The rise, of €67 million, comes as exports of goods fell by 15 percent and imports by fell 10 percent, in February 2024, compared with February last year.

Exports of goods amounted to about €1.3 billion; imports to €1.5 billion, at current prices, the agency says.

Jane Leppmets, analyst at Statistics Estonia, said that, in February, the biggest decline year on year occurred in the exports and imports of mineral products. "Trade in mineral products was impacted the most by electricity and natural gas," she said.

"Compared with February 2023, there has been a decrease in the prices of electricity and natural gas and also in the imported and exported quantities of these products," Leppmets added.

Exports

The main commodities exported in February 2024 were electrical equipment (15 percent of Estonia's total exports), wood, timber and wooden article (13 percent of the total) and agricultural products and food preparations (also 13 percent).

Compared with February 2023, the largest fall was seen in the exports of mineral products (which fell by €165 million), mechanical appliances (down by €24 million) and miscellaneous manufactured articles (also down by €24 million).

The share of goods of Estonian origin in total exports rose by 5 percentage points compared with February 2023, reaching 69 percent in February this year, Statistics Estonia says.

The exports of goods of Estonian origin fell by 8 percent on year to February.

This fall in exports of goods of Estonian origin was mainly the result of declining exports of mineral products, the agency says.

Estonia's top export partner in February was Finland (16 percent of total exports), followed by Sweden (10 percent) and Latvia (9 percent).

The main commodities exported were electrical equipment (to Finland), wood and articles of wood and electrical equipment (to Sweden), and transport equipment, in the case of Latvia.

Compared with February 2023, the greatest decline was also registered with these three countries; exports to Finland were down by €93 million, to Latvia by €46 million and to Sweden by €29 million.

Year-on-year, there were fewer exports of mineral products to Finland and Latvia, and decreased dispatches of miscellaneous manufactured articles (including prefabricated wooden buildings) to Sweden.

The greatest rise was seen in exports to Germany (up by €15 million), where more electrical equipment was exported.

Imports

The main commodities imported in February were agricultural products and food preparations (13 percent of Estonia's total imports), electrical equipment (12 percent of the total) and transport equipment (also 12 percent), the agency says.

Compared with February 2023, the biggest fall occurred in the imports of mineral products (down by €91 million), electrical equipment (down by €37 million) and mechanical appliances (down by €32 million). A rise was seen only in the imports of agricultural products and food preparations (which went up by €18 million).

In February, Estonia imported the largest share of goods from Finland and Latvia (each accounted for 13 percent of total imports), Statistics Estonia reports, followed by Germany (12 percent) and Lithuania (12 percent).

The main commodities imported were electricity from Finland, natural gas from Latvia, motor cars from Germany, and gas oils from Lithuania.

Compared with February 2023, the greatest fall occurred in imports of goods from Latvia (down by €75 million), Finland (down by €57 million), and from China (down by €17 million).

There were fewer imports of mineral products from Latvia and Finland, and decreased arrivals of electrical equipment from China.

Imports from Lithuania grew the most (by €34 million), as there were more arrivals of mineral products this February than in the same month last year.

Statistics Estonia compiled the above research on behalf of the Ministry of Economic Affairs and Communications.

More detailed information from Statistics Estonia is here, here and here.

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