Estonia's export health depends to a large degree on the state of the Nordic construction and real estate markets, which in recent times have been suffering.

Swedbank's chief economist Tõnu Mertsina told "Aktuaalne kaamera": "In Finland, the situation remains weak, although there are signs of stabilization, buoyed by a decrease in interest rates."

The bank predicts a slow but steady recovery in exports, whose signs will start to become more noticeable in the fourth quarter of 2024.

Mertsina said: "In September, growth [in exports] to Finland slightly improved, but from a very low base. Exports to Sweden, Norway, and Denmark were still in decline. However, given we are forecasting over 2 percent economic growth for Sweden for next year, demand there should gradually get better."

Ministry of Economic Affairs' Deputy Secretary General, Sandra Särav-Tammus told "Aktuaalne kaamera" that sectors and companies that closely collaborate with the government are faring better.

She said: "If we are talking about current export growth, this concerns the growth of goods exports: Electrical equipment, food products, agricultural products, as well as timber and wooden products."

"These are the firms and industry associations which are the most active, such as the food industry," she went on.

"We are also closely monitoring how the new U.S. president and trade relations affect Estonia's export capacity," Särav-Tammus added.

Listed company Harju Elekter, which produces data centers, substations, battery chargers, and low-voltage distribution panels, exports around 70 percent of its production.

Company CEO Alvar Sass said the business is not heavily influenced by economic cycles, but instead by procurement deadlines. The company considers the entire Baltic Sea region as its home market; Harju Elekter is market leader in its sector.

However, this year, Harju Elekter, too, has seen export volumes slightly fall.

Sass said: "Finland has been a strong [export destination] for us, but with the Finnish market, network companies have experienced some changes in subsidies, which also affects our volumes. On the other hand, the Dutch aspect has grown; our data center clients are definitely on a growth path [there]."

Over the past five years, their volumes have been boosted by joining in the success of artificial intelligence.

Major corporations like Meta, Microsoft, and Google are driving massive resource procurement, Sass added, and Harju Elekter too is adapting its portfolio to meet growing demand and expanding data center markets, particularly in Central and Eastern Europe.

Estonian goods exports rebounded in September and the third quarter of 2024 after a second-quarter decline, continuing positive growth seen earlier in the year.

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