Foreign trade contracted by a fifth in August
Text Mark Taylor Photo Jacob Meissner / Unsplash
According to data released by Statistics Estonia, in August, Estonia’s exports of goods amounted to 1.5 billion and imports to 1.8 billion euros. Compared with the same month in 2022, exports of goods decreased by 22 per cent and imports by 19 per cent at current prices. The trade deficit in August was 293 million euros, which is 7 million euros less than a year ago.
“As in July, a significant factor behind the decline in both exports and imports of goods this August was the higher reference base of 2022. Compared with last year, trade in goods with EU member states as well as non-EU countries fell. The biggest change in August was seen in exports and imports of mineral products, especially electricity. The drop in the prices of mineral products also played a major role in this,” said Jane Leppmets, an analyst at Statistics Estonia
The main commodities exported in August were electrical equipment (14 per cent of Estonia’s total exports) and mineral products (12 per cent). The biggest fall was recorded in the exports of mineral products, which were down by 238 million euros. An increase was seen only in the export of transport equipment, which rose by 17 million euros.
Exports of goods of Estonian origin fell by 21 per cent in August compared with last year, but its share increased by one percentage point year on year, accounting for 64 per cent of Estonia’s total exports in August this year.
Estonia’s top export partner in August was Finland (18 per cent of Estonia’s total exports), followed by Latvia (13 per cent) and Sweden (10 per cent).
The biggest decline was registered in exports to Latvia (down by 148 million euros), the United States (by 61 million euros), and India (by 40 million euros).
The main commodities imported in August were electrical equipment (14 per cent of Estonia’s total imports), mineral products (12 per cent), agricultural products and food preparations (12 per cent), and transport equipment (12 per cent). The biggest fall was recorded in the imports of mineral products, which was down by 359 million euros.
In August, the top partner countries for Estonia’s imports of goods were Finland (15 per cent of Estonia’s total imports), Germany (12 per cent), and Lithuania (11 per cent).
The biggest fall occurred in imports of goods from Finland (down by 142 million euros), Russia (by 96 million euros), and Latvia and Lithuania (by 54 million euros each). Imports from Denmark increased the most, by 26 million euros, with more imports of wind turbines than last year.