According to Statistics Estonia, in January 2024, exports of goods decreased by 11 percent and imports by 13 percent on year. Goods exports amounted to €1.4 billion and imports to €1.5 billion at current prices, with the trade deficit at €122 million, down €60 million from January 2023.

Jane Leppmets, analyst at Statistics Estonia, said that in January this year, the biggest decrease occurred in exports to Finland. "In January, there was a noticeable decline in exports to European Union countries, while trade with non-EU countries had already fallen significantly in the second half of 2022 and in 2023. Changes in foreign trade have been influenced the most by mineral products, including electricity. The prices of electricity were much higher last year, which is the main reason for the decline in trade," added Leppmets.

The main commodities exported in January 2024 were electrical equipment (14 percent of Estonia's total exports), mineral products (12 percent), agricultural products and food preparations (11 percent) and wood and articles of wood (11 percent).

Compared with January 2023, the biggest decreases were recorded in the exports of mineral products (down by €38 million), base metals and articles of base metals (down by €34 million), and wood and articles of wood (down by €31 million). The exports of transport equipment increased the most, by €19 million.

The share of goods of Estonian origin in total exports remained unchanged from January 2023, standing at 64 percent. Thus, the exports of goods of Estonian origin decreased by 11 percent, just like total exports. The fall in exports of goods of Estonian origin was mainly due to the decreased exports of base metals and articles of base metals.

Estonia's top export partners in January 2024 were Finland (20 percent of Estonia's total exports), Latvia (11 percent) and Sweden (9 percent). The main commodities exported were electricity to Finland and Latvia, and communication equipment to Sweden. Compared with January 2023, the biggest decline occurred in exports of goods to Finland (down by €52 million) and to Sweden and the Netherlands (exports to each down by €35 million).

The main commodities imported in January were electrical equipment (14 percent of Estonia's total imports), agricultural products and food preparations (12 percent) and transport equipment (12 percent). The biggest fall occurred in the imports of mineral products (down by €134 million), electrical equipment (minus €41 million euros) and mechanical appliances (down by €26 million).

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