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Statistics: Estonia's exports down 21 percent on year to October 2023

Paldiski South Port.
Paldiski South Port. Source: Ken Mürk/ERR

According to data provided by Statistics Estonia, in October, goods exported from Estonia amounted to a toal of €1.5 billion, while imports were at €1.8 billion. Compared to October 2022, exports decreased by 21 percent and imports by 17 percent at current prices. Estonia's trade deficit in October was €307 million, which is €24 million more than a year earlier.

Jane Leppmets, analyst at Statistics Estonia, said that prices rose rapidly last year, which significantly boosted trade values and created a higher reference base. This year has been characterized by a decline in trade, which continued in October with export prices down 2.4 percent on year. "Exports have remained at a similar level in recent months, amounting to €1.5 billion in August, September and October," Leppmets said.

The main commodities exported in October were electrical equipment (15 percent of Estonia's total exports), agricultural products and food preparations (12 percent) and transport equipment (11 percent). The biggest fall was recorded in the exports of mineral products, which was down by €158 million. The export of agricultural products and food preparations as well as wood and articles of wood decreased by €80 million and €55 million respectively.

The only increases were in the export of transport equipment (up €29 million) along with base metals and articles of base metal (up €12 million).

This October, exports of goods of Estonian origin were 23 percent lower than during the same month last year. The share of goods of Estonian origin also decreased by one percentage point on year, accounting for 64 percent of Estonia's total exports in October this year.

Estonia's top export partner in October was Finland (16 percent of Estonia's total exports), followed by Latvia (11 percent), Sweden (9 percent) and Lithuania (9 percent).

Estonia's foreign trade by month. Source: Statistics Estonia

The main commodities exported were electrical equipment (including static converters) to Finland, mineral products (including electricity) to Latvia, electrical equipment (including communication equipment) to Sweden, and transport equipment (including motor cars) to Lithuania.

Compared with October 2022, the biggest decline was seen in exports to Latvia (down by €82 million, the Netherlands (down by €59 million), and the United States (down by €58 million). There was a fall in the export of mineral products (including electricity) to Latvia, fewer dispatches of mineral products (including fuel oil) to the Netherlands, and reduced exports of electrical equipment (including communication equipment) to the U.S.A. The biggest rise was seen in exports to Singapore (up €25 million) where more mineral products (including shale oil) were exported than last year.

The main commodities imported into Estonia this October were transport equipment and electrical equipment (each representing 13 percent of Estonia's total imports), as well as agricultural products and food preparations (12 percent). The biggest fall was recorded in the imports of mineral products – down by €239 million. Imports of mechanical appliances and electrical equipment decreased by €45 million and €39 million respectively. Increases were seen only in the import of transport equipment (up by €32 million) and agricultural products and food preparations (up by €13 million).

Estonia's foreign trade by month. Source: Statistics Estonia

In October, Estonia's top partner countries for the import of goods were Finland (16 percent of Estonia's total imports), Germany (12 percent), Lithuania (11 percent) and Latvia (11 percent).

The main commodities imported were mineral products (including electricity) from Finland, transport equipment (including motor cars) from Germany, mineral products (including gas oils) from Lithuania, and mineral products (including natural gas) from Latvia. The biggest fall affected imports of goods from Latvia (down €63 million), Russia (down €57 million), and Finland (down €50 million). When compared to October last year, Estonia imported fewer mineral products from all these countries. Less natural gas was imported from Latvia, fewer gas oils from Russia, and lower amounts of electricity from Finland.

More information can be found here, here and here.

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Editor: Michael Cole

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