Estonia's export boost driven by economic growth in Finland and Sweden
Economic growth in neighboring Finland and Sweden has boosted Estonia's exports in recent months, LHV macroeconomic analyst Triinu Tapver has said.
In September, Estonia saw a 12 percent increase in exports, taking the total value to approximately €1.8 billion, data from Statistics Estonia shows. There was a 6 percent rise in the third quarter.
Tapver said Estonia's exports are performing increasingly well and this is due to accelerating economic growth in Finland and Sweden. This has helped boost exports of construction materials and metals.
The most exported goods in September were electrical equipment, wood and wood products, and agricultural products and foodstuffs.
Signe Nurms, chair of the management board of international energy and automation company ABB, said the company's exports have risen and demand continues to be strong.
The company's third-quarter financial results show its global order volume grew by 40 percent compared to the second quarter.
"What stands out is the growing demand and trend in the data center sector, so we are looking to the future with optimism," she said.
Shale oil exports rise
More shale oil was also exported in September than a year earlier.
However, Tapver said this is reflected in the statistics due to higher prices. "Estonia's exports of processed shale oil have increased by more than 200 percent," she noted.
This shows energy prices have risen on the global market, which means the export value of shale oil and the import value of mineral fuels are higher in numerical terms, she explained.
Enefit Industry management board member Tarmo Virkus said the company has one more plant operating this year, which has increased production. However, he also agreed that prices play a role in the export figures.
Virkus explained that in September alone, the company produced 10 times more than in the same month last year. "And sales prices have indeed been very volatile throughout this year," he added.
He noted that prices have been better this year than last year. "That is certainly also one reason why the figures appear this way in Statistics Estonia's report," he said.
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Editor: Helen Wright, Merilin Leetna
