estonia in May were transport equipment, electrical equipment and mineral products.
- The largest fall was recorded in the imports of mineral products (down by €170 million).
- Imports of base metals and articles of base metal decreased by €65 million, and the imports of wood and articles of wood by €61 million.
- The most significant rises were recorded in the imports of transport equipment (up by €48 million), agricultural products and food preparations (by €16 million), and electrical equipment (€11 million).
- The top destination countries for Estonia's imports of goods were Finland (16 percent of Estonia's total imports, mineral products (including electricity)), Germany (12 percent, transport equipment (including motor cars)) and Latvia (10 percent, agricultural products and food preparations (including non-alcoholic beverages)).
- The largest fall was seen in imports from Russia, Lithuania and Latvia, the result of to decreased imports of mineral products from these states.
- There were fewer imports of mineral oils from Russia, a smaller volume of imports of petroleum oils from Lithuania, and lower imports of natural gas from Latvia also.
- Compared with May 2022, imports from Kazakhstan increased the most, boosted by greater imports of mineral products (inclusive of petroleum oils).
Statistics Estonia conducted the above report on behalf of the Ministry of Economic Affairs and Communications.
Editor: Andrew Whyte