We know Estonia
11.5.2023 | Estonia

Foreign trade fell by 8% in Q1

Text Mark Taylor
Photo Andrei Chertkov

Foreign trade fell by 8% in Q1

 

According to data released by Statistics Estonia, in March 2023, Estonia’s exports and imports of goods decreased by 15 per cent and 12 per cent, respectively, compared with March 2022. In the first quarter as a whole, both exports and imports of goods fell by 8 per cent.

In March, Estonia’s exports of goods amounted to 1.7 billion and imports to 1.9 billion euros. The trade deficit was 206 million euros, which was up by 20 million euros year on year. In the first quarter, Estonia’s exports of goods totalled 4.7 billion and imports 5.3 billion euros. The quarterly trade deficit was 577 million euros, which was 23 million euros less than in the first quarter of 2022.

“Although export and import prices rose, respectively, by 9 per cent and 5 per cent in March year on year, there was a decrease in exports and imports in March as well as in the first quarter of 2023, compared with the corresponding period of 2022. The indicators for March and the first quarter were significantly influenced by the decreased trade in mineral fuels. There was an especially drastic decline in the imports of mineral fuels from Russia,” said Jane Leppmets, an analyst at Statistics Estonia.

The main commodities exported in March were electrical equipment, wood and articles of wood, and mechanical appliances. The biggest fall was recorded in the exports of mineral products (down by 264 million euros). The biggest increase occurred in the export of transport equipment (up by 44 million euros), mechanical appliances (up by 38 million euros), and agricultural products and food preparations (up by 11 million euros).

Estonia’s top export partner in March was Finland (17 per cent of total exports), followed by Latvia (11 per cent) and Sweden (10 per cent).

The main commodities imported to Estonia in March were electrical equipment, transport equipment, mechanical appliances, and agricultural products and food preparations. Similarly to exports, the biggest decrease occurred in the imports of mineral products which were down by 180 million euros.

In March, the top partner countries for Estonia’s imports of goods were Finland (14 per cent), Germany (12 per cent), and Latvia (11 per cent).

 

To learn more about this and similar topics
Exports Finland Latvia Imports Statistics Estonia Trade Trade Deficit

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