Estonia's balance of trade was in deficit in August 2023, at €293 million, a fall of €7 million on year, state agency Statistics Estonia reports.
Exports of goods fell by 22 percent on year to August 2023, imports of goods by 19 percent over the same time-frame, at current prices.
In August, Estonia's exports of goods amounted to €1.5 billion, imports to €1.8 billion, the agency said.
Commenting on the results, Jane Leppmets, analyst at Statistics Estonia, noted that, as in July, a significant factor behind the fall in both exports and imports of goods in August this year was the higher reference base in 2022.
She said: "Compared with last year, trade in goods with EU member states as well as non-EU countries fell. The biggest change in August was seen in exports and imports of mineral products, especially electricity. The drop in the prices of mineral products also played a major role in this."
Exports to August 2023 Quick Facts (Source: Statistics Estonia)
- Main commodities exported in August were electrical equipment (14 percent of Estonia's total exports) and mineral products (12 percent).
- The greatest decline was recorded in the exports of mineral products – down by €238 million.
- Exports of goods of Estonian origin fell by 21 percent on year to August though the overall share increased by one percentage point over the same time-frame, making up 64 percent of Estonia's total exports in August this year.
- Estonia's top export partner in August was Finland (18 percent of Estonia's total exports), followed by Latvia (13 percent) and Sweden (10 percent).
- Exports of agricultural products and food preparations, wood and items made of wood fell by €42 million and €39 million respectively.
- A rise was seen only in the exports of transport equipment, which rose by €17 million.
- The main commodities exported were electrical equipment (including static converters) to Finland, mineral products (including electricity) to Latvia, and electrical equipment (including communication equipment), to Sweden.
- The largest decline was registered in exports to Latvia (down by €148 million), the U.S. (which fell by €61 million), and India (by €40 million).
- Compared with August last year, there were decreased exports of mineral products posted (including electricity) to Latvia, electrical equipment (including communication equipment) to the US, and mineral products (including processed fuel oils) to India.
- The greatest increase (45-fold) occurred in exports to Singapore (up by €44 million), to which more mineral products (including shale oil) were exported than in 2022.
Imports to August 2023 Quick Facts (Source: Statistics Estonia)
- Top partner countries for Estonia's imports of goods were Finland (15 percent of Estonia's total imports), Germany (12 percent), and Lithuania (11 percent).
- Main commodities imported were mineral products (including electricity) from Finland, transport equipment (including motor cars) from Germany, and mineral products (including gas oils) from Lithuania.
- The greatest fall was recorded in the imports of mineral products – down by €359 million.
- The main commodities imported in August were electrical equipment (14 percent of Estonia's total imports), mineral products (12 percent), agricultural products and food preparations (12 percent), and transport equipment (12 percent).
- Imports of mechanical appliances and raw materials and products of chemical industry fell by €31 million and €20 million respectively.
- Imports of transport equipment rose the most, by €16 million.
- The largest fall occurred in imports of goods from Finland (down by €142 million), Russia (by €96 million), and Latvia and Lithuania (by €54 million each). Compared with August 2022, fewer mineral products were imported from these countries.
- Reduced imports of electricity from Finland, processed fuel oils from Russia, natural gas from Latvia, and gas oils from Lithuania, were also posted.
- Imports from Denmark rose the most, by €26 million, with more imports of wind turbines than last year.
Editor: Andrew Whyte