Estonia’s manufacturers are getting less money for their products

Text Mark Taylor
Photo Patrick Robert Doyle / Unsplash

According to data released by Statistics Estonia, the Producer Price Index, which expresses changes in the prices of goods manufactured in Estonia, fell by 3.3 per cent compared with November last year.

Compared with November 2022, the index was most affected by price decreases in electricity and heat energy production, and in the manufacture of wood products and paper. Higher prices in the manufacture of electrical equipment, industrial machinery and equipment, and electronic products had the opposite effect on the index.

Compared with the previous month, October 2023, the Producer Price Index was primarily affected by price decreases in the manufacture of fuel oils, wood products, and industrial machinery and equipment. “The index was also affected by rising prices in electricity production and in the manufacture of plastic products and electronic products,” said Eveli Šokman, a leading analyst at Statistics Estonia.

In November, the Export Price Index fell by 1.2 per cent compared with October. Prices decreased the most for petroleum products, chemicals and chemical products, and agricultural products. The biggest price increases were recorded in electricity production, in mining and quarrying, and clothing. Compared with November 2022, the Export Price Index fell by 3.5 per cent.

The Import Price Index also declined, down by 0.7 per cent in November compared with October. Prices fell the most for petroleum products, chemicals and chemical products, textiles and clothing. The biggest increase occurred in the prices of electricity, motor vehicles, and paper and paper products. Compared with November 2022, the Import Price Index declined by 3.5 per cent.

The reductions stated above reflect the tough economic situation both domestically and internationally, which has seen Estonia’s GDP fall by 4 per cent in the past year.  

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Estonia Export Export Price Index Import Import Price Index Manufacturing Producer Price Index Statistics Estonia