Estonia’s trade deficit halved in November
Text Mark Taylor Photo Johan Taljaard / Unsplash
According to data released by Statistics Estonia, in November 2023, Estonia’s exports amounted to 1.5 billion and imports to 1.7 billion euros. Compared with November 2022, exports decreased by 12 per cent and imports by 19 per cent. The trade deficit was 198 million euros less than a year earlier, at 200 million euros.
“There was a large deficit in trade with European Union countries. However, trade with non-EU countries was in surplus,” explained Jane Leppmets, an analyst at Statistics Estonia.
The main commodities exported in November 2023 were electrical equipment (17 per cent of Estonia’s total exports), and agricultural products and food (12 per cent). The biggest fall was recorded in the exports of mineral products (incl. electricity) which decreased by 141 million euros.
Leppmets added that, in November, the share of goods of Estonian origin remained at the same level as the year before at 65 per cent of total exports. Compared with November 2022, exports of goods of Estonian origin decreased by 12 per cent- the same as total exports.
Estonia’s top export partner in November was Finland (15 per cent of Estonia’s total exports), followed by Latvia (12 per cent) and Sweden (9 per cent).
“Compared with November 2022, the biggest decline was registered in exports to Finland (down by 59 million euros), Latvia (down by 47 million euros), and the Netherlands (down by 39 million euros). The greatest increase occurred in exports to Singapore (up by 30 million euros), where Estonia exported more mineral products (including shale oil) than last year,” she said.
According to Leppmets, the top partner country for Estonia’s imports in November was Finland (15 per cent of Estonia’s total imports), followed by Germany (12 per cent) and Lithuania (12 per cent). The main commodities imported were mineral products (incl. electricity) from Finland, transport equipment (incl. motor cars) from Germany, and mineral products (incl. gas oils) from Lithuania.
The biggest fall occurred in imports of goods from Russia (down by 116 million euros), Finland (down by 84 million euros), and Latvia (down by 46 million euros).
“There were decreased imports of gas oils from Russia, electricity from Finland, and natural gas from Latvia. Imports from the Czech Republic grew by 13 million euros, as there were more arrivals of transport equipment, including motor cars, than the year before,” concluded Leppmets.
To learn more about this and similar topicsEstonian Trade Exports Finland Imports Latvia Russia Statistics Estonia
